A&S REES & COMPANY LTD - Filleted accounts

Registered number

05452487

A&S REES & COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

A&S REES & COMPANY LTD

CONTENTS



Page

Balance sheet	1

Notes to the financial statements	2 - 5

A&S REES & COMPANY LTD

Balance Sheet

as at 31 May 2017
Company Registration No.	05452487



Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		9,202			7,388

Current assets
Debtors	4	59,327			135,911
Cash at bank and in hand		486,505			355,398
		545,832			491,309

Creditors: amounts falling due within one year	5	(100,760)			(185,129)

Net current assets			445,072			306,180

Net assets			454,274			313,568

Capital and reserves
Called up share capital			100			100
Profit and loss account	6		454,174			313,468

Shareholders' funds			454,274			313,568


The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.



…………………………………..
Amanda Jane Rees
Director

Approved by the board on 11 December 2017

A&S REES & COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017




1	Accounting policies

	Basis of preparation
	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 the small companies regime. The disclosure requirements of section 1A 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 convention. The principal accounting policies adopted are set out below.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures, fittings and equipment	15% reducing balance

	Debtors
	Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, 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. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.

	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

	Creditors
	Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.

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

	Current tax
	The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets 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 relate to taxes levied by the same tax authority.

	Provisions
	Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Employee benefits
	The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


2	Employees		2017		2016
Number				Number

	Average number of persons employed by the company		2		2


3	Tangible fixed assets
					Fixtures, fittings and equipment
£
	Cost
	At 1 June 2016				20,542
	Additions				3,530
	At 31 May 2017				24,072

	Depreciation
	At 1 June 2016				13,154
	Charge for the year				1,716
	At 31 May 2017				14,870

	Net book value
	At 31 May 2017				9,202
	At 31 May 2016				7,388




4	Debtors		2017		2016
£				£

	Trade debtors		59,327		135,911
			59,327		135,911


5	Creditors: amounts falling due within one year		2017		2016
£				£

	Trade creditors		18,663		17,647
	Corporation tax		50,161		52,368
	Director's current account		24,182		26,440
	Other taxes and social security costs		709		1,652
	Other creditors		7,045		87,022
			100,760		185,129


6	Profit and loss account

	Profit and loss account represents movement of profit and loss during the year and dividends paid.

7	Other information

	A&S Rees & Company Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD.

8	Transition to FRS 102

	This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 May 2016. The date of transition to FRS 102 was 1 June 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.