Elford Associates Ltd Filleted accounts for Companies House (small and micro)

Elford Associates Ltd Filleted accounts for Companies House (small and micro)

ELFORD ASSOCIATES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06031292
Elford Associates Ltd
Filleted Unaudited Financial Statements
31 March 2018
Elford Associates Ltd
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
4
15,245
16,995
Tangible assets
5
1,197
1,595
--------
--------
16,442
18,590
Current assets
Debtors
6
14,305
816
Cash at bank and in hand
6,218
16,148
--------
--------
20,523
16,964
Creditors: amounts falling due within one year
7
24,997
24,768
--------
--------
Net current liabilities
4,474
7,804
--------
--------
Total assets less current liabilities
11,968
10,786
Creditors: amounts falling due after more than one year
8
7,734
6,938
--------
--------
Net assets
4,234
3,848
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,232
3,846
-------
-------
Shareholders funds
4,234
3,848
-------
-------
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 statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Elford Associates Ltd
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 12 October 2018 , and are signed on behalf of the board by:
Mr K Elford
Director
Company registration number: 06031292
Elford Associates Ltd
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Canford Drive, Addlestone, Surrey, KT15 2HH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
25% reducing balance
4. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
35,000
--------
Amortisation
At 1 April 2017
18,005
Charge for the year
1,750
--------
At 31 March 2018
19,755
--------
Carrying amount
At 31 March 2018
15,245
--------
At 31 March 2017
16,995
--------
5. Tangible assets
Equipment
£
Cost
At 1 April 2017 and 31 March 2018
4,658
-------
Depreciation
At 1 April 2017
3,063
Charge for the year
398
-------
At 31 March 2018
3,461
-------
Carrying amount
At 31 March 2018
1,197
-------
At 31 March 2017
1,595
-------
6. Debtors
2018
2017
£
£
Trade debtors
14,305
816
--------
----
7. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
–
3,757
Trade creditors
11,226
2,959
Corporation tax
7,458
13,413
Social security and other taxes
5,063
3,439
Other creditors
1,250
1,200
--------
--------
24,997
24,768
--------
--------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
7,734
6,938
-------
-------