Registered number
06875402
Sinclair Taylor Management Services Limited
Report and Accounts
31 December 2023
Sinclair Taylor Management Services Limited
Registered number: 06875402
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 4 52,961 38,781
Current assets
Work in progress 189,277 161,926
Debtors 5 308,568 234,937
Cash at bank and in hand 78,720 35,191
576,565 432,054
Creditors: amounts falling due within one year 6 (467,037) (281,336)
Net current assets 109,528 150,718
Total assets less current liabilities 162,489 189,499
Provisions for liabilities (6,656) (6,656)
Net assets 155,833 182,843
Capital and reserves
Called up share capital 200 200
Profit and loss account 155,633 182,643
Shareholders' funds 155,833 182,843
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Harvey
Director
Approved by the Board on 21 August 2024
The notes form part of these financial statements
Sinclair Taylor Management Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services and is adjusted for the movement in work in progress.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and equipment 25% reducing balance
Branding 10% straightline
Work in progress
Work in progress is measured at the lower of cost and net realisable value. Cost comprises all services carried out towards debt recovery, and due to commission and fees being only receivable on successful recovery, the anticipated success rate is applied on each category of debt to these costs. Net realisable value is the commission and fees on the successful debt collection.
Debtors
Trade debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Purchased debt is recognised at realisible value. Other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Frances Clapham
Firm: CK Audit
Date of audit report: 21 August 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
4 Tangible fixed assets
Computers and equipment Fixtures and fittings Total
£ £ £
Cost
At 1 January 2023 46,472 1,626 48,098
Additions 15,169 - 15,169
At 31 December 2023 61,641 1,626 63,267
Depreciation
At 1 January 2023 7,827 1,490 9,317
Charge for the year 954 35 989
At 31 December 2023 8,781 1,525 10,306
Net book value
At 31 December 2023 52,860 101 52,961
At 31 December 2022 38,645 136 38,781
5 Debtors 2023 2022
£ £
Trade debtors 21,621 27,969
Prepayments and accrued income 18,696 15,043
Purchased debt 268,251 191,925
308,568 234,937
Amounts due after more than one year 160,000 111,925
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,436 25,351
Amounts owed to group undertakings 375,013 217,379
Corporation tax - 14,254
Other taxes and social security costs 5,262 213
Accruals and deferred income 3,433 3,556
Other creditors 60,893 20,583
467,037 281,336
7 Defined contribution pension plans
The company offers a defined contribution scheme for the benefit of certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,522 (2022 £1,371)
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 22,000 58,000
9 Presentation currency
The financial statements are presented in Sterling.
10 Controlling party
The company is a wholly owned subsidiary of Broadriver (Holdings) Ltd. In the opinion of the directors the ultimate holding company at the year end was Broadriver Eot Ltd a company incorporated in England and Wales. The results are included in the consolidated accounts of Broadriver Eot Ltd and copies of the consolidated accounts can be obtained from the registered office.
11 Other information
Sinclair Taylor Management Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Compass House
Waterside, Hanbury Road
Bromsgrove
B60 4FD
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