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Registration number: 09838276

Cambridge Management Consulting Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Cambridge Management Consulting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Cambridge Management Consulting Limited

Company Information

Directors

Mr Timothy Mark Passingham

Mr Richard Michael Brown

Registered office

5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

Accountants

Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

 

Cambridge Management Consulting Limited

(Registration number: 09838276)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,118

58,870

Investments

5

1,040

1,180

 

43,158

60,050

Current assets

 

Debtors

6

1,555,296

1,124,674

Cash at bank and in hand

 

428,591

558,251

 

1,983,887

1,682,925

Creditors: Amounts falling due within one year

7

(1,820,934)

(1,312,885)

Net current assets

 

162,953

370,040

Total assets less current liabilities

 

206,111

430,090

Creditors: Amounts falling due after more than one year

7

(14,167)

(72,476)

Provisions for liabilities

(10,525)

(14,718)

Net assets

 

181,419

342,896

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

181,409

342,886

Shareholders' funds

 

181,419

342,896

For the financial year ending 31 December 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.

 

Cambridge Management Consulting Limited

(Registration number: 09838276)
Balance Sheet as at 31 December 2023

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 Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr Timothy Mark Passingham
Director

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company's registered number is 09838276.

The address of its registered office is:
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

These financial statements were authorised for issue by the Board on 8 August 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).

There were no material departures from that standard.

The presentation currency is £ sterling.

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.

Entity status

Please note that these accounts are for one of the legal entities in the Cambridge Management Consulting group and do not portay the full scope of the group. Other entities include, but are not limited to, Cambridge MC Limited, Cambridge (MC2) MC (Israel) Limited, Cambridge Management Consulting LLP, Cambridge Executive Search & Selection Limited, The Carrier Club, Edenseven Limited, Blue Creek LLC and Cambridge Management Consulting (Process) Inc.

Going concern

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

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

All fixed assets

25% and 33% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 11).

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,117

30,140

82,000

113,257

Additions

739

21,359

-

22,098

Disposals

-

(290)

-

(290)

At 31 December 2023

1,856

51,209

82,000

135,065

Depreciation

At 1 January 2023

825

17,121

36,441

54,387

Charge for the year

289

10,958

27,330

38,577

Eliminated on disposal

-

(17)

-

(17)

At 31 December 2023

1,114

28,062

63,771

92,947

Carrying amount

At 31 December 2023

742

23,147

18,229

42,118

At 31 December 2022

292

13,019

45,559

58,870

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,040

1,180

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,180

Disposals

(140)

At 31 December 2023

1,040

Provision

Carrying amount

At 31 December 2023

1,040

At 31 December 2022

1,180

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,373,125

1,031,079

Prepayments

172,230

93,405

Other debtors

9,941

190

 

1,555,296

1,124,674

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

54,900

14,630

Trade creditors

 

1,159,287

723,348

Taxation and social security

 

73,696

302,089

Accruals and deferred income

 

527,276

270,300

Other creditors

 

5,575

2,318

Amounts due to related parties

 

200

200

 

1,820,934

1,312,885

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,167

72,476


Creditors include a bounce back loan provided by Lloyds Bank plc of £23,421 (2022 £34,167).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A £0.01 shares of £0.01 each

1,000

10.00

1,000

10.00

Ordinary B £0.01 shares of £0.01 each

50

0.50

50

0.50

1,050

10.50

1,050

10.50

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,167

Hire purchase contracts

-

48,309

14,167

72,476

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

44,900

4,630

54,900

14,630

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

116,600

113,737

Later than one year and not later than five years

-

49,255

116,600

162,992

The amount of non-cancellable operating lease payments recognised as an expense during the year was £108,576 (2022 - £62,692).

11

Dividends

Interim dividends paid

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Interim dividend of £200.00 (2022 - £459.00) per each Ordinary A £0.01 shares

200,000

459,000

Interim dividend of £700.00 (2022 - £1,200.00) per each Ordinary B £0.01 shares

35,000

60,000

235,000

519,000

12

Related party transactions

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr Richard Michael Brown

Drawings

1

9,750

9,751

 

Cambridge Management Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

261,749

153,668

13

Parent and ultimate parent undertaking

The ultimate controlling party is T M Passingham.