frs 102 ltd report and financial statements 31 december 2015 · registered number 123456 frs 102...

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

£ £


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 - - - - -


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


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 - - - - -


Gain on revaluation of land and

buildings - -

Deferred taxation arising on the

revaluation of land and buildings - -

Other comprehensive income for the


Total comprehensive income for the


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


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


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


- -

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


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


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 -


Carrying amountAt 31 December 2015 -


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


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 -


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


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


19


- -

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


Amounts owed to group undertakings and undertakings in which


The bank loans are secured on …

20


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 -


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


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


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 5][Loan 1] - - - -

Total future minimum lease payments under non-cancellable operating leases:

23


[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


- -

- -

[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


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 - -


Administrative expenses - -


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


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


- -

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


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


- -

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frs 102 ltd report and financial statements 31 december 2015 · registered number 123456 frs 102...

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