Company registration number 09387551 (England and Wales)
ALEC RATTRAY CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ALEC RATTRAY CONSULTING LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
ALEC RATTRAY CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
1
121,251
121,252
Year ended 31 January 2023:
Profit and total comprehensive income
-
15,801
15,801
Dividends
-
(35,290)
(35,290)
Balance at 31 January 2023
1
101,762
101,763
Year ended 31 January 2024:
Profit and total comprehensive income
-
60,667
60,667
Dividends
-
(28,000)
(28,000)
Balance at 31 January 2024
1
134,429
134,430
ALEC RATTRAY CONSULTING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,006
24,592
Current assets
Debtors
6
15,720
13,200
Cash at bank and in hand
129,083
81,695
144,803
94,895
Creditors: amounts falling due within one year
7
(28,906)
(18,707)
Net current assets
115,897
76,188
Total assets less current liabilities
131,903
100,780
Provisions for liabilities
2,527
983
Net assets
134,430
101,763
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
9
134,429
101,762
Total equity
134,430
101,763
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
Mr Alec Rattray
Director
Company registration number 09387551 (England and Wales)
ALEC RATTRAY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Alec Rattray Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 141 Blythe Road, London, W14 0HL.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue 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.
1.3
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:
Plant and equipment
25% Straight Line Method
Fixtures and fittings
25% Straight Line Method
Computers
25% Straight Line Method
Motor vehicles
25% Straight Line Method
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.
1.4
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.
ALEC RATTRAY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
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 trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents tax currently payable and deferred tax provision.
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.
ALEC RATTRAY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,062
4,432
Deferred tax
Origination and reversal of timing differences
(1,544)
(1,356)
Total tax charge
16,518
3,076
ALEC RATTRAY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
36,958
Disposals
(2,613)
At 31 January 2024
34,345
Depreciation and impairment
At 1 February 2023
12,366
Depreciation charged in the year
8,585
Eliminated in respect of disposals
(2,612)
At 31 January 2024
18,339
Carrying amount
At 31 January 2024
16,006
At 31 January 2023
24,592
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,720
13,200
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
18,062
4,432
Other taxation and social security
10,042
7,528
Other creditors
802
6,747
28,906
18,707
8
Called up share capital
2024
2023
£
£
Ordinary share capital
1 Ordinary shares of £1 each
1
1
Issued and fully paid
1 Ordinary shares of £1 each
1
1
ALEC RATTRAY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
101,762
121,251
Profit for the year
60,667
15,801
Dividends declared and paid in the year
(28,000)
(35,290)
At the end of the year
134,429
101,762
11
Directors' transactions
Dividends totalling £28,000 (2023 - £35,290) were paid in the year in respect of shares held by the company's directors.
As at the balance sheet date 31 January 2024 the following amounts were owed by the company to its director and shareholder, Mr A Rattray: £802.06 (2023: £6,747.00).
These amounts are interest free and repayable on demand.