CLANCY CONSULTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company Registration No. 03693529 (England and Wales)
CLANCY CONSULTING LIMITED
COMPANY INFORMATION
Directors
Mr S S Chana
Mr B Horne
Mr N R Orrock
Mr G J Scott
Mr M K Powers
Mr C Acton
Miss J C Milligan
Mrs L E Cunnah
Mr S Lydon
(Appointed 1 April 2022)
Mr D Singh
(Appointed 1 October 2023)
Mr S Dewberry
(Appointed 1 October 2023)
Mr G Megahy
(Appointed 1 October 2023)
Company number
03693529
Registered office
Dunham Court
2 Dunham Road
Altrincham
WA14 4NX
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
CLANCY CONSULTING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 29
CLANCY CONSULTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Principal activity and fair review of business

The principal activity of the company continued to be that of multi-discipline engineering design, building surveying and advisory services across the built environment. The company has specialist engineering fields including civil, structural, building services and geo-environmental.

 

In the year turnover increased by 3% from £15.2m to £15.7m. Operating profit has decreased by 1.0% although the current year operating profit is stated after an exceptional dilapidation charge of £207,000. The balance sheet position remained strong over the year with net assets of £1.9m (2022: £2.2m).

 

Trading conditions remain ever competitive, recruitment of skilled staff and high wage inflation continue to cause challenges in achieving sustained growth in some areas. The recruitment, and retention of staff remains a key area for the business and the success of doing so will greatly influence performance going forward. Staff training and personal development remains central to growth plans.

 

See key performance indicators below for further details.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are as follows, along with the financial management objectives and policies:

 

Liquidity risk

The company manages its cash and borrowing requirements within internal governance limits monitored against KPI's. The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Credit risk

The company manages credit risk closely and considers that its current policies of credit checks meets its objectives of management exposure to credit risk.

 

Trade debtors are reviewed on a regular basis and provision made for doubtful debts when necessary.

 

Non financial risk

The strategic five year plan requires the identification and recruitment of a small number of key staff. The ability and success of such recruitment will dictate how successful the business will be over the medium term.

Key performance indicators

We consider that our key performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, gross profit, profit before taxation and the strength of the balance sheet.

On behalf of the board

Mrs L E Cunnah
Director
9 November 2023
CLANCY CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £698,008 (2022: £815,320). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S S Chana
Mr M Headley
(Resigned 3 April 2023)
Mr B Horne
Mr S R Howe
(Resigned 3 April 2023)
Mr N R Orrock
Mr G J Scott
Mr M K Powers
Mr C Acton
Miss J C Milligan
Mr N K Robson
(Resigned 27 January 2023)
Mrs L E Cunnah
Mr S Lydon
(Appointed 1 April 2022)
Mr D Singh
(Appointed 1 October 2023)
Mr S Dewberry
(Appointed 1 October 2023)
Mr G Megahy
(Appointed 1 October 2023)
Future developments

To continue to grow the business and strengthen all branches across the UK with recruitment of staff.

Auditor

In accordance with section 485 of the Companies Act 2006, a resolution proposing that DSG be re-appointed as auditor to the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the company's principal activity and financial risk management policies.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

CLANCY CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
Mrs L E Cunnah
Director
9 November 2023
CLANCY CONSULTING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The directors are responsible for preparing the annual report and the 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 (United Kingdom Accounting Standards 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 required to:

 

 

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.

CLANCY CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLANCY CONSULTING LIMITED
- 5 -
Opinion

We have audited the financial statements of Clancy Consulting Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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's 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 are 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. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CLANCY CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLANCY CONSULTING LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the company.

The following laws and regulations were identified as being of significance to the company:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

CLANCY CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLANCY CONSULTING LIMITED
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the company’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Andrew Moss BA FCA
Senior Statutory Auditor
For and on behalf of DSG
9 November 2023
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
CLANCY CONSULTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
15,684,955
15,208,217
Cost of sales
(9,068,696)
(8,641,767)
Gross profit
6,616,259
6,566,450
Administrative expenses
(5,504,720)
(5,746,826)
Other operating income
28,147
122,046
Exceptional item
4
(207,000)
-
0
Operating profit
5
932,686
941,670
Interest payable and similar expenses
9
(48,253)
(33,783)
Profit before taxation
884,433
907,887
Tax on profit
10
(187,283)
(172,691)
Profit for the financial year
697,150
735,196

The notes on pages 12 to 29 form part of these financial statements.

CLANCY CONSULTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
36,960
49,280
Tangible assets
14
490,479
533,916
Investments
15
76,372
76,372
603,811
659,568
Current assets
Debtors
18
5,076,000
5,834,788
Cash at bank and in hand
502,360
21,257
5,578,360
5,856,045
Creditors: amounts falling due within one year
19
(3,061,145)
(3,426,895)
Net current assets
2,517,215
2,429,150
Total assets less current liabilities
3,121,026
3,088,718
Creditors: amounts falling due after more than one year
20
(910,832)
(789,150)
Provisions for liabilities
Provisions
22
207,000
-
0
Deferred tax liability
23
51,915
59,687
(258,915)
(59,687)
Net assets
1,951,279
2,239,881
Capital and reserves
Called up share capital
25
637,803
731,749
Share premium account
26
535,677
408,012
Revaluation reserve
26
116,694
120,144
Capital redemption reserve
26
-
0
170,553
Profit and loss reserves
26
661,105
809,423
Total equity
1,951,279
2,239,881

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
Mrs L E Cunnah
Director
Company registration number 03693529 (England and Wales)
CLANCY CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2021
700,687
338,491
123,594
175,150
886,097
2,224,019
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
-
-
735,196
735,196
Issue of share capital
25
33,262
-
0
-
-
-
33,262
Dividends
11
-
-
-
-
(815,320)
(815,320)
Reduction of shares
25
(2,200)
-
0
-
-
-
0
(2,200)
Transfers
-
-
(3,450)
-
3,450
-
Other movements
-
69,521
-
(4,597)
-
64,924
Balance at 31 March 2022
731,749
408,012
120,144
170,553
809,423
2,239,881
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
-
697,150
697,150
Issue of share capital
25
62,290
-
0
-
-
-
62,290
Dividends
11
-
-
-
-
(698,008)
(698,008)
Reduction of shares
25
(156,236)
-
0
-
-
-
0
(156,236)
Transfers
-
-
(3,450)
-
3,450
-
Other movements
-
127,665
-
(170,553)
(150,910)
(193,798)
Balance at 31 March 2023
637,803
535,677
116,694
-
0
661,105
1,951,279
CLANCY CONSULTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,019,401
557,543
Interest paid
(47,833)
(33,783)
Income taxes paid
(171,715)
(137,365)
Net cash inflow from operating activities
1,799,853
386,395
Investing activities
Purchase of tangible fixed assets
(121,331)
(169,369)
Proceeds from disposal of investments
-
0
(10,000)
Repayment of loans
-
0
10,000
Net cash used in investing activities
(121,331)
(169,369)
Financing activities
Proceeds from issue of shares
62,290
10,462
Premium on share issue
406,637
26,673
Redemption of shares
(321,463)
(4,597)
Repayment of borrowings
-
0
(18,222)
Repayment of bank loans
(199,986)
(315,279)
Dividends paid
(698,008)
(815,320)
Net cash used in financing activities
(750,530)
(1,116,283)
Net increase/(decrease) in cash and cash equivalents
927,992
(899,257)
Cash and cash equivalents at beginning of year
(425,632)
473,625
Cash and cash equivalents at end of year
502,360
(425,632)
Relating to:
Cash at bank and in hand
502,360
21,257
Bank overdrafts included in creditors payable within one year
-
0
(446,889)
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Company information

Clancy Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dunham Court, 2 Dunham Road, Altrincham, WA14 4NX.

 

The principal activity of the company is disclosed in the strategic report.

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.

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 £1.

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

The company has taken advantage of the exemption under section 405(2) of the Companies Act 2006 not to prepare consolidated accounts, on the basis that its subsidiary undertakings are not material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company prepares forecasts which indicate that the company will continue to generate cash, over the period considered by the directors in their assessment of the appropriateness of adopting the going concern basis in the preparation of these financial statements. The forecasts also demonstrate that the banking facilities will remain adequate. true

 

On this basis, the directors consider it appropriate to prepare these financial statements on a going concern basis.

1.3
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.

Turnover 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.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
1.4
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 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which in the opinion of the directors is 5 years.

1.5
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:

Freehold land and buildings
Over 40 years
Leasehold land and buildings
Over lease life
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
20% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and loans from fellow group companies, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

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

1.11
Taxation

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

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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.15
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.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
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 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.

 

Key sources of estimation uncertainty

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

 

Useful economic lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

 

Provision for impairment of trade debtors

The company maintains a provision for impairment of trade debtors to account for estimated losses resulting from the inability of customers to make required payments. When evaluating the adequacy of a provision for impairment of trade debtors, management bases its estimates on the ageing of trade debtor balances, customer credit worthiness, and changes in customer payment terms. While the provision made is based on management's best knowledge of customer circumstances and ability to make payments at the year-end, this requires the application of knowledge retained in the company and assumptions to be made about expected receipts from customers, which carries an inherent level of estimation uncertainty. If the financial position of the company's customers were to deteriorate, actual write-offs might be higher than expected.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for impairment of amounts recoverable on contracts

The company maintains a provision for impairment of amounts recoverable on contracts. When evaluating the adequacy of a provision for impairment of amounts recoverable on contracts, management perform a monthly review as well as a more detailed scrutiny at year-end based on project time lines and job costings. While the provision made is based on management's best knowledge of the on-going contracts and ability to recover the amounts, it requires the application of knowledge retained in the company and assumptions to be made about expected recoverability and job progress, which carries an inherent level of estimation uncertainty. If the contracts were to extend longer than initially expected, or if job costings are revised, actual write-offs might be higher than expected.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
All income is generated within the UK
15,684,955
15,208,217
2023
2022
£
£
Other revenue
Grants received
-
45,741

The directors have taken advantage of the exclusion within Companies Act 2006 and decided not to disclose turnover by business sector as they believe it would be seriously prejudicial to the business.

Grants received relates to the Coronavirus Job Retention Scheme (CJRS), the Government's support measure for organisations during the COVID-19 pandemic. In the current year the company received government grants under this scheme of £nil (2022: £45,741).

4
Exceptional item
2023
2022
£
£
Expenditure
Dilapidation charge
207,000
-

The dilapidation charge represents the company's liability to repair the premises it holds under operating leases, which are payable on the earlier of the end of the lease or when the works have been completed.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(45,741)
Depreciation of owned tangible fixed assets
164,768
160,447
Amortisation of intangible assets
12,320
12,320
Operating lease charges
599,797
579,624
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,900
16,650
For other services
All other non-audit services
2,100
5,150
7
Employees

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

2023
2022
Number
Number
Administrative
56
50
Technical
145
159
Total
201
209

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
7,085,782
7,693,557
Social security costs
807,945
817,471
Pension costs
735,030
603,342
8,628,757
9,114,370
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
450,294
917,656
Company pension contributions to defined contribution schemes
97,084
118,290
547,378
1,035,946
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
103,872
110,244
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Bank interest
11,998
7,987
Finance cost of preference shares
420
664
Other interest on financial liabilities
30,262
18,428
Other interest
5,573
6,704
48,253
33,783
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
195,055
169,193
Adjustments in respect of prior periods
-
0
3,498
Total current tax
195,055
172,691
Deferred tax
Origination and reversal of timing differences
(7,772)
-
0
Total tax charge
187,283
172,691
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
884,433
907,887
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
168,042
172,499
Tax effect of expenses that are not deductible in determining taxable profit
26,237
9,507
Permanent capital allowances in excess of depreciation
(6,996)
(12,813)
Under/(over) provided in prior years
-
0
3,498
Taxation charge for the year
187,283
172,691

Factors that may affect future tax charges

Finance Act 2021 included provisions to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023.

11
Dividends
2023
2022
£
£
Interim paid
698,008
815,320
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Fixed asset investments
15
-
10,000
Recognised in:
Amounts written off investments
-
10,000
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
229,479
Amortisation and impairment
At 1 April 2022
180,199
Amortisation charged for the year
12,320
At 31 March 2023
192,519
Carrying amount
At 31 March 2023
36,960
At 31 March 2022
49,280
14
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2022
230,000
498,679
458,017
1,589,338
33,100
2,809,134
Additions
-
0
350
16,065
74,397
30,519
121,331
At 31 March 2023
230,000
499,029
474,082
1,663,735
63,619
2,930,465
Depreciation and impairment
At 1 April 2022
40,856
394,912
405,828
1,418,792
14,830
2,275,218
Depreciation charged in the year
5,750
45,178
15,169
93,451
5,220
164,768
At 31 March 2023
46,606
440,090
420,997
1,512,243
20,050
2,439,986
Carrying amount
At 31 March 2023
183,394
58,939
53,085
151,492
43,569
490,479
At 31 March 2022
189,144
103,767
52,189
170,546
18,270
533,916

The freehold property was valued as at 31 March 2023 by the directors based on latest market conditions and reviewing similar size property transactions.

If land and buildings were measured using the cost model, the carrying amounts would have been as follows:

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Tangible fixed assets
(Continued)
- 23 -
2023
2022
£
£
Cost
115,000
115,000
Accumulated depreciation
(46,000)
(43,700)
Carrying value
69,000
71,300
15
Fixed asset investments
2023
2022
Notes
£
£
Investments in joint ventures
17
76,372
76,372
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Saba & Clancy Engineering Consultancy LLC
Oman
Dormant
Ordinary
65.00

Saba & Clancy Engineering Consultancy LLC registered address is P O Box 408, Postal Code 115, Sultanate of Oman. The company holds 65% of the shares in its own name, but under the terms of its agreement with the other shareholder, it has agreed to fund the entire cost of the shares and effectively has 100% beneficial ownership.

 

The subsidiaries have not been consolidated as at 31 March 2023 (2022: same) as they are not considered to be material and hence the company has taken advantage of exemption not to consolidate under section 405(2) of the Companies Act 2006.

17
Joint ventures

Details of the company's joint ventures at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
C & G Building Consultancy India Private Limited
India
Consulting Engineering Advice
Ordinary
50.00

The registered address for this entity is Survey No. 1000, Devidayal Road, Mulund West, Mumbai.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
18
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,403,132
4,024,236
Amounts recoverable on contracts
1,429,374
1,575,138
Other debtors
14,630
18,525
Prepayments and accrued income
228,864
216,889
5,076,000
5,834,788

An impairment loss of £202,366 (2022: £221,164) was recognised against trade debtors.

19
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
21
200,000
646,875
Other borrowings
21
21,035
18,224
Trade creditors
772,447
631,358
Amounts owed to group undertakings
14,435
15,621
Corporation tax
195,055
171,715
Other taxation and social security
801,956
846,795
Other creditors
275,111
404,793
Accruals and deferred income
781,106
691,514
3,061,145
3,426,895

Other borrowings relate to preference shares and premium payable on preference shares.

 

Amounts owed to group undertakings are unsecured, interest free, and payable on demand.

20
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
21
416,667
616,667
Other borrowings
21
451,044
18,227
Other creditors
43,121
154,256
910,832
789,150

Other borrowings relate to preference shares and premium payable on preference shares.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
21
Loans and overdrafts
2023
2022
£
£
Bank loans
616,667
816,653
Bank overdrafts
-
0
446,889
Preference shares
472,079
36,451
1,088,746
1,299,993
Payable within one year
221,035
665,099
Payable after one year
867,711
634,894

Bank loans relate to the Coronavirus Business Interruption Loan Scheme (CBILS) which is a UK government backed loan scheme, whereby the government provides a limited guarantee to the bank for up to 80% of the loan value. The loan is repayable in 72 instalments commencing 12 months after the draw down date. The interest is 2.07% per annum over Base Rate.

22
Provisions for liabilities
2023
2022
£
£
Dilapidations
207,000
-
Movements on provisions:
Dilapidations
£
Additional provisions in the year
207,000

The dilapidations provision represents the company's liability to repair the premises it holds under operating leases, which are payable on the earlier of the end of the lease or when the works have been completed.

23
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
30,065
37,837
Revaluations
21,850
21,850
51,915
59,687
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 April 2022
59,687
Credit to profit or loss
(7,772)
Liability at 31 March 2023
51,915
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
735,030
603,342

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

A month's contribution of £71,753 (2022: £82,170) was outstanding at the year end date.

25
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Redeemable Convertible of £1 each
580,900
651,500
580,900
651,500
B Ordinary class of £1 each
56,892
80,237
56,892
80,237
C Ordinary class of £1 each
11
12
11
12
637,803
731,749
637,803
731,749
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Authorised
A Preference shares of £1 each
107,627
11,834
107,627
11,834
B Preference shares of £1 each
23,290
-
23,290
-
130,917
11,834
130,917
11,834
CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
25
Share capital
(Continued)
- 27 -

During the year 54,000 A ordinary shares were issued to existing A Shareholders, at a premium of £2.06 per share. In addition 125,000 A ordinary shares have been converted to preference shares at a premium of £2.06 per share. Also, 400 shares have been reclassified from B ordinary shares to A ordinary shares at nominal value during the year.

 

During the year 7,890 B ordinary shares were issued, primarily relating to employees of the company, at a premium value of £2.08 per share. In addition 23,290 B ordinary shares have been converted to preference shares at a premium of £2.07 per share. Also 7,575 B ordinary shares were redeemed at a premium of £2.07 per share. A further 400 shares have been reclassified from B ordinary shares to A ordinary shares at nominal value during the year.

 

During the year 1 C ordinary share was issued to an employee of the company, at a pare value of £1 per share. In addition 2 C ordinary shares were redeemed at a par value of £1 per share.

 

During the year 101,710 A preference shares were issued, at a premium value of £2.06 per share. In addition 5,917 preference shares were redeemed at a premium of £2.06 per share.

 

During the year 23,290 B preference shares were issued, at a premium of £3.06 per share.

 

On a director's retirement, A ordinary shares can be converted to preference shares and are redeemable in instalments by the company, and any C ordinary shares are redeemed at par.

Voting Rights

The A and B ordinary shares all have voting rights equal to one vote per share. The C ordinary shares have no voting rights and are only entitled to a return of their nominal value in the event of a return of assets by the company.

 

Cumulative Redeemable Preference shares

The A preference shares issued are redeemable in 10 half yearly instalments. The shares attract dividends of 2% above the bank base rate on the redemption value of the shares.

 

The B preference shares are redeemable within 2 years of the employee leaving the business. These shares attract no dividends.

 

At the balance sheet date there were 107,627 (2022: 11,834) A preference shares outstanding, redeemable at a premium of £2.06 per share, and 23,290 (2022: nil) B preference shares outstanding, redeemable at a premium of £3.06 per share. The total obligation to redeem preference shares amount to £472,079 (2022: £36,451) which is included in other borrowings in Note 19 and 20.

 

On winding up, retained profits remaining for distribution will be paid to preference shareholders up to a maximum amount paid up in priority to ordinary shareholders. Preference shares do not carry any voting rights.

 

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
26
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares.

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.

Equity reserve

The profit and loss reserve represents cumulative profits or losses net of dividends and other adjustments.

Capital redemption reserve

The capital redemption reserve relates to own shares arising in the connection of shares which have been bought or sold by employees and/or directors of the company.

27
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
366,373
409,764
Between two and five years
338,615
480,807
704,988
890,571
28
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year, total dividends of £349,514 (2022: £552,420) were paid to directors.

 

One of the trading premises is owned by a pension scheme in which certain directors are trustees and beneficiaries of. The property is let to the company and the annual rent charged to the company of £42,000 (2022: £42,000) represents a commercial charge for the property.

 

The company is exempt from disclosing transactions with group companies that are wholly owned within the same group.

 

Remuneration for key personnel is disclosed in Note 8.

29
Ultimate controlling party

The company was not under the control of any one person during the current or previous year, as there was no majority shareholding and no director has a controlling interest in the shares of the parent company.

CLANCY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
30
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
697,150
735,196
Adjustments for:
Taxation charged
187,283
172,691
Finance costs
48,253
33,783
Non-cash issue of shares
-
51,126
Amortisation and impairment of intangible assets
12,320
12,320
Depreciation and impairment of tangible fixed assets
164,768
160,447
Impairment
-
10,000
Increase in provisions
207,000
-
Movements in working capital:
Decrease/(increase) in debtors
758,788
(230,540)
Decrease in creditors
(56,161)
(387,480)
Cash generated from operations
2,019,401
557,543
31
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
21,257
481,103
502,360
Bank overdrafts
(446,889)
446,889
-
0
(425,632)
927,992
502,360
Borrowings excluding overdrafts
(853,104)
(235,642)
(1,088,746)
(1,278,736)
692,350
(586,386)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr S S ChanaMr M HeadleyMr B HorneMr S R HoweMr N R OrrockMr G J ScottMr M K PowersMr C ActonMiss J C MilliganMr N K RobsonMrs L E CunnahMr S LydonMr D SinghMr S DewberryMr G Megahyfalse036935292022-04-012023-03-3103693529bus:Director12022-04-012023-03-3103693529bus:Director32022-04-012023-03-3103693529bus:Director52022-04-012023-03-3103693529bus:Director62022-04-012023-03-3103693529bus:Director72022-04-012023-03-3103693529bus:Director82022-04-012023-03-3103693529bus:Director92022-04-012023-03-3103693529bus:Director112022-04-012023-03-3103693529bus:Director122022-04-012023-03-3103693529bus:Director132022-04-012023-03-3103693529bus:Director142022-04-012023-03-3103693529bus:Director152022-04-012023-03-3103693529bus:Director22022-04-012023-03-3103693529bus:Director42022-04-012023-03-3103693529bus:Director102022-04-012023-03-3103693529bus:RegisteredOffice2022-04-012023-03-31036935292023-03-31036935292021-04-012022-03-310369352912022-04-012023-03-310369352912021-04-012022-03-3103693529core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3103693529core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103693529core:Goodwill2023-03-3103693529core:Goodwill2022-03-31036935292022-03-3103693529core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103693529core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3103693529core:FurnitureFittings2023-03-3103693529core:ComputerEquipment2023-03-3103693529core:MotorVehicles2023-03-3103693529core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103693529core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3103693529core:FurnitureFittings2022-03-3103693529core:ComputerEquipment2022-03-3103693529core:MotorVehicles2022-03-3103693529core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103693529core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103693529core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103693529core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3103693529core:CurrentFinancialInstruments2023-03-3103693529core:CurrentFinancialInstruments2022-03-3103693529core:Non-currentFinancialInstruments2023-03-3103693529core:Non-currentFinancialInstruments2022-03-3103693529core:ShareCapital2023-03-3103693529core:ShareCapital2022-03-3103693529core:SharePremium2023-03-3103693529core:SharePremium2022-03-3103693529core:RevaluationReserve2023-03-3103693529core:RevaluationReserve2022-03-3103693529core:CapitalRedemptionReserve2023-03-3103693529core:CapitalRedemptionReserve2022-03-3103693529core:RetainedEarningsAccumulatedLosses2023-03-3103693529core:RetainedEarningsAccumulatedLosses2022-03-3103693529core:ShareCapital2021-03-3103693529core:SharePremium2021-03-3103693529core:RevaluationReserve2021-03-3103693529core:CapitalRedemptionReserve2021-03-3103693529core:RetainedEarningsAccumulatedLosses2021-03-3103693529core:ShareCapitalOrdinaryShares2023-03-3103693529core:ShareCapitalOrdinaryShares2022-03-3103693529core:ShareCapital2021-04-012022-03-3103693529core:SharePremium2021-04-012022-03-3103693529core:ShareCapital2022-04-012023-03-3103693529core:SharePremium2022-04-012023-03-3103693529core:RevaluationReserve2021-04-012022-03-3103693529core:RevaluationReserve2022-04-012023-03-31036935292022-03-31036935292021-03-3103693529core:WithinOneYear2023-03-3103693529core:WithinOneYear2022-03-3103693529core:Goodwill2022-04-012023-03-3103693529core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3103693529core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3103693529core:FurnitureFittings2022-04-012023-03-3103693529core:ComputerEquipment2022-04-012023-03-3103693529core:MotorVehicles2022-04-012023-03-3103693529core:UKTax2022-04-012023-03-3103693529core:UKTax2021-04-012022-03-3103693529core:Goodwill2022-03-3103693529core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103693529core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3103693529core:FurnitureFittings2022-03-3103693529core:ComputerEquipment2022-03-3103693529core:MotorVehicles2022-03-3103693529core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3103693529core:Non-currentFinancialInstruments12023-03-3103693529core:Non-currentFinancialInstruments12022-03-3103693529core:FinancialLiabilitiesHeldForTradingcore:FinancialInstrumentsHeldForSale2023-03-3103693529core:BetweenTwoFiveYears2023-03-3103693529core:BetweenTwoFiveYears2022-03-3103693529bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103693529bus:FRS1022022-04-012023-03-3103693529bus:Audited2022-04-012023-03-3103693529bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP