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Company registration number: 04262618
Best French Mortgage Limited
Financial statements
31 March 2018
Best French Mortgage Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Best French Mortgage Limited
Directors and other information
Directors Mr D Romano
Mrs L Romano
Company number 04262618
Registered office 53 St Matthews Road
Portsmouth
Hants
PO6 2DL
Accountants Arthur Daniels & Company
227A West Street
Fareham
PO16 0HZ
Best French Mortgage Limited
Chartered accountants report to the board of directors on the preparation of the
statutory financial statements of Best French Mortgage Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Best French Mortgage Limited for the year ended 31 March 2018 which comprise the statement of financial position, statement of changes in equity and related notes 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 http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Best French Mortgage 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 Best French Mortgage Limited and state those matters that we have agreed to state to the board of directors of Best French Mortgage Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Best French Mortgage Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Best French Mortgage 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 loss of Best French Mortgage Limited. You consider that Best French Mortgage 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 Best French Mortgage 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.
Arthur Daniels & Company
Chartered Accountants
227A West Street
Fareham
PO16 0HZ
27 November 2018
Best French Mortgage Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 613 2,384
_______ _______
613 2,384
Current assets
Cash at bank and in hand 36,080 34,728
_______ _______
36,080 34,728
Creditors: amounts falling due
within one year 6 ( 53,586) ( 42,247)
_______ _______
Net current liabilities ( 17,506) ( 7,519)
_______ _______
Total assets less current liabilities ( 16,893) ( 5,135)
_______ _______
Net liabilities ( 16,893) ( 5,135)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 16,895) ( 5,137)
_______ _______
Shareholders deficit ( 16,893) ( 5,135)
_______ _______
For the year ending 31 March 2018 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 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2018 , and are signed on behalf of the board by:
Mr D Romano
Director
Company registration number: 04262618
Best French Mortgage Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 2 ( 3,921) ( 3,919)
(Loss)/profit for the year 8,784 8,784
_______ _______ _______
Total comprehensive income for the year - 8,784 8,784
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 31 March 2017 and 1 April 2017 2 ( 5,137) ( 5,135)
(Loss)/profit for the year ( 1,758) ( 1,758)
_______ _______ _______
Total comprehensive income for the year - ( 1,758) ( 1,758)
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 31 March 2018 2 ( 16,895) ( 16,893)
_______ _______ _______
Best French Mortgage Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 53 St Matthews Road, Portsmouth, Hants, PO6 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2017 and 31 March 2018 18,672 8,658 27,330
_______ _______ _______
Depreciation
At 1 April 2017 16,288 8,658 24,946
Charge for the year 1,771 - 1,771
_______ _______ _______
At 31 March 2018 18,059 8,658 26,717
_______ _______ _______
Carrying amount
At 31 March 2018 613 - 613
_______ _______ _______
At 31 March 2017 2,384 - 2,384
_______ _______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Other creditors 53,586 42,247
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D Romano ( 18,467) ( 2,720) ( 21,187)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D Romano ( 10,160) ( 8,307) ( 18,467)
_______ _______ _______
8. Controlling party
The directors who are joint shareholders are the controlling interests in the company.