Registration number:
Unaudited Abbreviated Accounts
for the Year Ended
Financial Factory Ltd - The
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The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4 ) have been prepared.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Financial Factory Ltd - The
for the Year Ended 30 June 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Financial Factory Ltd - The for the year ended 30 June 2015 set out on pages from the company's accounting records and from information and explanations you have given us.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements .
This report is made solely to the Board of Directors of Financial Factory Ltd - The, 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 Financial Factory Ltd - The and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Financial Factory Ltd - The and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Financial Factory Ltd - The 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 Financial Factory Ltd - The. You consider that Financial Factory Ltd - The 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 Financial Factory Ltd - The. 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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Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA
21 March 2016
Financial Factory Ltd - The
(Registration number: NI069707)
Abbreviated Balance Sheet at 30 June 2015
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2015
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2014
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed 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 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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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
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Mr Brian William Boyd
Director
2
Financial Factory Ltd - The
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued
Accounting policies |
Basis of preparation
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Going concern
The financial statements have been prepared on a going concern basis. However, the Company entered into a Voluntary Arrangement (CVA) with its creditors, HMRC and LPS - Rating, which was approved on 6 June 2014. The sum of £850 is to be paid to the CVA monthly from 1 June 2014 until 31 May 2017.
Turnover
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is subject to periodic impairment review.
Asset class |
Amortisation method and rate |
Goodwill |
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Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
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Fixed assets |
Financial Factory Ltd - The
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued
Intangible assets
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Tangible assets
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Total
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Cost |
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At 1 July 2014 |
22,200 |
25,222 |
47,422 |
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Additions |
- |
1,856 |
1,856 |
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At 30 June 2015 |
22,200 |
27,078 |
49,278 |
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Depreciation |
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At 1 July 2014 |
- |
17,300 |
17,300 |
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Charge for the year |
- |
1,955 |
1,955 |
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At 30 June 2015 |
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19,255 |
19,255 |
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Net book value |
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At 30 June 2015 |
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At 30 June 2014 |
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Share capital |
Allotted, called up and fully paid shares
2015 |
2014 |
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No. |
£ |
No. |
£ |
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