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Registration number: 11773010

U-Need Consulting Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

Pages for Filing with Registrar

 

U-Need Consulting Limited

(Registration number: 11773010)
Balance Sheet as at 31 December 2022

Note

2022
£

As restated unaudited 2021
£

Fixed assets

 

Tangible assets

6

171

285

Current assets

 

Debtors

7

16,378

36,027

Cash at bank and in hand

 

54,646

19,055

 

71,024

55,082

Creditors: Amounts falling due within one year

8

(200,430)

(165,095)

Net current liabilities

 

(129,406)

(110,013)

Net liabilities

 

(129,235)

(109,728)

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

(139,235)

(119,728)

Shareholders' deficit

 

(129,235)

(109,728)

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 October 2023
 

.........................................
P M D Andrade
Director

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 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:
114 St. Martin's Lane
London
WC2N 4BE
England

Principal activity

The principal activity of the Company is full services IT & Digital Transformation Consultancy.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a small profit in the year, but still has net net liabilities. The company is still therefore dependent on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Prior period errors

During the year it was identified that a duplicate sales invoice was posted in the previous year. However a sales credit note was posted in the current year to rectify this. As a result, retained earnings has been restated.

The table below shows the effect of the removal of the duplicate sales invoice on the 2021 financial statements.

Effect on 2021

Sales

4,776

VAT

955

Trade debtors

(5,731)

The table below shows the effect of the restatement on the 2022 financial statements

Effect on 2022

Retained earnings

4,776

Sales

(4,776)

Turnover 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 sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which
the entity recognises the related costs for which the grant is intended to compensate. A grant that
becomes receivable as compensation for expenses or losses already incurred or for the purposes of
giving immediate financial support to the entity with no future related costs shall be recognised in
income in the period in which it becomes receivable.

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in
the company. Deferred income tax is determined using tax rates and laws that have been enacted or
substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance
is set up against deferred tax assets so that the net carrying amount equals the highest amount that is
more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office Equipment

25% straight line

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 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.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 October 2023 was David Matkins , who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 1 (2021 - 2).

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

456

456

At 31 December 2022

456

456

Depreciation

At 1 January 2022

171

171

Charge for the year

114

114

At 31 December 2022

285

285

Carrying amount

At 31 December 2022

171

171

At 31 December 2021

285

285

 

U-Need Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Debtors

2022
£

As restated unaudited 2021
£

Trade debtors

-

27,371

Prepayments

187

180

Other debtors

16,191

8,476

16,378

36,027

8

Creditors

Creditors: amounts falling due within one year

2022
£

As restated unaudited 2021
£

Due within one year

Trade creditors

17,178

3,282

Amounts owed to group undertakings and undertakings in which the company has a participating interest

170,484

158,067

Taxation and social security

6,497

-

Other creditors

6,271

3,746

200,430

165,095