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Registration number: SC519166

Sarah Dalrymple Consultancy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Sarah Dalrymple Consultancy Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Sarah Dalrymple Consultancy Ltd

Company Information

Directors

Mrs Sarah Dalrymple

Mr Michael Dalrymple

Company secretary

Mr Michael Dalrymple

Registered office

Glenwhilt Cottage
Bowden
Melrose
Roxburghshire
TD6 0SX

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sarah Dalrymple Consultancy Ltd for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sarah Dalrymple Consultancy Ltd for the year ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Sarah Dalrymple Consultancy Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sarah Dalrymple Consultancy Ltd and state those matters that we have agreed to state to the Board of Directors of Sarah Dalrymple Consultancy Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sarah Dalrymple Consultancy Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sarah Dalrymple Consultancy Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sarah Dalrymple Consultancy Ltd. You consider that Sarah Dalrymple Consultancy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sarah Dalrymple Consultancy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
TD9 9BD

15 November 2023

 

Sarah Dalrymple Consultancy Ltd

(Registration number: SC519166)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,464

4,625

Current assets

 

Debtors

5

26,730

29,991

Cash at bank and in hand

 

32,687

20,771

 

59,417

50,762

Creditors: Amounts falling due within one year

6

(13,140)

(16,340)

Net current assets

 

46,277

34,422

Total assets less current liabilities

 

53,741

39,047

Creditors: Amounts falling due after more than one year

6

(26,579)

(34,520)

Provisions for liabilities

(1,416)

(1,416)

Net assets

 

25,746

3,111

Capital and reserves

 

Called up share capital

7

400

400

Retained earnings

25,346

2,711

Shareholders' funds

 

25,746

3,111

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. 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.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mrs Sarah Dalrymple
Director

 

Sarah Dalrymple Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Glenwhilt Cottage
Bowden
Melrose
Roxburghshire
TD6 0SX
Scotland

The principal place of business is:
Glenwhilt Cottage
Bowden
Melrose
Roxburghshire
TD6 0SX
Scotland

These financial statements were authorised for issue by the Board on 15 November 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 company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Going concern

The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

 

Sarah Dalrymple Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% reducing balance

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.

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. 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.

 

Sarah Dalrymple Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

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 it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

Sarah Dalrymple Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

8,066

8,066

Additions

4,274

4,274

At 31 March 2023

12,340

12,340

Depreciation

At 1 April 2022

3,441

3,441

Charge for the year

1,435

1,435

At 31 March 2023

4,876

4,876

Carrying amount

At 31 March 2023

7,464

7,464

At 31 March 2022

4,625

4,625

5

Debtors

Current

2023
£

2022
£

Trade debtors

3,366

12,843

Prepayments

6,201

4,709

Other debtors

17,163

12,439

 

26,730

29,991

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,797

7,652

Trade creditors

 

293

-

Taxation and social security

 

5,267

4,495

Accruals and deferred income

 

1,485

1,485

Other creditors

 

298

2,708

 

13,140

16,340

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

26,579

34,520

 

Sarah Dalrymple Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £4 each

100

400

100

400

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,187

30,609

Other borrowings

3,392

3,911

26,579

34,520

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,797

7,652

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs Sarah Dalrymple

Loans are unsecured, undated and interest is charged at 2 % per annum on overdrawn loans.

8,046

18,474

(9,357)

17,163

         
       

Mr Michael Dalrymple

Loans are unsecured, undated and interest is charged at 2% per annum on overdrawn loans.

(3,911)

9,875

(9,356)

(3,392)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mrs Sarah Dalrymple

Loans are unsecured, undated and interest is charged at 2 % per annum on overdrawn loans.

9,480

8,046

(9,480)

8,046

         
       

Mr Michael Dalrymple

Loans are unsecured, undated and interest is charged at 2% per annum on overdrawn loans.

9,479

(3,911)

(9,479)

(3,911)