Victoria Macpherson Limited - Period Ending 2017-06-30

Registration number: 08584605

Victoria Macpherson Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Chartered Accountants

Victoria Macpherson Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Victoria Macpherson Limited

Company Information

Director

Mrs V Macpherson

Registered office

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Accountants

Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Victoria Macpherson Limited
for the Year Ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Victoria Macpherson Limited for the year ended 30 June 2017 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Victoria Macpherson Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2013. Our work has been undertaken solely to prepare for your approval the accounts of Victoria Macpherson Limited and state those matters that we have agreed to state to the Board of Directors of Victoria Macpherson Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Victoria Macpherson Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Victoria Macpherson Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Victoria Macpherson Limited. You consider that Victoria Macpherson Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Victoria Macpherson Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

29 March 2017

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Victoria Macpherson Limited

(Registration number: 08584605)
Balance Sheet as at 30 June 2017

	Note	2017		2016
		£	£	£	£
Current assets
Debtors	4		10,175		9,758
Cash at bank and in hand			1,444		11,060
			11,619		20,818
Creditors: Amounts falling due within one year	5		(8,809)		(17,069)
Net assets			2,810		3,749
Capital and reserves
Called up share capital		1		1
Profit and loss account		2,809		3,748
Total equity			2,810		3,749

For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 for issue by the director on 29 March 2017
 

Mrs V Macpherson Director

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Victoria Macpherson Limited

Notes to the Financial Statements
for the Year Ended 30 June 2017

1	General information

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

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

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Victoria Macpherson Limited

Notes to the Financial Statements
for the Year Ended 30 June 2017

4

Debtors

	2017 £	2016 £
Trade debtors	-	9,651
Other debtors	10,175	107
	10,175	9,758

5

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	550	848
Taxation and social security	2,851	4,229
Other creditors	5,408	11,992
	8,809	17,069

6

Dividends

	2017	2016
	£	£
Interim dividend of £20,000.00 (2016 - £20,000.00) per ordinary share	20,000	20,000

7	Related party transactions

Transactions with directors

2017	At 1 July 2016 £	Advances to directors £	Repayments by director £	At 30 June 2017 £
Mrs V Macpherson
Interest free repayable on demand	5,476	(59,600)	44,062	(10,062)

2016	At 1 July 2015 £	Advances to directors £	Repayments by director £	At 30 June 2016 £
Mrs V Macpherson
Interest free repayable on demand	3,225	(33,378)	35,629	5,476

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,079	10,600

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Victoria Macpherson Limited

Notes to the Financial Statements
for the Year Ended 30 June 2017

8	Transition to FRS 102

 This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements for the year ended 30 June 2016 were prepared under previous UK GAAP and the transition date to FRS 102 is therefore 1 July 2015.

 Adopting FRS 102 has meant that a number of accounting policies have changed to comply with the new standard, however no transition adjustments were necessary

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