IFA Corporate Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02553585

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

IFA CORPORATE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Barrett

R Sainty

SECRETARY:

T J Isaacson

REGISTERED OFFICE:

Suite 4 Bishops Lynn House

Tuesday Market Place

Kings Lynn

Norfolk

PE30 1JW

REGISTERED NUMBER:

02553585

ACCOUNTANTS:

Thompson Taraz Rand

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Tangible assets

5

839

1,120

CURRENT ASSETS

Debtors

6

24,604

68,977

Cash at bank

132,672

56,330

157,276

125,307

CREDITORS

Amounts falling due within one year

7

(28,284

)

(23,560

)

NET CURRENT ASSETS

128,992

101,747

TOTAL ASSETS LESS CURRENT
LIABILITIES

129,831

102,867

PROVISIONS FOR LIABILITIES

(6,442

)

(6,442

)

NET ASSETS

123,389

96,425

CAPITAL AND RESERVES

Called up share capital

8

1,000

Retained earnings

122,389

95,425

SHAREHOLDERS' FUNDS

123,389

96,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 26 February 2018 and were signed on its behalf
by:

S W Barrett - Director

1.	STATUTORY INFORMATION

IFA Corporate Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 September 2015.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

It is impracticable to devise accounting policies which consistently match revenue from brokerage with the

related expenses. Accordingly the following bases are adopted;

Turnover represents brokerage and fees which are taken to credit when debit or fee notes are issued irrespective

of the inception date or period of insurance.

Where the period of the policy is in excess of one year, the brokerage is apportioned between the accounting

periods into which the period covered by the policy falls.

Alterations in brokerage arising from return and additional premiums and adjustments are taken into account as

and when these occur.

Expenses

Costs are written off as incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

and 31 August 2017

16,970

DEPRECIATION

At 1 September 2016

15,850

Charge for year

281

At 31 August 2017

16,131

NET BOOK VALUE

At 31 August 2017

839

At 31 August 2016

1,120

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

7,345

25,510

Amounts owed by group undertakings

3,266

Other debtors

13,993

40,201

24,604

68,977

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Taxation and social security

6,654

5,163

Other creditors

21,630

18,397

28,284

23,560

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

1,000

Ordinary shares of £1 each

1

1,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr S W Barrett and Mr R Sainty.

The ultimate parent company is WBS Financial Marketing Ltd.

10.	FIRST YEAR ADOPTION

The transition to FRS Section 102 has not resulted in any changes to accounting policy selection, the recognition,

measurement or presentation of assets, liabilities or classification and presentation of income and expenditure in

relation to the year ended 31st August 2016. As such the reported profit has remained unchanged.

IFA Corporate Limited - Accounts to registrar (filleted) - small 18.1

IFA Corporate Limited - Accounts to registrar (filleted) - small 18.1