Fincham Harper Limited Company Accounts

Fincham Harper Limited Company Accounts

FINCHAM HARPER LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10343241
Fincham Harper Limited
Filleted Unaudited Financial Statements
31 August 2017
Fincham Harper Limited
Financial Statements
Year ended 31 August 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Fincham Harper Limited
Statement of Financial Position
31 August 2017
2017
Note
£
Fixed assets
Tangible assets
4
898
Creditors: amounts falling due within one year
5
6,978
-------
Net current liabilities
6,978
-------
Total assets less current liabilities
( 6,080)
-------
Net liabilities
( 6,080)
-------
Capital and reserves
Called up share capital
100
Profit and loss account
( 6,180)
-------
Shareholders deficit
( 6,080)
-------
These 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 income statement has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 July 2018 , and are signed on behalf of the board by:
Ms A Cousins
Director
Company registration number: 10343241
Fincham Harper Limited
Notes to the Financial Statements
Year ended 31 August 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 Albion House, 32 Pinchbeck Road, Spalding, Lincolnshire, PE11 1QD.
2. Accounting policies
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.
Summary of significant accounting policies.
The principle accounting policies adopted 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.
Going concern
These financial statements have been prepared on a going concern basis.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 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 taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Equipment
-
10% straight line
Trade debtors
Trade debtors are amounts due from customers for goods 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.
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.
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 of the company does not have an unconditional right, at the end of the reporting period, to defer settlement 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.
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.
Hedge accounting
The company does not utilise any instruments to hedge its risks.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 .
4. Tangible assets
Equipment
£
Cost
At 1 September 2016
–
Additions
1,000
-------
At 31 August 2017
1,000
-------
Depreciation
At 1 September 2016
–
Charge for the year
102
-------
At 31 August 2017
102
-------
Carrying amount
At 31 August 2017
898
-------
5. Creditors: amounts falling due within one year
2017
£
Corporation tax
4,259
Other creditors
2,719
-------
6,978
-------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Ms A Cousins
–
23,847
( 25,666)
( 1,819)
----
--------
--------
-------
7. Controlling party
The company was under the control of Ms A Cousins since it's incorporation on 24 August 2016. Ms Cousins is the director and sole shareholder.