The Angel Services Group Limited Small abridged accounts

THE ANGEL SERVICES GROUP LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of The Angel Services Group Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04357675

The Angel Services Group Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2017

The Angel Services Group Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Pages

Abridged statement of financial position	1 to 2

Statement of changes in equity	3

Notes to the abridged financial statements	4 to 9

The Angel Services Group Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	61,381	62,509
Investments	6	1,102	1,102
		--------	--------
		62,483	63,611

Current assets

Debtors	267,264	135,789
Cash at bank and in hand	189,663	166,921
	---------	---------
	456,927	302,710

Creditors: amounts falling due within one year	270,388		301,143
	---------		---------
Net current assets		186,539	1,567
		---------	--------
Total assets less current liabilities		249,022	65,178

Creditors: amounts falling due after more than one year		18,897	27,118

Provisions

Taxation including deferred tax	12,174	12,174
	---------	--------
Net assets	217,951	25,886
	---------	--------

The Angel Services Group Limited

Abridged Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	60	60
Profit and loss account	217,891	25,826
	---------	--------
Shareholders funds	217,951	25,886
	---------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:

Mr J A N Ball

Director

Company registration number: 04357675

The Angel Services Group Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	70	53,249	53,319

Profit for the year		43,430	43,430
	----	--------	--------
Total comprehensive income for the year	–	43,430	43,430

Dividends paid and payable	–	( 39,314)	( 39,314)
Cancellation of subscribed capital	( 10)	( 31,539)	( 31,549)
	----	--------	--------
Total investments by and distributions to owners	( 10)	( 70,853)	( 70,863)

At 31 March 2016	60	25,826	25,886

Profit for the year		229,985	229,985
	----	---------	---------
Total comprehensive income for the year	–	229,985	229,985

Dividends paid and payable	–	( 37,920)	( 37,920)
	----	--------	--------
Total investments by and distributions to owners	–	( 37,920)	( 37,920)

	----	---------	---------
At 31 March 2017	60	217,891	217,951
	----	---------	---------

The Angel Services Group Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Wrens Court, Lower Queen Street, Sutton Coldfield, B72 1RT.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The charge for taxation takes into account, where material, taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	10% reducing balance
Fixtures and fittings	-	10% reducing balance
Computer Equipment	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2016: 29 ).

5. Tangible assets

	£
Cost
At 1 April 2016	125,724
Additions	6,534
	---------
At 31 March 2017	132,258
	---------
Depreciation
At 1 April 2016	63,215
Charge for the year	7,662
	---------
At 31 March 2017	70,877
	---------
Carrying amount
At 31 March 2017	61,381
	---------
At 31 March 2016	62,509
	---------

6. Investments

	£
Cost
At 1 April 2016 and 31 March 2017	1,102
	-------
Impairment
At 1 April 2016 and 31 March 2017	–
	-------
Carrying amount
At 31 March 2017	1,102
	-------
At 31 March 2016	1,102
	-------

7. Directors' advances, credits and guarantees

During the year the company made advances to the directors of £27,902 (2016 - £11,863). During the year the company paid dividends to the directors of £37,920 (2016 - £39,314). At the balance sheet date the amount owed to the company by the directors was £27,902 (2016 - £nil). No interest is charged in respect of this balance.

8. Related party transactions

During the year the company entered into transactions under normal commercial trading terms with Coburg Banks IT Limited, a 51% owned subsidiary. Included in sales are amounts relating to Coburg Banks IT Limited of £288,732 (2016 - £169,995). Management charges of £118,500 (2016 - £27,750) were receivable from Coburg Banks IT Limited. At the balance sheet date the company was owed £79,350 by Coburg Banks IT Limited (2016 - £12,355 owed to Coburg Banks IT Limited). During the year the company entered into transactions under normal commercial trading terms with Room 61 LLP of which Mr J A N Ball , Mr A L Hughes and Mr R M Wilkinson are partners. Management charges of £195,169 (2016 - £80,139) were paid to Room 61 LLP. At the balance sheet date the company was owed £52,814 (2016 - £93,748) by Room 61 LLP. During the year the company entered into transactions under normal commercial trading terms with Coburg Banks Limited, a 100% owned subsidiary. Management charges of £1,480,000 (2016 - £1,050,000) were receivable from Coburg Banks Limited. At the balance sheet date the company owed Coburg Banks Limited £150,539 (2016 - £209,514). During the year the company entered into transactions under normal commercial trading terms with Knighton Slater Limited of which Mr R M Wilkinson and Mr A L Hughes are majority shareholders. Rental charges of £88,058 (2016 £73,381) were payable to Knighton Slater Limited. At the balance sheet date the company was owed £27,773 (2016 - £16,400) by Knighton Slater Limited.

9. Controlling party

In the opinion of the directors there is no ultimate controlling party.