Company Registration No. 7036725 (England and Wales)
SPECIFIC ENVIRONMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SPECIFIC ENVIRONMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
SPECIFIC ENVIRONMENTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
19,310
13,827
Current assets
Debtors
6
1,746,531
1,674,170
Cash at bank and in hand
1,340,269
130,689
3,086,800
1,804,859
Creditors: amounts falling due within one year
7
(2,077,323)
(1,426,750)
Net current assets
1,009,477
378,109
Total assets less current liabilities
1,028,787
391,936
Provisions for liabilities
(2,627)
(2,627)
Net assets
1,026,160
389,309
Capital and reserves
Called up share capital
945
945
Profit and loss reserves
1,025,215
388,364
Total equity
1,026,160
389,309
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPECIFIC ENVIRONMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2022 and are signed on its behalf by:
Mr M L Purvis
Director
Company Registration No. 7036725
SPECIFIC ENVIRONMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
945
836,058
837,003
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(44,433)
(44,433)
Dividends
-
(403,261)
(403,261)
Balance at 31 December 2020
945
388,364
389,309
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
907,390
907,390
Dividends
-
(270,539)
(270,539)
Balance at 31 December 2021
945
1,025,215
1,026,160
SPECIFIC ENVIRONMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Specific Environments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fifth Floor, 5 New Street Square, London, United Kingdom, EC4A 3BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 and fittings
Over 2 to 4 years
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 credited or charged to profit or loss.
SPECIFIC ENVIRONMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SPECIFIC ENVIRONMENTS 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Exceptional item
2021
2020
£
£
Expenditure
Provision for potential contract losses
-
298,948
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
16
13
SPECIFIC ENVIRONMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
27,000
Amortisation and impairment
At 1 January 2021 and 31 December 2021
27,000
Carrying amount
At 31 December 2021
At 31 December 2020
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
74,070
Additions
22,050
At 31 December 2021
96,120
Depreciation and impairment
At 1 January 2021
60,243
Depreciation charged in the year
16,567
At 31 December 2021
76,810
Carrying amount
At 31 December 2021
19,310
At 31 December 2020
13,827
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,485,929
1,758,395
Provision for amounts owed by contract customers
(298,948)
Amounts owed by group undertakings
9,865
149,948
Other debtors
92,137
1,556
Prepayments and accrued income
158,600
63,219
1,746,531
1,674,170
SPECIFIC ENVIRONMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
240,000
Trade creditors
1,344,073
564,396
Corporation tax
150,000
Other taxation and social security
138,312
298,679
Other creditors
33,189
Accruals and deferred income
204,938
530,486
2,077,323
1,426,750
8
Operating lease commitments
Lessee
At 31 December 2021 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £148,577 (2020:£162,066).
9
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan
-
-
92,137
92,137
-
92,137
92,137
10
Parent company
The parent company of Specific Environments Limited is Specific Environments Holdings Limited, a company registered in England and Wales. The registered office is Fifth floor, 5 New Street Square, London EC4A 3BF.
On 10 February 2022 Specific Environments Holdings Limited was acquired by Angstrom Acquisition, Inc, a company registered in the state of Delaware, United States of America whose principal place of business is 12 East 49th Street, 11th Floor, New York, NY 10017, United States of America.
2021-12-312021-01-01false18 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMr P SaundersMr G P BrownMr J E CossarMr M L Purvis70367252021-01-012021-12-3170367252021-12-3170367252020-12-317036725core:OtherPropertyPlantEquipment2021-12-317036725core:OtherPropertyPlantEquipment2020-12-317036725core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-317036725core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-317036725core:CurrentFinancialInstruments2021-12-317036725core:CurrentFinancialInstruments2020-12-317036725core:ShareCapital2021-12-317036725core:ShareCapital2020-12-317036725core:RetainedEarningsAccumulatedLosses2021-12-317036725core:RetainedEarningsAccumulatedLosses2020-12-317036725core:ShareCapital2019-12-317036725core:RetainedEarningsAccumulatedLosses2019-12-3170367252019-12-317036725bus:Director52021-01-012021-12-317036725core:RetainedEarningsAccumulatedLosses2020-01-012020-12-3170367252020-01-012020-12-317036725core:RetainedEarningsAccumulatedLosses2021-01-012021-12-317036725core:Goodwill2021-01-012021-12-317036725core:FurnitureFittings2021-01-012021-12-317036725core:NetGoodwill2020-12-317036725core:NetGoodwill2021-12-317036725core:NetGoodwill2020-12-317036725core:OtherPropertyPlantEquipment2020-12-317036725core:OtherPropertyPlantEquipment2021-01-012021-12-317036725bus:PrivateLimitedCompanyLtd2021-01-012021-12-317036725bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-317036725bus:FRS1022021-01-012021-12-317036725bus:AuditExemptWithAccountantsReport2021-01-012021-12-317036725bus:Director12021-01-012021-12-317036725bus:Director22021-01-012021-12-317036725bus:Director32021-01-012021-12-317036725bus:Director42021-01-012021-12-317036725bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP