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Company registration number: 12107257
William Barr Consulting Ltd
Unaudited filleted financial statements
31 July 2023
William Barr Consulting Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
William Barr Consulting Ltd
Directors and other information
Directors Mr William Barr
Mrs Enkhtuya Dorj
Company number 12107257
Registered office 100 High Street
5th Floor The Grange
London
United Kingdom
N14 6BN
William Barr Consulting Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 781 1,891
_______ _______
781 1,891
Current assets
Cash at bank and in hand 233,039 159,747
_______ _______
233,039 159,747
Creditors: amounts falling due
within one year 7 ( 141,784) ( 113,161)
_______ _______
Net current assets 91,255 46,586
_______ _______
Total assets less current liabilities 92,036 48,477
Creditors: amounts falling due
after more than one year 8 ( 17,908) ( 28,233)
_______ _______
Net assets 74,128 20,244
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 74,028 20,144
_______ _______
Shareholders funds 74,128 20,244
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2024 , and are signed on behalf of the board by:
Mr William Barr
Director
Company registration number: 12107257
William Barr Consulting Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is William Barr Consulting Ltd, 100 High Street, 5th Floor The Grange, London, United Kingdom, N14 6BN.
2. Accounting policies
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 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 historical cost convention. The principal accounting policies adopted are set out below.
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.
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:
Fittings fixtures and equipment - 25 % 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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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.
3. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 1,110 1,110
_______ _______
5. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 12,807 9,750
Other pension costs 60,000 40,000
_______ _______
72,807 49,750
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2022 and 31 July 2023 4,441 4,441
_______ _______
Depreciation
At 1 August 2022 2,550 2,550
Charge for the year 1,110 1,110
_______ _______
At 31 July 2023 3,660 3,660
_______ _______
Carrying amount
At 31 July 2023 781 781
_______ _______
At 31 July 2022 1,891 1,891
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,382 10,440
Corporation tax 28,950 17,202
Social security and other taxes 218 -
Other creditors 102,234 85,519
_______ _______
141,784 113,161
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,908 28,233
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr William Barr ( 84,019) ( 16,607) ( 100,626)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr William Barr ( 32,828) ( 51,191) ( 84,019)
_______ _______ _______
10. Related party
At the financial year end the director Mr William Barr has a common interest in Pentagon Wealth Ltd in which he has 33% shareholdings. During the year the amount paid as rent to connected company was £8,000.