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Registration number: 09506028

NCO Consultancy Ltd

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 March 2024

 

NCO Consultancy Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

NCO Consultancy Ltd

Company Information

Director

Mr Neil Corrick

Company secretary

Mrs Elizabeth Corrick

Registered office

44 Walnut Road
Torquay
Devon
TQ2 6HS

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

NCO Consultancy Ltd

(Registration number: 09506028)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

1,156

1,542

Current assets

 

Debtors

5

27,390

18,926

Cash at bank and in hand

 

787

7,261

 

28,177

26,187

Creditors: Amounts falling due within one year

6

(16,874)

(24,979)

Net current assets

 

11,303

1,208

Total assets less current liabilities

 

12,459

2,750

Provisions for liabilities

(12,761)

(191)

Net (liabilities)/assets

 

(302)

2,559

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(304)

2,557

Shareholders' (deficit)/funds

 

(302)

2,559

For the financial period ending 31 March 2024 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 July 2024
 

.........................................
Mr Neil Corrick
Director

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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:
44 Walnut Road
Torquay
Devon
TQ2 6HS
England

These financial statements were authorised for issue by the director on 8 July 2024.

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.

Going concern

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

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 sales/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.

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.

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3 (2022 - 3).

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

4,948

4,948

At 31 March 2024

4,948

4,948

Depreciation

At 1 October 2022

3,406

3,406

Charge for the period

386

386

At 31 March 2024

3,792

3,792

Carrying amount

At 31 March 2024

1,156

1,156

At 30 September 2022

1,542

1,542

5

Debtors

Current

2024
£

2022
£

Trade debtors

-

1,716

Other debtors

27,390

17,210

 

27,390

18,926

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

8

7,765

12,464

Taxation and social security

 

5,941

6,629

Accruals and deferred income

 

2,075

1,734

Other creditors

 

1,093

4,152

 

16,874

24,979

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2022
£

Current loans and borrowings

Bank borrowings

7,765

12,464

9

Dividends

   

2024

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £18,000.00) per ordinary share

 

23,500

 

15,000

         

10

Related party transactions

Transactions with the director

2024

At 1 October 2022
£

Advances to director
£

At 31 March 2024
£

Mr Neil Corrick

Directors loan

16,803

10,376

27,179

       
     

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr Neil Corrick

Directors loan

(182)

44,985

(28,000)

16,803

         
       

 

Director's remuneration

The director's remuneration for the period was as follows:

 

NCO Consultancy Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

2024
£

2022
£

Remuneration

30,378

22,170

Dividends paid to the director

   

2024
£

 

2022
£

Mr Neil Corrick

       

Interim dividend paid

 

-

 

14,000