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 |