Registration number:
Professional Financial Centre (East Midlands) Limited
for the Year Ended 30 April 2017
2 Cheapside
Derby
Derbyshire
DE1 1BR
Professional Financial Centre (East Midlands) Limited
Contents
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Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Professional Financial Centre (East Midlands) Limited
Company Information
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Directors |
Directors |
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Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Professional Financial Centre (East Midlands) Limited
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Professional Financial Centre (East Midlands) Limited for the year ended 30 April 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Professional Financial Centre (East Midlands) Limited.
It is your duty to ensure that Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) Limited. You consider that Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) 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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Derby
Derbyshire
DE1 1BR
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Page 2 |
Professional Financial Centre (East Midlands) Limited
Statement of Comprehensive Income for the Year Ended 30 April 2017
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Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Professional Financial Centre (East Midlands) Limited
(Registration number: 06674780)
Balance Sheet as at 30 April 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Capital redemption 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 April 2017 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.
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.
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Page 4 |
Professional Financial Centre (East Midlands) Limited
(Registration number: 06674780)
Balance Sheet as at 30 April 2017
Approved and authorised by the
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Mr Richard Shanks
Director
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Page 5 |
Professional Financial Centre (East Midlands) Limited
Statement of Changes in Equity for the Year Ended 30 April 2017
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2016 |
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( |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Purchase of own share capital |
(1,225) |
- |
- |
(1,225) |
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Other capital redemption reserve movements |
- |
(115,311) |
- |
(115,311) |
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At 30 April 2017 |
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( |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2015 |
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( |
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( |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 30 April 2016 |
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( |
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Page 6 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
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General information |
The company is a private company limited by share capital incorporated in Other.
The address of its registered office is:
England
The principal place of business is:
Wesley House
St Michaels Lane
Derby
Derbyshire
DE1 3DW
These financial statements were authorised for issue by the
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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.
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.
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:
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Asset class |
Depreciation method and rate |
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Office Equipment |
33% RB |
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Page 7 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20 Years |
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 customers for merchandise 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.
Stocks
Work in progress is valued at the lower of cost and net realisable value.
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.
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.
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Page 8 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
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Amortisation |
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At 1 May 2016 |
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Amortisation charge |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
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Page 9 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Stocks |
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2017 |
2016 |
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Work in progress |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Page 10 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
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Note |
2017 |
2016 |
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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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Other creditors |
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Transition to FRS 102 |
Balance Sheet at 1 May 2015
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Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Intangible assets |
4,900 |
- |
- |
4,900 |
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Tangible assets |
5,669 |
- |
- |
5,669 |
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10,569 |
- |
- |
10,569 |
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Current assets |
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Stocks |
42,018 |
- |
- |
42,018 |
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Debtors |
7,313 |
- |
- |
7,313 |
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Cash at bank and in hand |
376,538 |
- |
- |
376,538 |
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425,869 |
- |
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425,869 |
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Creditors: Amounts falling due within one year |
(34,749) |
- |
- |
(34,749) |
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Net current assets |
391,120 |
- |
- |
391,120 |
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Total assets less current liabilities |
401,689 |
- |
- |
401,689 |
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Provisions for liabilities |
(1,134) |
- |
- |
(1,134) |
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Net assets |
400,555 |
- |
- |
400,555 |
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Capital and reserves |
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Called up share capital |
(11,002) |
- |
- |
(11,002) |
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Profit and loss account |
(389,553) |
- |
- |
(389,553) |
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Total equity |
(400,555) |
- |
- |
(400,555) |
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Page 11 |
Professional Financial Centre (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
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Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Intangible assets |
4,550 |
- |
- |
4,550 |
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Tangible assets |
3,798 |
- |
- |
3,798 |
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8,348 |
- |
- |
8,348 |
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Current assets |
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Stocks |
40,984 |
- |
- |
40,984 |
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Debtors |
9,799 |
- |
- |
9,799 |
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Cash at bank and in hand |
127,926 |
- |
- |
127,926 |
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178,709 |
- |
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178,709 |
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Creditors: Amounts falling due within one year |
(81,257) |
- |
- |
(81,257) |
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Net current assets |
97,452 |
- |
- |
97,452 |
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Total assets less current liabilities |
105,800 |
- |
- |
105,800 |
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Provisions for liabilities |
(760) |
- |
- |
(760) |
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Net assets |
105,040 |
- |
- |
105,040 |
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Capital and reserves |
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Called up share capital |
(5,742) |
- |
- |
(5,742) |
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Capital redemption reserve |
495,132 |
- |
- |
495,132 |
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Profit and loss account |
(594,430) |
- |
- |
(594,430) |
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Total equity |
(105,040) |
- |
- |
(105,040) |
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Page 12 |