Company Registration No. 04357888 (England and Wales)
MICHAEL SCHMIDT & PARTNER LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
MICHAEL SCHMIDT & PARTNER LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
MICHAEL SCHMIDT & PARTNER LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICHAEL SCHMIDT & PARTNER LIMITED FOR THE YEAR ENDED 31 AUGUST 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Schmidt & Partner Limited for the year ended 31 August 2016 set out on pages 2 to 6 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Michael Schmidt & Partner Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Schmidt & Partner Limited and state those matters that we have agreed to state to the Board of Directors of Michael Schmidt & Partner Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Schmidt & Partner Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Michael Schmidt & Partner Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Michael Schmidt & Partner Limited. You consider that Michael Schmidt & Partner Limited 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 financial statements of Michael Schmidt & Partner Limited. 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 financial statements.
Moore and Smalley LLP
Chartered Accountants
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
8 December 2016
MICHAEL SCHMIDT & PARTNER LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
9,780
11,736
Tangible assets
2
3,385
4,240
13,165
15,976
Current assets
Stocks
27,569
11,220
Debtors
20,372
12,104
Cash at bank and in hand
119,793
141,065
167,734
164,389
Creditors: amounts falling due within one year
(119,958)
(87,285)
Net current assets
47,776
77,104
Total assets less current liabilities
60,941
93,080
Provisions for liabilities
(541)
(849)
60,400
92,231
Capital and reserves
Called up share capital
3
803
103
Other reserves
20
-
Profit and loss account
59,577
92,128
Shareholders' funds
60,400
92,231
MICHAEL SCHMIDT & PARTNER LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2016
31 August 2016
- 3 -
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 December 2016
Mr C P Oddie
Mr P J Thomas
Director
Director
Company Registration No. 04357888
MICHAEL SCHMIDT & PARTNER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable in relation to the provision of brokerage services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. Brokerage commissions receivable are recognised upon the completion of the yachts sale between the third parties.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
1.6
Leasing
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
1.7
Stock and work in progress
Work in progress relates to commission outstanding on boat sales.
1.8
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
MICHAEL SCHMIDT & PARTNER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
1.10
The share option programme allows key employees the opportunity to participate in the company share option scheme. Options are awarded at the discretion of the shareholders.
1.11
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 September 2015
78,400
20,933
99,333
Additions
-
741
741
At 31 August 2016
78,400
21,674
100,074
Depreciation
At 1 September 2015
66,664
16,693
83,357
Charge for the year
1,956
1,596
3,552
At 31 August 2016
68,620
18,289
86,909
Net book value
At 31 August 2016
9,780
3,385
13,165
At 31 August 2015
11,736
4,240
15,976
MICHAEL SCHMIDT & PARTNER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 6 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
800 Ordinary shares of £1 each
800
100
1 'B' Non-voting share of £1 each
1
1
1 'C' Non-voting share of £1 each
1
1
1 'D' Non-voting share of £1 each
1
1
803
103
On 11 May 2016, the company entered into a contract to repurchase a total of 20 ordinary £1 shares of its own shares for a total aggregate amount of £20,000.
On 25 May 2016, there was a bonus issue of shares of eight shares for every one ordinary share held, together with one further ordinary share for each ordinary share held.
All shares rank pari passu. Members have the right to receive notice of, attend and vote at general meetings of the company. Members have the right to participate in all legally declared dividends and in the event of winding up are entitled to participate in any distributions. The shares are not redeemable.