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Registration number: 02920340

SBR Consulting Services Ltd

Annual Report and Financial Statements

for the Year Ended 30 December 2022

 

SBR Consulting Services Ltd

Contents

Company Information

1

Independent Auditor's Report

2 to 5

Balance Sheet

6

Notes to the Financial Statements

7 to 13

 

SBR Consulting Services Ltd

Company Information

Directors

C Johnstone

T J Nowak

D W Moore

H E Bedford

Company secretary

C Johnstone

Registered office

Freshford House
Redcliffe Way
Bristol
BS1 6NL

Auditors

Milsted Langdon LLP
Chartered Accountants and Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL

 

SBR Consulting Services Ltd

Independent Auditor's Report to the Members of SBR Consulting Services Ltd

Opinion

We have audited the financial statements of SBR Consulting Services Ltd (the 'company') for the period from 31 December 2021 to 30 December 2022, which comprise the Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 December 2022 and of its profit for the year then ended;

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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

SBR Consulting Services Ltd

Independent Auditor's Report to the Members of SBR Consulting Services Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .

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 financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

SBR Consulting Services Ltd

Independent Auditor's Report to the Members of SBR Consulting Services Ltd

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our assessment of these risks includes the following:

the nature of the industry and sector, control environment and business performance including the key drivers for directors’ remuneration, bonus levels and performance targets;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having made enquiries of management about their policies and procedures relating to:

 

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

 

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

 

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with the directors, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of performing the above, our procedures to respond to the risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiring of management concerning actual and potential litigation and claims;

 

SBR Consulting Services Ltd

Independent Auditor's Report to the Members of SBR Consulting Services Ltd

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involved deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
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 auditor’s 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.

......................................
Guy Armitage-Norton (Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP, Statutory Auditor
Freshford House
Redcliffe Way
Bristol
BS1 6NL

30 September 2023

 

SBR Consulting Services Ltd

(Registration number: 02920340)
Balance Sheet as at 30 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

22,775

23,284

Current assets

 

Debtors

5

2,671,736

1,771,796

Cash at bank and in hand

 

1,136,458

1,077,292

 

3,808,194

2,849,088

Creditors: Amounts falling due within one year

6

(1,963,525)

(1,550,290)

Net current assets

 

1,844,669

1,298,798

Total assets less current liabilities

 

1,867,444

1,322,082

Provisions for liabilities

(8,516)

-

Net assets

 

1,858,928

1,322,082

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,857,928

1,321,082

Shareholders' funds

 

1,858,928

1,322,082

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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 Board on 29 September 2023 and signed on its behalf by:
 

T J Nowak
Director

   
     
 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 29 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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. The financial statements are prepared in Pounds Sterling, which is the functional currency of the company, and are rounded to the nearest pound.

Going concern

The Directors consider that SBR Consulting Services Ltd’s parent company is in the best financial position they have been in for over a decade. They have indicated their continued support for SBR Consulting Services Ltd by the proposed issuance of a new stock plan which provides a proportion of share capital to the SBR Consulting Services Ltd's leadership team and key employees to tie them into the company until 2029.

Based on the above and information available to the directors at the date of approval, the directors consider it appropriate continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resources to continue to trade for the foreseeable future being 12 months from approval of these financial statements.

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

Judgements and key sources of estimation uncertainty

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 are based on historical experience and other factors that are considered to be relevant. 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Company exercises judgement to determine useful lives and residual values for tangible fixed assets. The directors consider the appropriateness of rates of depreciation on an ongoing basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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;
- specific criteria have been met for each of the company's activities;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- all of the significant risks and rewards of ownership have been transferred to the customer.

Foreign currency transactions and balances

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 are included in the profit and loss account for the period.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the profit or loss except that a charge attributable to an item of income or expense recognised as other comprehensive income is recognised in other comprehensive income.

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 is provided at appropriate rates on all timing differences only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability of asset will crystallise in the foreseeable future. Deferred tax is recovered using tax rates expected to apply at the reversal of the timing difference.

Deferred and current taxation assets or liabilities are not discounted.

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

Tangible assets

Tangible assets are stated in the balance sheet 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.

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 and equipment

3 - 5 years straight line

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.

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

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.

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

A company within the group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is derived from market prices of similar quoted companies. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The fair value of any options awarded also takes into account non vesting conditions. These are other factors outside the control of either party (such as a target based on an index) or within the control of one or more of the parties (such as the scheme being kept open or the employee maintaining their contribution of services to the company within the group).

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Finance income and costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amnont charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reducion in the proceeds of the associated capital instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2021 - 14).

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 31 December 2021

72,228

72,228

Additions

8,440

8,440

At 30 December 2022

80,668

80,668

Depreciation

At 31 December 2021

48,944

48,944

Charge for the year

8,949

8,949

At 30 December 2022

57,893

57,893

Carrying amount

At 30 December 2022

22,775

22,775

At 30 December 2021

23,284

23,284

5

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

1,377,377

773,294

Amounts owed by related parties

8

1,239,872

958,998

Prepayments

 

40,632

25,649

Other debtors

 

13,855

13,855

   

2,671,736

1,771,796

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

6

Creditors

Due within one year

Note

2022
£

2021
£

 

Trade creditors

 

193,482

95,846

Amounts due to related parties

8

399,869

309,951

Social security and other taxes

 

91,560

82,456

Other creditors

 

4,493

4,817

Accruals and deferred income

 

1,215,933

1,008,427

Corporation tax liability

58,188

48,793

 

1,963,525

1,550,290

Amounts due to related parties include amounts owed to the entities under common control owed have no fixed date of repayment, are interest free and repayable on demand.

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet is a pension creditor of £324 (2021 - £Nil) in respect of defined contribution pension schemes. The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme.

The assets of the scheme are held separately from those of the in an independently administered fund. The pensions cost represents contributions payable by the company to the fund and amounted to £239,841 (2021 - £34,620).

 

SBR Consulting Services Ltd

Notes to the Financial Statements for the Period from 31 December 2021 to 30 December 2022

8

Related party transactions

Summary of transactions with parent

The company has taken advantage of the Section 33 exemption available in FRS 102 (Section 1A) not to disclose transactions with other wholly owned members of the group on the grounds that consolidated financial statements are prepared by the ultimate parent company.
 

Amounts due by related parties include amounts owed by the company's parent have no fixed date of repayment, are interest free and repayable on demand.

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Southwestern Great American, Inc., incorporated in United States.

  These financial statements are available upon request from its registered office at 2451 Atrium Way, Nashville, TN 37214