ANDREW_BIANKIN_LIMITED - Accounts


Company Registration No. SC500006 (Scotland)
ANDREW BIANKIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ANDREW BIANKIN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ANDREW BIANKIN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
30,913
40,438
Cash at bank and in hand
9,330
591
40,243
41,029
Creditors: amounts falling due within one year
3
(15,988)
(16,986)
Net current assets
24,255
24,043
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
24,155
23,943
Total equity
24,255
24,043

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 28 September 2018 and are signed on its behalf by:
Professor A Biankin
Director
Company Registration No. SC500006
ANDREW BIANKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information

Andrew Biankin Limited is a private company limited by shares incorporated in Scotland. The registered office is J A Mason & Co, 102 Bath Street, GLASGOW, G2 2EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ANDREW BIANKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
30,913
40,438
ANDREW BIANKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
14,494
15,986
Other creditors
1,494
1,000
15,988
16,986
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
100
100
100
2017-12-312017-01-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activity28 September 2018Professor A BiankinMs K BiankinSC5000062017-01-012017-12-31SC5000062017-12-31SC500006core:CurrentFinancialInstruments2017-12-31SC500006core:CurrentFinancialInstruments2016-12-31SC5000062016-12-31SC500006core:WithinOneYear2017-12-31SC500006core:WithinOneYear2016-12-31SC500006core:ShareCapital2017-12-31SC500006core:ShareCapital2016-12-31SC500006core:RetainedEarningsAccumulatedLosses2017-12-31SC500006core:RetainedEarningsAccumulatedLosses2016-12-31SC500006core:ShareCapitalOrdinaryShares2017-12-31SC500006core:ShareCapitalOrdinaryShares2016-12-31SC500006bus:Director12017-01-012017-12-31SC500006bus:OrdinaryShareClass12017-01-012017-12-31SC500006bus:OrdinaryShareClass12017-12-31SC500006bus:PrivateLimitedCompanyLtd2017-01-012017-12-31SC500006bus:FRS1022017-01-012017-12-31SC500006bus:AuditExemptWithAccountantsReport2017-01-012017-12-31SC500006bus:SmallCompaniesRegimeForAccounts2017-01-012017-12-31SC500006bus:Director22017-01-012017-12-31SC500006bus:FullAccounts2017-01-012017-12-31xbrli:purexbrli:sharesiso4217:GBP