Registration number:
for the Year Ended
Protect and Invest Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Protect and Invest Limited
(Registration number: 05441658)
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
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Tangible assets |
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Other financial assets |
26,011 |
22,117 |
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Current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 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.
Page 1 |
Protect and Invest Limited
(Registration number: 05441658)
Balance Sheet as at 31 July 2017
Approved and authorised by the
.........................................
M S Czapalski
Director
Page 2 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of financial services and advice to clients. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line basis |
Fixtures and fittings |
25% straight line basis |
Plant and machinery |
25% straight line basis |
Page 3 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Investments
Investments in shares are included at fair value.
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 financial services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 4 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 August 2016 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
At 31 July 2017 |
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Depreciation |
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At 1 August 2016 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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- |
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At 31 July 2016 |
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- |
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Investments held as fixed assets |
2017 |
2016 |
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Other Investments |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 5 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Creditors |
Creditors: amounts falling due within one year
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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Related party transactions |
Summary of transactions with other related parties
Prosperitas Estate Planning Limited (a company of which M Roberts is a director and shareholder) charged commisssions of £194,740 (2016: £150,577) from Protect and Invest Limited. At the balance sheet date the amount due to Prosperitas Estate Planning Limited was £77,793 (2016: £34,081).
Page 6 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Transition to FRS 102 |
Balance Sheet at 1 August 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
1,667 |
- |
- |
1,667 |
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Investments |
18,300 |
- |
- |
18,300 |
|
19,967 |
- |
- |
19,967 |
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Current assets |
|||||
Debtors |
25,164 |
- |
- |
25,164 |
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Cash at bank and in hand |
38,561 |
- |
- |
38,561 |
|
63,725 |
- |
- |
63,725 |
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Creditors: Amounts falling due within one year |
(63,939) |
- |
- |
(63,939) |
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Net current liabilities |
(214) |
- |
- |
(214) |
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Net assets |
19,753 |
- |
- |
19,753 |
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Capital and reserves |
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Called up share capital |
10,000 |
- |
- |
10,000 |
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Revaluation reserve |
2,800 |
(2,800) |
- |
- |
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Other reserves |
- |
2,800 |
- |
2,800 |
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Profit and loss account |
6,953 |
- |
- |
6,953 |
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Total equity |
19,753 |
- |
- |
19,753 |
Page 7 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Balance Sheet at 31 July 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
3,136 |
- |
- |
3,136 |
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Investments |
22,117 |
- |
- |
22,117 |
|
25,253 |
- |
- |
25,253 |
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Current assets |
|||||
Debtors |
48,925 |
- |
- |
48,925 |
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Cash at bank and in hand |
70,709 |
- |
- |
70,709 |
|
119,634 |
- |
- |
119,634 |
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Creditors: Amounts falling due within one year |
(117,328) |
- |
- |
(117,328) |
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Net current assets |
2,306 |
- |
- |
2,306 |
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Net assets |
27,559 |
- |
- |
27,559 |
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Capital and reserves |
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Called up share capital |
10,000 |
- |
- |
10,000 |
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Revaluation reserve |
4,217 |
(4,217) |
- |
- |
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Other reserves |
- |
4,217 |
- |
4,217 |
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Profit and loss account |
13,342 |
- |
- |
13,342 |
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Total equity |
27,559 |
- |
- |
27,559 |
Page 8 |
Protect and Invest Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Profit and Loss Account for the year ended 31 July 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
510,411 |
- |
- |
510,411 |
Cost of sales |
(404,332) |
- |
- |
(404,332) |
Gross profit |
106,079 |
- |
- |
106,079 |
Administrative expenses |
(121,168) |
- |
1,417 |
(119,751) |
Other operating income |
19,983 |
- |
- |
19,983 |
Operating profit |
4,894 |
- |
1,417 |
6,311 |
Other interest receivable and similar income |
12 |
- |
- |
12 |
Interest payable and similar expenses |
3,099 |
- |
- |
3,099 |
3,111 |
- |
- |
3,111 |
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Profit before tax |
8,005 |
- |
1,417 |
9,422 |
Taxation |
(1,616) |
- |
- |
(1,616) |
Profit for the financial year |
6,389 |
- |
1,417 |
7,806 |
Page 9 |