COMPANY REGISTRATION NUMBER:
02862511
Dr C E Covington Analytical Psychology Ltd
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Filleted Unaudited Financial Statements
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Dr C E Covington Analytical Psychology Ltd
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Year ended 31 December 2016
Statement of financial position
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1
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Notes to the financial statements
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2
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Dr C E Covington Analytical Psychology Ltd
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Statement of Financial Position
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31 December 2016
Current assets
Debtors
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6
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49,111
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139,400
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Cash at bank and in hand
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108,800
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61,553
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---------
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---------
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157,911
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200,953
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Creditors: amounts falling due within one year
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7
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31,791
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33,879
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Net current assets
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126,120
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167,074
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Total assets less current liabilities
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126,120
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167,074
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Net assets
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126,120
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167,074
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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126,118
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167,072
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Members funds
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126,120
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167,074
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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 income and retained earnings has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
;
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2017
, and are signed on behalf of the board by:
Company registration number:
02862511
Dr C E Covington Analytical Psychology Ltd
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Notes to the Financial Statements
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Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 193 Brecknock Road, London, N19 5AB, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date
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:
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Fixtures and fittings
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33% straight line
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
1
(2015: Nil).
5.
Tangible assets
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Fixtures and fittings
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Total
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£
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£
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Cost
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At 1 Jan 2016 and 31 Dec 2016
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2,683
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2,683
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Depreciation
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At 1 Jan 2016 and 31 Dec 2016
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2,683
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2,683
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Carrying amount
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At 31 December 2016
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–
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–
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-------
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6.
Debtors
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2016
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2015
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£
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£
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Other debtors
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49,111
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139,400
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7.
Creditors:
amounts falling due within one year
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2016
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2015
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£
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£
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Corporation tax
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28,291
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30,379
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Other creditors
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3,500
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3,500
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31,791
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33,879
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8.
Director's advances, credits and guarantees
The following loan to the director subsisted during the year ended 31 December 2016 and 31 December 2015: Dr C Covington: 2016 2015 Balance outstanding at start of year £139,400 £63,651 Amount advanced £75,152 £127,249 Amount repaid (£165,441) (£51,500) Balance outstanding at end of year £49,111 £139,400 Interest is charged at 3%, calculated daily.