Company Registration No. 05678030 (England and Wales)
Fisher German Priestner Limited
Unaudited financial statements
for the year ended 31 March 2020
Pages for filing with the Registrar
Fisher German Priestner Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Fisher German Priestner Limited
Statement of financial position
As at 31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
168,042
74,103
Current assets
Debtors
4
700,208
522,327
Cash at bank and in hand
1,514,845
2,663,736
2,215,053
3,186,063
Creditors: amounts falling due within one year
5
(1,190,934)
(1,240,255)
Net current assets
1,024,119
1,945,808
Total assets less current liabilities
1,192,161
2,019,911
Provisions for liabilities
(1,377)
(7,645)
Net assets
1,190,784
2,012,266
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
7
1,190,780
2,012,262
Total equity
1,190,784
2,012,266
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Fisher German Priestner Limited
Statement of financial position (continued)
As at 31 March 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 December 2020 and are signed on its behalf by:
Claire Priestner
Director
Company Registration No. 05678030
Fisher German Priestner Limited
Notes to the financial statements
For the year ended 31 March 2020
Page 3
1
Accounting policies
Company information
Fisher German Priestner Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4-5 Royal Court, Tatton Street, Knutsford, England, WA16 6EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services provided to customers, net of VAT and trade discounts.
Turnover is recognised when the risks and rewards of the underlying sale have been substantially transferred to the customer, which is upon the exchange of contracts. The valuation and management revenue is recognised in the period in which the service is provided.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
25% reducing balance
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 4
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 6
Deferred tax
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 following exception.
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 an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reversed, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2019 - 12).
2020
2019
Number
Number
Total
11
12
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
312,493
161,660
474,153
Additions
-
166,925
166,925
Disposals
-
(26,043)
(26,043)
At 31 March 2020
312,493
302,542
615,035
Depreciation and impairment
At 1 April 2019
277,712
122,338
400,050
Depreciation charged in the year
34,781
33,749
68,530
Eliminated in respect of disposals
-
(21,587)
(21,587)
At 31 March 2020
312,493
134,500
446,993
Carrying amount
At 31 March 2020
-
168,042
168,042
At 31 March 2019
34,781
39,322
74,103
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
117,080
363,692
Other debtors
583,128
158,635
700,208
522,327
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
4
Debtors (continued)
Page 8
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
205,144
154,845
Amounts due to related parties
265,714
221,660
Corporation tax
190,184
281,106
Other taxation and social security
10,892
4,971
Other creditors
519,000
577,673
1,190,934
1,240,255
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
1 Ordinary D of £1 each
1
1
4
4
The Ordinary A and Ordinary B shares rank pari passu, but not with
the
Ordinary C and Ordinary D shares.
The Ordinary A and Ordinary B shares entitle the holder to one vote for each share held, any dividend
or return of capital
is
divided equally.
The Ordinary C and Ordinary D shares rank pari passu, but not with
the
Ordinary A and Ordinary B shares.
The Ordinary C and Ordinary D shares confer no entitlement to vote, no entitlement
to any return on capital and do not rank equally for dividends.
7
Profit and loss reserves
Profit and loss reserves represents accumulated profit and losses for prior periods, less dividends paid.
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 9
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
391,937
40,908
Fisher German Priestner Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 10
9
Related party transactions
Transactions with related parties
During the year certain administrative expenses amounting to £64,696 (2019: £42,000) were recharged by one of the company's shareholders. At the year end an amount of £15,077 (2019: £27,868) was due and included within creditors falling due within one year.
Dividends totalling £871,427 (2019: £265,000) were declared in respect of shares held by the company's directors. Of these £65,000 (2019: £100,000) were unpaid and included in creditors falling due within one year.
Additionally, dividends totalling £596,428 (2019: £nil) were paid in respect of the share held by non-directors.
The company leases its head office from a director, rental charges for the year amount to £56,845 (2019: £53,280). £250,637 (2019: £193,792) is unpaid and included within creditors falling due within one year.
10
Controlling party
There is no ultimate controlling party.
2020-03-31
2019-04-01
false
29 January 2021
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
Andrew Jackson
Claire Priestner
Neil Priestner
Kieron Havard
Neil Priestner
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