Statement of Consent to Prepare Abridged Financial Statements
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All of the members of Canada Immigration Solutions Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
NI622518
Canada Immigration Solutions Limited
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Unaudited Abridged Financial Statements
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NORMAN ELLIOTT & COMPANY
Chartered accountant
(DNTLA Ltd t/a Norman Elliott & Company)
18 Bachelors Walk
Lisburn
BT28 1XJ
Canada Immigration Solutions Limited
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Abridged Financial Statements
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Year ended 31 January 2017
Officers and professional advisers
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1
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Abridged statement of financial position
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2
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Notes to the abridged financial statements
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3
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Canada Immigration Solutions Limited
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Abridged Statement of Financial Position
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31 January 2017
Fixed assets
Tangible assets
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6
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211
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264
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Current assets
Cash at bank and in hand
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11,410
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25,822
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Creditors: amounts falling due within one year
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10,024
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11,066
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--------
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--------
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Net current assets
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1,386
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14,756
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-------
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Total assets less current liabilities
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1,597
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15,020
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Net assets
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1,597
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15,020
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--------
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Capital and reserves
Called up share capital
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1
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1
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Profit and loss account
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1,596
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15,019
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Member funds
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1,597
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15,020
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-------
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--------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 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 member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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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 abridged financial statements
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These abridged financial statements were approved by the
board of directors
and authorised for issue on
9 April 2017
, and are signed on behalf of the board by:
Company registration number:
NI622518
Canada Immigration Solutions Limited
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Notes to the Abridged Financial Statements
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Year ended 31 January 2017
1.
General information
The company is a private company limited by shares, registered in Nothern Ireland. The address of the registered office is 3 Cherry Burn, Lisburn, BT27 5GE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures and fittings
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-
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20% reducing balance
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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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity
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4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 3 (2016: 2).
5.
Profit before taxation
Profit before taxation is stated after (crediting)/charging:
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2017
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2016
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£
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£
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Depreciation of tangible assets
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53
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66
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6.
Tangible assets
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£
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Cost
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At 1 February 2016 and 31 January 2017
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330
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Depreciation
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At 1 February 2016
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66
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Charge for the year
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53
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At 31 January 2017
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119
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Carrying amount
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At 31 January 2017
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211
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At 31 January 2016
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264
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7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
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2017
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Balance brought forward
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Advances/ (credits) to the directors
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Balance outstanding
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£
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£
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£
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Mr Wilson
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(
922)
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680
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(
242)
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2016
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Balance brought forward
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Advances/ (credits) to the directors
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Balance outstanding
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£
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£
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£
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Mr Wilson
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–
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(
922)
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(
922)
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8.
Related party transactions
The company was under the control of Mr M Wilson throughout the current period. Mr M WIlson is the managing director and majority shareholder. Aside from the lending of monies by the director to the company there are no related party transactions that require disclosure.
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.