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SMA Asset Services Ltd SC525335 false 2016-04-01 2017-03-31 2017-03-31 The principal activity of the company is has been providing contracts management and turnaround specialism Digita Accounts Production Advanced 6.18.8247.0 Software true SC525335 2016-04-01 2017-03-31 SC525335 2017-03-31 SC525335 core:RetainedEarningsAccumulatedLosses 2017-03-31 SC525335 core:ShareCapital 2017-03-31 SC525335 core:CurrentFinancialInstruments 2017-03-31 SC525335 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 SC525335 core:FurnitureFittingsToolsEquipment 2017-03-31 SC525335 bus:SmallEntities 2016-04-01 2017-03-31 SC525335 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 SC525335 bus:FullAccounts 2016-04-01 2017-03-31 SC525335 bus:RegisteredOffice 2016-04-01 2017-03-31 SC525335 bus:Director1 2016-04-01 2017-03-31 SC525335 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 SC525335 bus:Agent1 2016-04-01 2017-03-31 SC525335 core:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 SC525335 core:ShareCapital 2016-04-01 2017-03-31 SC525335 core:FurnitureFittingsToolsEquipment 2016-04-01 2017-03-31 SC525335 countries:Scotland 2016-04-01 2017-03-31 SC525335 2016-03-31 SC525335 core:RetainedEarningsAccumulatedLosses 2016-03-31 SC525335 core:ShareCapital 2016-03-31 iso4217:GBP

Registration number: SC525335

SMA Asset Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

 

SMA Asset Services Ltd

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 11

Non-statutory pages

12 to 13

 

SMA Asset Services Ltd

Company Information

Directors

Stuart Anderson

Registered office

3 Swords Way
Falkirk
FK2 7FF

Bankers

Royal Bank of Scotland plc
2 La Porte Precinct
Grangemouth
FK3 8AS

Accountants

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

 

SMA Asset Services Ltd

Director's Report for the Year Ended 31 March 2017

The director presents his report and the financial statements for the year ended 31 March 2017.

Director of the company

The director who held office during the year was as follows:

Stuart Anderson

Principal activity

The principal activity of the company has been providing contracts management and turnaround specialism

Small companies provision statement

This report has 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.

Approved by the Board on 5 July 2017 and signed on its behalf by:

.........................................
Stuart Anderson
Director

 

SMA Asset Services Ltd

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 Section 1A - Small Entities, the applicable Financial Reporting Standard. He is 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.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
SMA Asset Services Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SMA Asset Services Ltd for the year ended 31 March 2017 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.
 

As a member of the Association of Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.
 

This report is made solely to the Board of Directors of SMA Asset Services Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of SMA Asset Services Ltd and state those matters that we have agreed to state to the Board of Directors of SMA Asset Services Ltd, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc. And, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SMA Asset Services Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that SMA Asset Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SMA Asset Services Ltd. You consider that SMA Asset Services Ltd 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 accounts of SMA Asset Services Ltd. 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 accounts.

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

Roderick Gunkel & Associates Ltd
Orchardlea
Callander
FK17 8BG

5 July 2017

 

SMA Asset Services Ltd

Profit and Loss Account for the Year Ended 31 March 2017

Note

Total
31 March
2017
£

Turnover

 

90,991

Cost of sales

 

(2,409)

Gross profit

 

88,582

Administrative expenses

 

(21,931)

Operating profit

 

66,651

Profit before tax

3

66,651

Taxation

 

(13,190)

Profit for the financial year

 

53,461

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

SMA Asset Services Ltd

(Registration number: SC525335)
Balance Sheet as at 31 March 2017

Note

2017
£

Fixed assets

 

Tangible assets

4

700

Current assets

 

Debtors

5

1,920

Cash at bank and in hand

 

43,150

 

45,070

Creditors: Amounts falling due within one year

6

(17,209)

Net current assets

 

27,861

Net assets

 

28,561

Capital and reserves

 

Called up share capital

100

Profit and loss account

28,461

Total equity

 

28,561

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 5 July 2017
 

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

Stuart Anderson

Director

 

SMA Asset Services Ltd

Statement of Changes in Equity for the Year Ended 31 March 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

100

-

100

Profit for the year

-

53,461

53,461

Total comprehensive income

-

53,461

53,461

Dividends

-

(25,000)

(25,000)

At 31 March 2017

100

28,461

28,561

 

SMA Asset Services Ltd

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 Scotland.

The address of its registered office is:
3 Swords Way
Falkirk
FK2 7FF

These financial statements were authorised for issue by the director on 5 July 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

SMA Asset Services Ltd

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

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

SMA Asset Services Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Profit before tax

Arrived at after charging/(crediting)

2017
£

Depreciation expense

300

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,000

1,000

At 31 March 2017

1,000

1,000

Depreciation

Charge for the

300

300

At 31 March 2017

300

300

Carrying amount

At 31 March 2017

700

700

5

Debtors

2017
£

Trade debtors

1,920

Total current trade and other debtors

1,920

 

SMA Asset Services Ltd

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

6

Creditors

Note

2017
£

Due within one year

 

Loans and overdrafts

7

342

Taxation and social security

 

2,677

Other creditors

 

14,190

 

17,209

7

Loans and borrowings

2017
£

Current loans and borrowings

Director current account

342

 

SMA Asset Services Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2017

2017
 £

Turnover (analysed below)

90,991

Cost of sales (analysed below)

(2,409)

Gross profit

88,582

Gross profit (%)

97.35%

Administrative expenses

Employment costs (analysed below)

(18,920)

General administrative expenses (analysed below)

(2,711)

Depreciation costs (analysed below)

(300)

(21,931)

Operating profit

66,651

Profit before tax

66,651

 

SMA Asset Services Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2017

2017
 £

Turnover

Sales, UK

89,071

Sales - debtor+wip adjustment

1,920

90,991

Cost of sales

Travel - subsistence

632

Use of private cars

1,777

(2,409)

Employment costs

Wages and salaries

8,120

Directors remuneration

10,800

(18,920)

General administrative expenses

Use of home as office

800

Use of mobile phones

100

Use of home phone

95

Postage and stationery

126

Advertising - admin

94

Accountancy fees

1,496

(2,711)

Depreciation costs

Depreciation

(300)

Operating profit

66,651

Profit before tax

66,651