Cinch Accountancy Services Limited - Period Ending 2017-07-31

Registration number: 09186392

Cinch Accountancy Services Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Cinch Accountancy Services Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 7

Cinch Accountancy Services Limited

Company Information

Directors

Mr C D Robinson Mr J R Jordan

Registered office

2 Shepcote Office Village Shepcote Lane Sheffield S9 1TG

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cinch Accountancy Services Limited
for the Year Ended 31 July 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 July 2017, as set out on pages 3 to 7, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

26 February 2018

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Cinch Accountancy Services Limited

(Registration number: 09186392)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Current assets
Debtors	3	3,160	11,191
Cash at bank and in hand		3,867	2,894
		7,027	14,085
Creditors: Amounts falling due within one year	4	(2,650)	(10,826)
Net assets		4,377	3,259
Capital and reserves
Called up share capital	5	1	1
Profit and loss account		4,376	3,258
Total equity		4,377	3,259

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 February 2018 and signed on its behalf by:
 

.........................................

Mr C D Robinson

Director

The notes on pages 5 to 7 form an integral part of these financial statements.

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Cinch Accountancy Services Limited

Statement of Changes in Equity for the Year Ended 31 July 2017

	Share capital £	Profit and loss account £	Total £
At 1 August 2016	1	3,258	3,259
Profit for the year	-	1,118	1,118
Total comprehensive income	-	1,118	1,118
At 31 July 2017	1	4,376	4,377

	Share capital £	Profit and loss account £	Total £
At 1 August 2015	1	1,018	1,019
Profit for the year	-	2,240	2,240
Total comprehensive income	-	2,240	2,240
At 31 July 2016	1	3,258	3,259

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Cinch Accountancy Services Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

The company registration number is: 09186392

The company is a private company limited by share capital incorporated in United Kingdom.

On 04 April 2017 the company changed its name from Cinch Legal Limited to Cinch Accountancy Services Ltd

The address of its registered office is:
2 Shepcote Office Village
Shepcote Lane
Sheffield
S9 1TG
England

These financial statements were authorised for issue by the Board on 26 February 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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Cinch Accountancy Services Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Debtors

	Note	2017 £	2016 £
Trade debtors		653	-
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6	496	10,787
Other debtors		2,011	404
		3,160	11,191

4

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	1,369	-
Taxation and social security	-	766
Other creditors	1,281	10,060
	2,650	10,826

5	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

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Cinch Accountancy Services Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

6	Related party transactions

Summary of transactions with entities with joint control or significant interest

Fellow subsidiaries
 FFDP Limited
During the year unsecured, interest free, repayable on demand loans were made to FFDP Limited. At the balance sheet date the amount due from FFDP Limited was £8,496 (2016 - £10,787).

Cinch Contracting Services Limited
During the year unsecured, interest free, repayable on demand loans were made by Cinch Contracting Services Limited. At the balance sheet date the amount due to Cinch Contracting Services Limited was £8,000 (2016 - £Nil).
 

7	Transition to FRS 102

These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 August 2015.
The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those used previously.

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