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Registration number: 02120173

Oxford Archaeological Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

Oxford Archaeological Associates Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Oxford Archaeological Associates Limited

(Registration number: 02120173)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

42

87

Current assets

 

Debtors

5

1,446

2,173

Cash at bank and in hand

 

8,587

9,042

 

10,033

11,215

Creditors: Amounts falling due within one year

6

(19,664)

(18,096)

Net current liabilities

 

(9,631)

(6,881)

Net liabilities

 

(9,589)

(6,794)

Capital and reserves

 

Called up share capital

12,200

12,200

Profit and loss account

(21,789)

(18,994)

Total equity

 

(9,589)

(6,794)

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 December 2017 and signed on its behalf by:
 

.........................................

S N Collcutt

Director

 

Oxford Archaeological Associates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 15 December 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the
company will continue to rely on the support of its directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Oxford Archaeological Associates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

10 - 25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

 

Oxford Archaeological Associates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Tangible assets

Plant and Machinery
 £

Total
£

Cost or valuation

At 1 April 2016

6,878

6,878

At 31 March 2017

6,878

6,878

Depreciation

At 1 April 2016

6,791

6,791

Charge for the year

45

45

At 31 March 2017

6,836

6,836

Carrying amount

At 31 March 2017

42

42

At 31 March 2016

87

87

5

Debtors

2017
£

2016
£

Prepayments

1,446

2,173

1,446

2,173

6

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Taxation and social security

664

1,568

Accruals and deferred income

215

2,399

Other creditors

18,785

14,129

19,664

18,096

7

Share capital

Allotted, called up and fully paid shares

 

Oxford Archaeological Associates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £ 1 each

100

100

100

100

'A' Ordinary shares of £ 1 each

12,100

12,100

12,100

12,100

 

12,200

12,200

12,200

12,200

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

6,000

7,900

9

Transition to FRS 102

The company has adopted FRS 102 for the first time in year ended 31 March 2017.
There were no adjustments resulting from the transition to FRS 102 that impact upon the net surplus for the year ended 31 March 2016. Total capital and reserves reported in these accounts as at 1 April 2015 and 31 March 2016 are as reported previously.