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Registration number: 09419255

Prepared for the registrar

Contingent Services UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Contingent Services UK Limited

(Registration number: 09419255)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,324

5,576

Current assets

 

Debtors

5

37,499

50,006

Cash at bank and in hand

 

9,205

8,470

 

46,704

58,476

Creditors: Amounts falling due within one year

6

(77,835)

(81,530)

Net current liabilities

 

(31,131)

(23,054)

Total assets less current liabilities

 

(28,807)

(17,478)

Creditors: Amounts falling due after more than one year

6

(9,500)

(12,500)

Net liabilities

 

(38,307)

(29,978)

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

(38,317)

(29,988)

Shareholders' deficit

 

(38,307)

(29,978)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 November 2023
 


S J Harrison
Director

 

Contingent Services UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

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:
Office Suite 1
No 2 Oakhill Court Telford Way
Waterwells Business Park
Gloucester
Gloucestershire
GL2 2GA

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

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

The current 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.

 

Contingent Services UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Plant and machinery

20 - 30% reducing balance

Buildings

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Contingent Services UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 March 2022

19,887

11,616

10,886

42,389

Disposals

-

-

(10,886)

(10,886)

At 28 February 2023

19,887

11,616

-

31,503

Depreciation

At 1 March 2022

19,887

8,617

8,309

36,813

Charge for the year

-

675

-

675

Eliminated on disposal

-

-

(8,309)

(8,309)

At 28 February 2023

19,887

9,292

-

29,179

Carrying amount

At 28 February 2023

-

2,324

-

2,324

At 28 February 2022

-

2,999

2,577

5,576

 

Contingent Services UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

5

Debtors

2023
 £

2022
 £

Trade debtors

2,301

14,273

Other debtors

34,864

35,584

Prepayments

334

149

 

37,499

50,006

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

3,000

2,500

Trade creditors

 

10,243

-

Amounts due to related parties

8

2,460

27,310

Social security and other taxes

 

53,778

46,896

Other creditors

 

1,104

1,612

Accrued expenses

 

7,050

3,212

Corporation tax liability

200

-

 

77,835

81,530

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,000

2,500

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,500

12,500

 

8

Related party transactions

Summary of transactions with other related parties

At 28 February 2023, the company owed £2,460 (2022: £27,310) to the director in the form of a director's loan account. No interest was charged on this, and there are no fixed repayment terms.