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Registered number123456
FRS 102 Ltd
Report and Financial Statements
31 December 2015
FRS 102 LtdReport and accountsContents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditors' report 5
Income statement 6
Statement of comprehensive income 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10
FRS 102 LtdCompany Information
Directors
[Director 1]
[Director 2]
[Director 3]
[Director 4]
[Director 5]
[Director 6]
[Director 7]
[Director 8]
[Director 9]
Secretary
[Secretary]
Auditors
True and Fair
Bankers
[Name]
[Address line 1]
[Address line 2]
[City or town]
[County or region]
[Post code]
Solicitors
[Name]
[Address line 1]
[Address line 2]
[City or town]
[County or region]
[Post code]
Registered office
[Address line 1]
[Address line 2]
[City or town]
[County or region]
[Post code]
Registered number
123456
1
FRS 102 LtdRegistered number: 123456Directors' Report
Principal activities
Future developments
Research and development
Financial instrument risk
Dividends
Events since the balance sheet date
Directors
The following persons served as directors during the year:
Political donations
Directors' responsibilities
[Director 8]
The directors are responsible for preparing the report and financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under
that law the directors have elected to prepare the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable
law). Under company law the directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the company and of the profit or
loss of the company for that period. In preparing these financial statements, the directors are
[Director 9]
The directors present their report and financial statements for the year ended 31 December 2015.
The company's principal activity during the year continued to be ...
[The directors recommend a final dividend of £? (?p per share)]
[Director 7]
[Director 1][Director 2][Director 3][Director 4][Director 5][Director 6]
2
FRS 102 LtdRegistered number: 123456Directors' Report
●
●
●
●
Disclosure of information to auditors
●
●
Third party indemnity provisions
Acquisition of own shares
Class of shareAmount paid £0Nominal value of shares £0Number of shares 0Percentage of class purchased 0.0%
Employment of disabled persons
This report was approved by the board on 1 February 2016 and signed on its behalf.
Joe Bloggs
Director
so far as he is aware, there is no relevant audit information of which the company's auditor is
unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself
aware of any relevant audit information and to establish that the company's auditor is aware of
that information.
Each person who was a director at the time this report was approved confirms that:
[Reason for purchase]. The details of the shares purchased are as follows:
Ordinary shares
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show
and explain the company's transactions and disclose with reasonable accuracy at any time the
financial position of the company and enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
3
FRS 102 LtdStrategic Report
This report was approved by the board on 1 February 2016 and signed on its behalf.
Joe Bloggs
0
Director
4
FRS 102 LtdIndependent auditors' report
to the members of FRS 102 Ltd
Respective responsibilities of directors and auditors
Scope of the audit of the accounts
Opinion on the accounts
●
●
●
Opinion on other matters prescribed by the Companies Act 2006
Matters on which we are required to report by exception
●
●
●
●
Mr Fair
(Senior Statutory Auditor)
for and on behalf of
True and Fair
Accountants and Statutory Auditors
1 February 2016
In our opinion the accounts:
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its profit for the year then
ended;
We have audited the financial statements of FRS 102 Ltd for the year ended 31 December 2015 which comprise the Income
Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in
Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are
required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit
work, for this report, or for the opinions we have formed.
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express
an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
A description of the scope of an audit of financial statements is provided on the APB’s website at
www.frc.org.uk/auditscopeukprivate
we have not received all the information and explanations we require for our audit.
certain disclosures of directors’ remuneration specified by law are not made; or
In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the
financial statements are prepared is consistent with the financial statements.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,
in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
5
FRS 102 LtdIncome Statementfor the year ended 31 December 2015
Notes 2015 2014
£ £
Turnover 3 - -
Cost of sales - -
Gross profit - -
Distribution costs - -
Administrative expenses - -
Other operating income - -
Operating profit 4 - -
Gain on sale of fixed assets - -
Gain on revaluation of investment properties - -
Income from investments - -
Interest receivable - -
Interest payable 7 - -
Profit on ordinary activities before taxation - -
Tax on profit on ordinary activities 8 - -
Profit for the financial year - -
6
FRS 102 LtdStatement of comprehensive incomefor the year ended 31 December 2015
Notes 2015 2014
£ £
Profit for the financial year - -
Other comprehensive income
Gain on revaluation of land and buildings 10 - -
19 - -
Total comprehensive income for the year - -
Deferred taxation arising on the revaluation of land and
buildings
7
FRS 102 LtdStatement of Financial Positionas at 31 December 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 9 - -
Tangible assets 10 - -
Investment property 11 - -
Investments 12 - -
- -
Current assets
Stocks 13 - -
Debtors 14 - -
Cash at bank and in hand - -
- -
Creditors: amounts falling due
within one year 15 - -
Net current assets - -
Total assets less current
liabilities - -
Creditors: amounts falling due
after more than one year 16 - -
Provisions for liabilities
Deferred taxation 19 - -
Other provisions 20 - -
- -
Net assets - -
Capital and reserves
Called up share capital 21 - -
Share premium 22 - -
Other reserves 23 - -
Profit and loss account 24 - -
Total equity - -
Fred White
Director
Approved by the board on 1 February 2016
8
FRS 102 LtdStatement of Changes in Equityfor the year ended 31 December 2015
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 January 2014 - - - - -
Profit for the financial year - -
Gain on revaluation of land and
buildings - -
Deferred taxation arising on the
revaluation of land and buildings - -
Other comprehensive income for the
financial year - - - - -
Total comprehensive income for the
financial year - - - - -
Dividends - -
Shares issued - - -
Shares redeemed - -
At 31 December 2014 - - - - -
Correction of prior year errors - -
Effect of retrospective changes in
accounting policies - -
At 31 December 2014 as restated - - - - -
At 1 January 2015 - - - - -
Profit for the financial year - -
Gain on revaluation of land and
buildings - -
Deferred taxation arising on the
revaluation of land and buildings - -
Other comprehensive income for the
financial year - - - - -
Total comprehensive income for the
financial year - - - - -
Dividends - -
Shares issued - - -
Shares redeemed - -
At 31 December 2015 - - - - -
9
FRS 102 LtdStatement of Cash Flowsfor the year ended 31 December 2015
Notes 2015 2014
£ £
Operating activities
Operating profit - -
Adjustments for:
Depreciation - -
Amortisation of goodwill - -
- -
Decrease in stocks - -
Decrease in debtors - -
Increase in creditors - -
- -
Dividends received - -
Interest received - -
Interest paid - -
Interest element of finance lease payments - -
Corporation tax paid - -
Cash generated by operating activities - -
Investing activities
Payments to acquire intangible fixed assets - -
Payments to acquire tangible fixed assets - -
Payments to acquire investment properties - -
Payments to acquire investments - -
Proceeds from sale of intangible fixed assets - -
Proceeds from sale of tangible fixed assets - -
Proceeds from sale of investment properties - -
Proceeds from sale of investments - -
Cash generated by investing activities - -
Financing activities
Equity dividends paid - -
Proceeds from the issue of shares - -
Payments to redeem shares - -
Proceeds from new loans - -
Repayment of loans - -
Capital element of finance lease payments - -
Cash generated by financing activities - -
Net cash generated
Cash generated by operating activities - -
Cash generated by investing activities - -
Cash generated by financing activities - -
Net cash generated - -
10
FRS 102 LtdStatement of Cash Flowsfor the year ended 31 December 2015
Cash and cash equivalents at 1 January - -
Cash and cash equivalents at 31 December - -
Cash and cash equivalents comprise:
Cash at bank - -
Bank overdrafts 15 - -
- -
11
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
1 Summary of significant accounting policies
Basis of preparation
Turnover
Intangible fixed assets
Tangible fixed assets
Freehold buildings over 50 yearsLeasehold land and buildings over the lease termPlant and machinery over 5 yearsFixtures, fittings, tools and equipment over 5 years
Investment property
Investments
Stocks
Debtors
Investment property is initially recognised at cost and then subsequently measured at fair value.
Changes in value are recognised in profit or loss.
The financial statements have been prepared under the historical cost convention and in
accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of
Ireland.
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative
impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to
write off the cost, less estimated residual value, of each asset evenly over its expected useful life,
as follows:
Turnover is measured at the fair value of the consideration received or receivable, net of discounts
and value added taxes. Turnover includes revenue earned from the sale of goods and from the
rendering of services.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership
of the goods have transferred to the buyer.
Turnover from the rendering of services is recognised by reference to the stage of completion of
the contract. The stage of completion of a contract is measured by comparing the costs incurred
for work performed to date to the total estimated contract costs.
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative
impairment losses.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and
sell. Cost is determined using the first in first out method.
The carrying amount of stock sold is recognised as an expense in the period in which the related
revenue is recognised.
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are
recognised in profit or loss. Fair value is estimated by using a valuation technique.
12
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Creditors
Taxation
Provisions
Foreign currency translation
Leased assets
A current tax liability is recognised for the tax payable on the taxable profit of the current and past
periods. A current tax asset is recognised in respect of a tax loss that can be carried back to
recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income
and expenses in the financial statements and their inclusion in tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing
difference, except for revalued land and investment property where the tax rate that applies to the
sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date
of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing
rate of exchange. Non-monetary items that are measured at historical cost are translated at the
rate ruling at the date of the transaction. All differences are charged to profit or loss.
Short term debtors are measured at transaction price (which is usually the invoice price), less any
impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any
transaction costs and subsequently measured at amortised cost determined using the effective
interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price).
Loans and other financial liabilities are initially recognised at transaction price net of any
transaction costs and subsequently measured at amortised cost determined using the effective
interest method.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at
the reporting date as a result of a past event, it is probable that economic benefit will be transferred
to settle the obligation and the amount of the obligation can be estimated reliably.
13
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Pensions
2 Critical accounting estimates and judgements
3 Analysis of turnover 2015 2014 £ £
Sale of goods - -Services rendered - -Royalties - -Commissions - -Revenue from construction contracts - -
- -
By geographical market:
UK - -Europe - -North America - -Rest of world - -
- -
4 Operating profit 2015 2014 £ £
This is stated after charging:
Depreciation of owned fixed assets - -
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership. All other leases are classified as operating leases.
The rights of use and obligations under finance leases are initially recognised as assets and
liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of
the minimum lease payments.
Minimum lease payments are apportioned between the finance charge and the reduction in the
outstanding liability using the effective interest rate method. The finance charge is allocated to
each period during the lease so as to produce a constant periodic rate of interest on the remaining
balance of the liability.
Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If
there is no reasonable certainty that ownership will be obtained at the end of the lease term, the
asset is depreciated over the lower of the lease term and its useful life.
Operating lease payments are recognised as an expense on a straight line basis over the lease
term.
Contributions to defined contribution plans are expensed in the period to which they relate.
14
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
- -
Amortisation of goodwill - -Operating lease rentals - plant and machinery - -Operating lease rentals - land buildings - -Research and development expenditure - -Auditors' remuneration for audit services - -Auditors' remuneration for other services - -Contributions to defined benefit pension plans - -
- -Carrying amount of stock sold - -
5 Directors' emoluments 2015 2014
£ £
Emoluments - -
Gains made under long term incentive schemes - -
Company contributions to defined contribution pension plans - -
Pensions to former directors - -
- -
Highest paid director:
Emoluments - -
Company contributions to defined contribution pension plans - -
- -
Highest paid director:
- -
Number of directors to whom retirement benefits accrued: 2015 2014
Number Number
Defined contribution plans - -
Defined benefit plans - -
6 Staff costs 2015 2014 £ £
Wages and salaries - -Social security costs - -Other pension costs - -
- -
Average number of employees during the year Number Number
Key management personnel compensation (including directors'
emoluments)
Accrued retirement benefits from defined benefit pension plans
Depreciation of assets held under finance leases and hire
purchase contracts
15
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Administration - -Development - -Distribution - -Manufacturing - -Marketing - -Sales - -
- -
7 Interest payable 2015 2014 £ £
Bank loans and overdrafts - -Other loans - -
- -
Dividends on preference shares - -
- -
8 Taxation 2015 2014 £ £
Analysis of charge in periodCurrent tax:UK corporation tax on profits of the period - -Adjustments in respect of previous periods - -
- -
Deferred tax:Origination and reversal of timing differences - -Effect of increased tax rate on opening liability - -
- -
Tax on profit on ordinary activities - -
Factors affecting tax charge for period
2015 2014
£ £
Profit on ordinary activities before tax - -
Standard rate of corporation tax in the UK 20% 20%
£ £
- -
Effects of:
Expenses not deductible for tax purposes - -
Profit on ordinary activities multiplied by the standard rate of
corporation tax
The differences between the tax assessed for the period and the standard rate of corporation tax
are explained as follows:
Finance charges payable under finance leases and hire purchase
contracts
16
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Capital allowances for period in excess of depreciation - -
Utilisation of tax losses - -
Adjustments to tax charge in respect of previous periods - -
Current tax charge for period - -
Factors that may affect future tax charges
9 Intangible fixed assets £ Goodwill:
CostAt 1 January 2015 -Additions -Disposals -
At 31 December 2015 -
AmortisationAt 1 January 2015 -Provided during the year -On disposals -
At 31 December 2015 -
Carrying amountAt 31 December 2015 -
At 31 December 2014 -
10 Tangible fixed assets
Land and
buildings
Plant and
machinery
Fixtures,
fittings,
tools and
equipment Total
At valuation At cost At cost
£ £ £ £ Cost or valuationAt 1 January 2015 - - - -Additions - - - -Revaluation - - - -Transfers from investment
property - - - -Disposals - - - -
At 31 December 2015 - - - -
DepreciationAt 1 January 2015 - - - -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
17
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Charge for the year - - - -Revaluation - - - -Transfers from investment
property - - - -On disposals - - - -
At 31 December 2015 - - - -
Carrying amountAt 31 December 2015 - - - -
At 31 December 2014 - - - -
2015 2014 £ £
Carrying amount of land and buildings on cost basis - -
2015 2014 £ £
- -
11 Investment property 2015
£
Valuation
At 1 January 2015 -
Additions -
Revaluation -
-
Disposals -
At 31 December 2015 -
12 Investments 2015 2014 £ £
Shares in subsidiary undertakings - -Unlisted investments - -
- -
- -
The company holds 20% or more of the share capital of the following companies:
Transfers from tangible fixed assets
Dividends and other distributions from associates included in
income
[State the effective date of the valuation, whether the valuer was independent and the method and
significant assumptions applied in estimating the value]
[State the method and significant assumptions applied in determining the value and whether
valued by an independent valuer with a recognised qualification and with recent experience in
location and class of property]
Carrying value of plant and machinery included above held under
finance leases and hire purchase contracts
18
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Capital and Profit (loss)Company Shares held reserves for the year
Class % £ £ [Company name 1] Ordinary - - -[Company name 2] Ordinary - - -[Company name 3] Ordinary - - -
[Company name 4] Ordinary - - -
13 Stocks 2015 2014 £ £
Raw materials and consumables - -Work in progress - -Finished goods and goods for resale - -
- -
14 Debtors 2015 2014
£ £
Trade debtors - -
- -
Deferred tax asset (see note 19) - -
Other debtors - -
Prepayments and accrued income - -
Construction contract debtors - -
- -
Amounts due after more than one year included in:
Trade debtors - -
- -
Deferred tax asset (see note 19) - -
Other debtors - -
Prepayments and accrued income - -
Construction contract debtors - -
- -
15 Creditors: amounts falling due within one year 2015 2014
£ £
Preference shares - -
Bank overdrafts - -
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Construction contract creditors - -
Trade creditors - -
Amounts owed by group undertakings and undertakings in which
the company has a participating interest
Amounts owed by group undertakings and undertakings in which
the company has a participating interest
19
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
- -
Corporation tax - -
Other taxes and social security costs - -
Other creditors - -
Accruals and deferred income - -
Proposed dividend - -
- -
16 Creditors: amounts falling due after one year 2015 2014 £ £
Preference shares - -Bank loans - -Obligations under finance lease and hire purchase contracts - -Construction contract creditors - -Trade creditors - -
- -
Corporation tax - -
Other taxes and social security costs - -
Other creditors - -
Accruals and deferred income - -
- -
17 Loans 2015 2014 £ £
Loans not wholly repayable within five years: Loan 1 (give details of repayment terms and interest rate) - - Loan 2 (give details of repayment terms and interest rate) - - Loan 3 (give details of repayment terms and interest rate) - -
- -
Analysis of maturity of debt: Within one year or on demand - - Between one and two years - - Between two and five years - - After five years - -
- -
18 Obligations under finance leases and hire purchase 2015 2014 contracts £ £
Amounts payable: Within one year - - Within two to five years - - After five years - -
- -
Amounts owed to group undertakings and undertakings in which
the company has a participating interest
Amounts owed to group undertakings and undertakings in which
the company has a participating interest
The bank loans are secured on …
20
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
19 Deferred taxation 2015 2014 £ £
Revaluation of land and buildings - -Revaluation of investment property - -Accelerated capital allowances - -Tax losses carried forward - -
- -
2015 2014 £ £
At 1 January - -Charged to the profit and loss account - -Charged to other comprehensive income - -
At 31 December - -
20 Provisions for liabilities
Warranties
£
At 1 January 2015 -
Additional provisions made during the period -
Amounts used -
Amounts reversed unused -
Changes in the discounted amount -
At 31 December 2015 -
21 Share capital Nominal 2015 2015 2014 value Number £ £
Allotted, called up and fully paid:Ordinary shares £1 each - - -B Ordinary shares £1 each - - -
- -? Preference shares £1 each - - -
- -
Nominal Number Amount
[Amount and explanation of expected reversal of deferred tax in next financial year]
[General description of significant leasing arrangements]
[Brief description, expected amount and timing, indication of uncertainties]
21
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
value £ Shares issued during the period:Ordinary shares £1 each - -B Ordinary shares £1 each - -
-? Preference shares £1 each - -
-
22 Share premium 2015 2014 £ £
At 1 January - -Shares issued - -
At 31 December - -
23 Other reserves 2015 2014 Revaluation reserve £ £
At 1 January - -Gain on revaluation of land and buildings - -
- -
At 31 December - -
24 Profit and loss account 2015 2014 £ £
At 1 January - -Profit for the financial year - -
Dividends - -
At 31 December - -
25 Dividends 2015 2014
£ £
Dividends on preference shares (note 7) - -Dividends on ordinary shares (note 24) - -
- -
Dividends proposed after the reporting date - -
26 Events after the reporting date
Deferred taxation arising on the revaluation of land and buildings
22
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
27 Capital commitments 2015 2014 £ £
Amounts contracted for but not provided in the accounts - -
28 Defined benefit pension plans
29 Other financial commitments
Land and
buildings
Land and
buildings Other Other2015 2014 2015 2014
£ £ £ £ Falling due: within one year - - - - within two to five years - - - - in over five years - - - -
- - - -
30 Contingent liabilities
31 Loans to directorsDescription and conditions B/fwd Paid Repaid C/fwd
£ £ £ £ [Director 1][Loan 1] - - - -[Loan 2] - - - -
[Director 2][Loan 1] - - - -[Loan 2] - - - -
[Director 3][Loan 1] - - - -[Loan 2] - - - -
[Director 4][Loan 1] - - - -[Loan 2] - - - -
[Director 5][Loan 1] - - - -
Total future minimum lease payments under non-cancellable operating leases:
23
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
[Loan 2] - - - -
[Director 6][Loan 1] - - - -[Loan 2] - - - -
[Director 7][Loan 1] - - - -[Loan 2] - - - -
[Director 8][Loan 1] - - - -[Loan 2] - - - -
[Director 9][Loan 1] - - - -[Loan 2] - - - -
- - - -
32 Guarantees made by the company on behalf of directors
Description and terms Maximum Amount paid
liability and incurred
£ £
[Director 1]
- -
- -
[Director 2]
- -
- -
[Director 3]
- -
- -
[Director 4]
- -
- -
[Director 5]
- -
- -
[Director 6]
- -
- -
[Director 7]
- -
- -
[Director 8]
[Guarantee 2]
[Guarantee 1]
[Guarantee 2]
[Guarantee 2]
[Guarantee 1]
[Guarantee 2]
[Guarantee 1]
[Guarantee 1]
[Guarantee 2]
[Guarantee 1]
[Guarantee 2]
[Guarantee 1]
[Guarantee 2]
[Guarantee 1]
24
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
- -
- -
[Director 9]
- -
- -
- -
33 Related party transactions
34 Controlling party
35 Presentation currency
36 Legal form of entity and country of incorporation
37 Principal place of business
The address of the company's principal place of business and registered office is:
[Address line 1]
[Address line 2]
[City or town]
[County or region]
[Post code]
38 Reconciliations on adoption of FRS 102
Profit and loss for the year ended 31 December 2014 £
Profit under former UK GAAP -
[Adjustment 1] -
[Adjustment 2] -
[Adjustment 3] -
Profit under FRS 102 -
FRS 102 Ltd is a limited company incorporated in England.
[Guarantee 1]
[Guarantee 2]
[Guarantee 2]
[Guarantee 1]
The financial statements are presented in Sterling.
25
FRS 102 LtdNotes to the Accountsfor the year ended 31 December 2015
Balance sheet at 31 December 2014 £
Equity under former UK GAAP -[Adjustment 1] -[Adjustment 2] -[Adjustment 3] -
Equity under FRS 102 -
Balance sheet at 1 January 2014 £
Equity under former UK GAAP -[Adjustment 1] -[Adjustment 2] -[Adjustment 3] -
Equity under FRS 102 -
26
FRS 102 LtdDetailed profit and loss accountfor the year ended 31 December 2015
2015 2014
£ £
Sales - -
Cost of sales - -
Gross profit - -
Distribution costs - -
Administrative expenses - -
Other operating income - -
Operating profit - -
Gain on sale of fixed assets - -
Gain on revaluation of investment properties - -
Income from investments - -
Interest receivable - -
Interest payable - -
Profit before tax - -
27
FRS 102 LtdDetailed profit and loss accountfor the year ended 31 December 2015
2015 2014
£ £
Sales
Sale of goods - -
Services rendered - -
Royalties - -
Commissions - -
Revenue from construction contracts - -
- -
Cost of sales
Purchases - -
Decrease in stocks - -
Subcontractor costs - -
Direct labour - -
Carriage - -
Discounts allowed - -
Commissions payable - -
Other direct costs - -
- -
Distribution costs
Distribution costs - -
- -
Administrative expenses
Employee costs:
Wages and salaries - -
Directors' salaries - -
Pensions - -
Bonuses - -
Employer's NI - -
Temporary staff and recruitment - -
Staff training and welfare - -
Travel and subsistence - -
Motor expenses - -
Entertaining - -
- -
Premises costs:
Rent - -
Rates - -
Service charges - -
Light and heat - -
Cleaning - -
Use of home - -
- -
General administrative expenses:
Telephone and fax - -
Postage - -
Stationery and printing - -
Courier services - -
Information and publications - -
28
FRS 102 LtdDetailed profit and loss accountfor the year ended 31 December 2015
2015 2014
£ £
Subscriptions - -
Bank charges - -
Insurance - -
Equipment expensed - -
Equipment hire - -
Software - -
Repairs and maintenance - -
Depreciation - -
Amortisation of goodwill - -
Bad debts - -
Sundry expenses - -
- -
Legal and professional costs:
Audit fees - -
Accountancy fees - -
Solicitors fees - -
Consultancy fees - -
Management fees - -
Advertising and PR - -
Other legal and professional - -
- -
- -
Other operating income
Other operating income - -
- -
29