Obsidian Financial Limited - Period Ending 2018-06-30
Obsidian Financial Limited - Period Ending 2018-06-30
Registration number:
Obsidian Financial Limited
for the
Year Ended 30 June 2018
Obsidian Financial Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Obsidian Financial Limited
Company Information
Directors |
R H P Rennison C M Saffer G Clarke |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Obsidian Financial Limited
for the Year Ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Obsidian Financial Limited for the year ended 30 June 2018 as set out on pages 3 to 11 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 Obsidian Financial Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Obsidian Financial Limited and state those matters that we have agreed to state to the Board of Directors of Obsidian Financial 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 Obsidian Financial Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Obsidian Financial 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 Obsidian Financial Limited. You consider that Obsidian Financial 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 Obsidian Financial 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.
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Chartered Accountants
Weston-super-Mare
Somerset
BS23 1NF
Page 2 |
Obsidian Financial Limited
(Registration number: 06925501)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Page 3 |
Obsidian Financial Limited
(Registration number: 06925501)
Balance Sheet as at 30 June 2018
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
.........................................
Director
.........................................
Director
Page 4 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
The presentation currency of the financial statements is Pound Sterling (£).
Page 5 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
Revenue recognition
Turnover shown in the profit and loss account represents initial and renewal income earned during the year, from third parties exclusive of Value Added Tax.
Initial income is accounted for when the policy is issued by the product provider after taking into account provisions for the potential cancellation of policies.
Renewal income is accounted for when received.
Fee income is accounted for exclusive of Value Added Tax when the company obtains the right to consideration.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 6 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
15% on cost |
Office equipment |
Straight line over 3 years |
Leasehold improvements |
Straight line over the remaining lease term |
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 clients for 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 7 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 8 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2017 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 9 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Page 10 |
Obsidian Financial Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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320 |
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320 |
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420 |
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420 |
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55,000 |
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55,000 |
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7,000 |
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7,000 |
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Related party transactions |
Transactions with directors |
R H P Rennison
During the year ended 30 June 2017 the company paid £8,603 to the director for consultancy and expenses. There were no such expenses incurred in the 2018 year.
Summary of transactions with entities with joint control or significant interest
Transactions with other related parties
The company occupies a property owned by the CM Saffer and G Clarke Self Administered Pension Scheme. During the year under review the company paid rent to the pension scheme of £17,979 (2017 - £17,979), which is considered to be at market value.
Page 11 |