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Registration number: 04656661

CSM Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

CSM Consulting Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

CSM Consulting Limited

(Registration number: 04656661)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

35,163

46,263

Current assets

 

Debtors

6

977,875

938,020

Cash at bank and in hand

 

126,245

212,597

 

1,104,120

1,150,617

Creditors: Amounts falling due within one year

7

(162,209)

(135,334)

Net current assets

 

941,911

1,015,283

Total assets less current liabilities

 

977,074

1,061,546

Creditors: Amounts falling due after more than one year

7

(88,167)

(162,500)

Net assets

 

888,907

899,046

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

888,707

898,846

Shareholders' funds

 

888,907

899,046

For the financial year ending 31 July 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 20 April 2024 and signed on its behalf by:
 


R H F Finlayson
Director

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
7 Castle Street
Bridgwater
Somerset
TA6 3DT

Principal activity

The principal activity of the company is provision of training services.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised in these accounts using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current 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.

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% straight line

Equipment

50% straight line

Fixtures and fittings

50% straight line

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

50% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 18).

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

13,165

13,165

At 31 July 2023

13,165

13,165

Amortisation

At 1 August 2022

13,165

13,165

At 31 July 2023

13,165

13,165

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Included within the net book value of leasehold improvements above is £35,163 (2022 - £45,455) in respect of short leasehold land and buildings.
 

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

136,227

112,044

Amounts owed by related parties

11

817,350

793,000

Other debtors

 

24,298

32,976

 

977,875

938,020

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,847

76,852

Trade creditors

 

45,378

12,902

Taxation and social security

 

16,160

21,015

Other creditors

 

29,824

24,565

 

162,209

135,334

Creditors include bank loans and overdrafts which are secured of £46,000 (2022 - £46,000).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

88,167

162,500

Creditors include bank loans and overdrafts which are secured of £88,167 (2022 - £134,167).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

88,167

134,167

Other borrowings

-

28,333

88,167

162,500

Current loans and borrowings

2023
£

2022
£

Bank borrowings

46,000

46,000

Other borrowings

24,847

30,852

70,847

76,852

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £27,816 (2022 - £93,175).

11

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

R H F Finlayson

-

-

-

-

Advances/(credits) to the directors

6,785

9,672

(6,785)

9,672

 

6,785

9,672

(6,785)

9,672

       

 

 

CSM Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

11

Related party transactions (continued)

2022

At 1 August 2021
£

Advances to director
£

At 31 July 2022
£

R H F Finlayson

-

-

-

Advances/(credits) to the directors

-

6,785

6,785

-

6,785

6,785

Loans to related parties

2023

Parent
£

Total
£

At start of period

793,000

793,000

Repaid

24,350

24,350

At end of period

817,350

817,350

2022

Parent
£

Total
£

At start of period

793,000

793,000

At end of period

793,000

793,000

12

Parent and ultimate parent undertaking

The company's immediate parent is Arricchire Limited, incorporated in England and Wales.