Registration number:
Architecture Studio 5 Ltd
for the Year Ended 28 February 2017
Chartered Accountants
59 Union Street
Dunstable
Beds
LU6 1EX
Architecture Studio 5 Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Architecture Studio 5 Ltd
Company Information
Director |
Ms Alison Catherine Swarbrick |
Registered office |
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Accountants |
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Page 1 |
Architecture Studio 5 Ltd
Director's Report for the Year Ended 28 February 2017
The director presents her report and the abridged financial statements for the year ended 28 February 2017.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the provision of architectural services
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
Ms Alison Catherine Swarbrick
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Architecture Studio 5 Ltd
for the Year Ended 28 February 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Architecture Studio 5 Ltd for the year ended 28 February 2017 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Architecture Studio 5 Ltd, 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 Architecture Studio 5 Ltd and state those matters that we have agreed to state to the Board of Directors of Architecture Studio 5 Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Architecture Studio 5 Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Architecture Studio 5 Ltd 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 Architecture Studio 5 Ltd. You consider that Architecture Studio 5 Ltd 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 Architecture Studio 5 Ltd. 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.
......................................
Chartered Accountants
Dunstable
Beds
LU6 1EX
Page 3 |
Architecture Studio 5 Ltd
Abridged Profit and Loss Account for the Year Ended 28 February 2017
Note |
Total |
Total |
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Gross profit |
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Administrative expenses |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Architecture Studio 5 Ltd
Statement of Comprehensive Income for the Year Ended 28 February 2017
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 5 |
Architecture Studio 5 Ltd
(Registration number: 09454318)
Abridged Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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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/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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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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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2017 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Director's responsibilities:
• |
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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 accounts. |
Page 6 |
Architecture Studio 5 Ltd
(Registration number: 09454318)
Abridged Balance Sheet as at 28 February 2017
For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her 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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the director on
.........................................
Ms Alison Catherine Swarbrick
Director
Page 7 |
Architecture Studio 5 Ltd
Statement of Changes in Equity for the Year Ended 28 February 2017
Share capital |
Profit and loss account |
Total |
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At 1 March 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 28 February 2017 |
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Share capital |
Profit and loss account |
Total |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
New share capital subscribed |
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- |
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At 29 February 2016 |
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Page 8 |
Architecture Studio 5 Ltd
Notes to the Abridged Financial Statements for the Year Ended 28 February 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:
The principal place of business is:
5 Monmouth Road
Harlington
Dunstable
Bedfordshire
LU5 6NE
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Page 9 |
Architecture Studio 5 Ltd
Notes to the Abridged Financial Statements for the Year Ended 28 February 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 method |
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.
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.
Page 10 |
Architecture Studio 5 Ltd
Notes to the Abridged Financial Statements for the Year Ended 28 February 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 March 2016 |
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At 28 February 2017 |
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Depreciation |
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At 1 March 2016 |
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Charge for the period |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £
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5,000 |
11,500 |
Page 11 |