Company registration number 05902133 (England and Wales)
NTRINSIC CONSULTING EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
NTRINSIC CONSULTING EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
NTRINSIC CONSULTING EUROPE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
5
27,106
56,506
Current assets
Debtors
6
1,929,354
1,766,086
Cash at bank and in hand
910,877
1,143,593
2,840,231
2,909,679
Creditors: amounts falling due within one year
7
(1,143,831)
(821,000)
Net current assets
1,696,400
2,088,679
Total assets less current liabilities
1,723,506
2,145,185
Creditors: amounts falling due after more than one year
7
(1,183)
(25,408)
Net assets
1,722,323
2,119,777
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
12
1,722,322
2,119,776
Total equity
1,722,323
2,119,777

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 July 2022 and are signed on its behalf by:
Mr Y Ono
Director
Company registration number 05902133
NTRINSIC CONSULTING EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
1
2,248,060
2,248,061
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(128,284)
(128,284)
Balance at 31 December 2020
1
2,119,776
2,119,777
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(397,454)
(397,454)
Balance at 31 December 2021
1
1,722,322
1,722,323
NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Ntrinsic Consulting Europe Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Vine House, 143 London Road, Kingston, KT2 6NH.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

 

Where required, equivalent disclosures are given in the group accounts of Outsourcing Inc. The group accounts of Outsourcing Inc are available to the public and can be obtained as set out in note 18.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover

Turnover is recognised when or as the company has satisfied its performance obligations for contracts with customers for the provision of services provided in the course of the entity's ordinary activities. It is measured at the fair value of the consideration receivable net of discounts and excludes Value Added Tax.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of turnover are as follows:

Temporary placement income is recognised as the performance obligation is satisfied by reference to the stage of completion. Contracts in progress are reviewed and invoiced monthly to reflect the value of work completed in the period.

 

Permanent placement income is recognised when the performance obligation is satisfied at a point in time, when the staff member starts work with the client.

 

In nearly all of Ntrinsic Consulting Europe Limited's arrangements it acts as principal. The factors considered by management on a contract to contract basis when concluding on acting as principal rather than agent are as follows:

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33.3% or 50% Straight line
Right of use asset
Over the length of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The Right of use asset are subject to lease arrangements the obligations of which are secured by the lessor's title to these assets.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no non-financial instruments or other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company pays into a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.14
Grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grants will be recognised in the profit and loss account, on a systematic basis, over the same period during which the expenses, for which the grant was intended to compensate, are recognised.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions of the accrued turnover and corresponding costs are based on historical experience and other factors that are considered to be relevant where actual invoices have not yet been received. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
15
16
NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
246,383
280,200
Company pension contributions to defined contribution schemes
11,665
17,893
258,048
298,093

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
153,498
166,200
Company pension contributions to defined contribution schemes
5,665
5,693
5
Tangible fixed assets
Fixtures, fittings & equipment
Right of use asset
Total
£
£
£
Cost
At 1 January 2020
90,241
96,448
186,689
Additions
5,098
-
0
5,098
Disposals
(897)
-
0
(897)
At 31 December 2020
94,442
96,448
190,890
At 31 December 2021
94,442
96,448
190,890
Accumulated depreciation and impairment
At 1 January 2020
68,142
24,112
92,254
Charge for the year
18,267
24,112
42,379
Eliminated on disposal
(249)
-
0
(249)
At 31 December 2020
86,160
48,224
134,384
Charge for the year
5,164
24,236
29,400
At 31 December 2021
91,324
72,460
163,784
Carrying amount
At 31 December 2021
3,118
23,988
27,106
At 31 December 2020
8,282
48,224
56,506

The Right of use asset is subject to lease arrangements the obligations of which are secured by the lessors title to these assets.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
6
Debtors
2021
2020
£
£
Trade debtors
1,777,759
1,619,260
Provision for bad and doubtful debts
(167,958)
(88,306)
1,609,801
1,530,954
Corporation tax recoverable
66,324
75,156
Amount owed by parent undertaking
20,426
20,459
Amounts owed by fellow group undertakings
55,906
55,908
Other debtors
128,208
23,294
Prepayments and accrued income
48,689
60,315
1,929,354
1,766,086

Trade debtors are non-interest bearing and generally on terms of 30 days.

7
Creditors
Due within one year
Due after one year
2021
2020
2021
2020
Notes
£
£
£
£
Creditors
8
1,077,454
704,371
-
0
-
0
Taxation and social security
41,314
92,529
-
0
-
0
Lease liabilities
9
25,063
24,100
1,183
25,408
1,143,831
821,000
1,183
25,408
8
Creditors
2021
2020
£
£
Trade creditors
627,064
602,886
Amounts owed to fellow group undertakings
354,662
-
Accruals and deferred income
91,387
97,839
Other creditors
4,341
3,646
1,077,454
704,371
NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
9
Lease liabilities
2021
2020
Maturity analysis
£
£
Within one year
25,063
24,100
In two to five years
1,183
25,408
Total undiscounted liabilities
26,246
49,508

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2021
2020
£
£
Current liabilities
25,063
24,100
Non-current liabilities
1,183
25,408
26,246
49,508

The fair value of the company's lease obligations is approximately equal to their carrying amount.

10
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,818
35,694

The company pays into a defined contribution pension scheme for all qualifying employees.

11
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
12
Profit and loss reserves

The called up share capital reserve represents the nominal value received for shares issued.

The profit and loss reserve represents the total of all current and prior period retained profits and losses.

NTRINSIC CONSULTING EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Ms Jan Rickler and the auditor was Alwyns LLP.
14
Controlling party

The smallest group of which the results of the Company are consolidated is that headed by Outsourcing UK Limited, and the largest group of which the results of the Company are consolidated is that headed by Outsourcing Inc, the ultimate parent company incorporated in Japan. The consolidated financial statements of the group headed by Outsourcing Inc are available to the public and may be obtained from its registered office, 19F Marunouchi Trust, Tower Main, 1-8-3 Marunouchi, Chiyoda-Ku, Tokyo, Japan, 100-0005.

 

 

 

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