Company Registration No. 08175233 (England and Wales)
ONE STOP FINANCE PROFESSIONALS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
ONE STOP FINANCE PROFESSIONALS LTD
COMPANY INFORMATION
Director
Mr AD Mackenzie
Company number
08175233
Registered office
The Old Cow Shed
Oak Farm
Laytham
York
YO42 4PP
Accountants
DAH Accountancy Services Limited
Cedar Lodge
York Road
Shiptonthorpe
York
YO43 3PH
Business address
The Old Cow Shed
Oak Farm
Laytham
York
YO42 4PP
ONE STOP FINANCE PROFESSIONALS LTD
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 7
ONE STOP FINANCE PROFESSIONALS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2017
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2017.

Principal activities

The principal activity of the company continued to be that of providing financial management resources to support the activity of One Stop Business Finance Limited.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr AD Mackenzie

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr AD Mackenzie
Director
11 October 2017
ONE STOP FINANCE PROFESSIONALS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
2017
2016
Notes
£
£
Turnover
26,641
53,081
Cost of sales
(10,561)
(13,132)
Gross profit
16,080
39,949
Administrative expenses
(5,883)
(11,602)
Profit before taxation
10,197
28,347
Tax on profit
(2,014)
(5,669)
Profit for the financial year
8,183
22,678
ONE STOP FINANCE PROFESSIONALS LTD
BALANCE SHEET
AS AT
30 JUNE 2017
- 3 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
-
25,520
Cash at bank and in hand
2,808
5,004
2,808
30,524
Creditors: amounts falling due within one year
3
(2,800)
(29,672)
Net current assets
8
852
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
7
851
Total equity
8
852

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The member has 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 in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 11 October 2017
Mr AD Mackenzie
Director
Company Registration No. 08175233
ONE STOP FINANCE PROFESSIONALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
1
Accounting policies
Company information

One Stop Finance Professionals Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Cow Shed, Oak Farm, Laytham, York, YO42 4PP.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of One Stop Finance Professionals Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Cash at bank and in hand

Cash at bank and in hand 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.

ONE STOP FINANCE PROFESSIONALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.4
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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 payments 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. Amounts 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ONE STOP FINANCE PROFESSIONALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
5,520
Amounts due from group undertakings
-
20,000
-
25,520
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
3,360
Amounts due to group undertakings
-
15,998
Corporation tax
2,014
5,669
Other taxation and social security
-
4,645
Other creditors
786
-
2,800
29,672
ONE STOP FINANCE PROFESSIONALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
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