2 01/03/2022 28/02/2023 2023-02-28 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06106243 2022-03-01 2023-02-28 06106243 2023-02-28 06106243 2022-02-28 06106243 2021-03-01 2022-02-28 06106243 2022-02-28 06106243 2021-02-28 06106243 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 06106243 bus:Director1 2022-03-01 2023-02-28 06106243 core:FurnitureFittingsToolsEquipment 2022-02-28 06106243 core:FurnitureFittingsToolsEquipment 2023-02-28 06106243 core:WithinOneYear 2023-02-28 06106243 core:WithinOneYear 2022-02-28 06106243 core:AfterOneYear 2023-02-28 06106243 core:AfterOneYear 2022-02-28 06106243 core:UKTax 2022-03-01 2023-02-28 06106243 core:UKTax 2021-03-01 2022-02-28 06106243 core:ShareCapital 2023-02-28 06106243 core:ShareCapital 2022-02-28 06106243 core:RetainedEarningsAccumulatedLosses 2023-02-28 06106243 core:RetainedEarningsAccumulatedLosses 2022-02-28 06106243 core:FurnitureFittingsToolsEquipment 2022-02-28 06106243 bus:Director1 2022-02-28 06106243 bus:Director1 2023-02-28 06106243 bus:Director1 2021-02-28 06106243 bus:Director1 2022-02-28 06106243 bus:Director1 2021-03-01 2022-02-28 06106243 bus:SmallEntities 2022-03-01 2023-02-28 06106243 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 06106243 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 06106243 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06106243 bus:FullAccounts 2022-03-01 2023-02-28
Company registration number: 06106243
Assurance Consulting Limited
Pages for filing with Registrar
28 February 2023
Assurance Consulting Limited
Contents
Statement of financial position
Notes to the financial statements
Assurance Consulting Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,713 1,045
_______ _______
1,713 1,045
Current assets
Debtors 7 565,795 449,958
Cash at bank and in hand 11,388 8,903
_______ _______
577,183 458,861
Creditors: amounts falling due
within one year 8 ( 293,035) ( 240,247)
_______ _______
Net current assets 284,148 218,614
_______ _______
Total assets less current liabilities 285,861 219,659
Creditors: amounts falling due
after more than one year 9 ( 30,000) ( 46,983)
Provisions for liabilities ( 948) ( 199)
_______ _______
Net assets 254,913 172,477
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 254,911 172,475
_______ _______
Shareholders funds 254,913 172,477
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
Dr. Steven Alexander Leggetter
Director
Company registration number: 06106243
Assurance Consulting Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Assurance Consulting Limited, West 2, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director of the company is satisfied that there are no material uncertainties concerning the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 28,561 23,060
Adjustments in respect of previous periods - 148
_______ _______
Deferred tax:
Origination and reversal of timing differences 749 ( 119)
_______ _______
Tax on profit 29,310 23,089
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2022 26,631 26,631
Additions 2,522 2,522
Disposals ( 458) ( 458)
_______ _______
At 28 February 2023 28,695 28,695
_______ _______
Depreciation
At 1 March 2022 25,586 25,586
Charge for the year 1,547 1,547
Disposals ( 151) ( 151)
_______ _______
At 28 February 2023 26,982 26,982
_______ _______
Carrying amount
At 28 February 2023 1,713 1,713
_______ _______
At 28 February 2022 1,045 1,045
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 14,060 14,060
Other debtors 551,735 435,898
_______ _______
565,795 449,958
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,217 15,170
Trade creditors 1,766 993
Corporation tax 266,702 208,911
Social security and other taxes 9,436 8,908
Other creditors 5,914 6,265
_______ _______
293,035 240,247
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 30,000 46,983
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Dr. Steven Alexander Leggetter 332,721 ( 64,667) 151,274 419,328
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Dr. Steven Alexander Leggetter 254,472 ( 54,000) 132,249 332,721
_______ _______ _______ _______