Company Registration No. 08752990 (England and Wales)
PAGE & PAGE
CONSULTANTS (UK) LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PAGE & PAGE CONSULTANTS (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PAGE & PAGE CONSULTANTS (UK) LIMITED
Company Registration No. 08752990
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,066
50,144
Current assets
Debtors
4
966,809
886,843
Cash at bank and in hand
814,221
755,193
1,781,030
1,642,036
Creditors: amounts falling due within one year
5
(514,221)
(602,715)
Net current assets
1,266,809
1,039,321
Total assets less current liabilities
1,295,875
1,089,465
Creditors: amounts falling due after more than one year
6
(140,410)
(180,821)
Provisions for liabilities
(6,663)
(11,909)
Net assets
1,148,802
896,735
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
1,148,602
896,535
Total equity
1,148,802
896,735
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PAGE & PAGE CONSULTANTS (UK) LIMITED
Company Registration No. 08752990
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
S J Page
Director
PAGE & PAGE CONSULTANTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Page & Page Consultants (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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 consultancy 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.
When income is billed in advance of work being performed, it is carried forward in the balance sheet until work is completed, at which time it is released to profit and loss account. Similarly where income is billed in arrears, income is accrued within debtors until the work is invoiced, and any amounts in accrued income are offset against invoices raised.
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:
Equipment
3 years 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.
1.4
Cash at bank and in hand
Cash at bank and in hand 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.
1.5
Financial instruments
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.
PAGE & PAGE CONSULTANTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
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.
1.7
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.
1.8
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 significant unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PAGE & PAGE CONSULTANTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
35
29
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
113,416
Additions
4,039
At 31 October 2023
117,455
Depreciation and impairment
At 1 November 2022
63,272
Depreciation charged in the year
25,117
At 31 October 2023
88,389
Carrying amount
At 31 October 2023
29,066
At 31 October 2022
50,144
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
899,394
842,268
Other debtors
67,415
44,575
966,809
886,843
PAGE & PAGE CONSULTANTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,940
180,410
Taxation and social security
151,270
150,399
Other creditors
296,011
271,906
514,221
602,715
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
140,410
180,821
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
20,000
20,000
200
200
8
Share options
The company set up an EMI scheme in 2019 and awarded options over 1,413 Ordinary B shares at a grant price of £1.27. In 2020 the company awarded a further 1,917 Ordinary B shares at a grant price of £1.00. In 2022 400 Ordinary B share options lapsed due to two employees leaving the company. In 2023, 1,600 Ordinary B share options were awarded at a grant price of £18.00 and 1,150 Ordinary B share options lapsed due to two employees leaving the company. The earliest date on which the option may be exercised (subject to the Option Agreement), unless an earlier event occurs to cause it to lapse or to be exercisable under the Scheme Rules, is when an Exit event occurs. Given an Exit event is not guaranteed, the options have not been accounted for in the financial statements.
9
Related party transactions
At the balance sheet date the directors were owed £463 (2022 - £14,722) by the company. The loan is interest free and repayable on demand.