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COMPANY REGISTRATION NUMBER: NI610714
STEVENSON MUNN EXPERT WITNESS SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 January 2024
STEVENSON MUNN EXPERT WITNESS SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,137
1,579
Current assets
Debtors
6
7,200
178,348
Creditors: amounts falling due within one year
7
115,306
131,623
---------
---------
Net current (liabilities)/assets
( 108,106)
46,725
---------
--------
Total assets less current liabilities
( 105,969)
48,304
Provisions
Taxation including deferred tax
300
300
---------
--------
Net (liabilities)/assets
( 106,269)
48,004
---------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 106,369)
47,904
---------
--------
Shareholder (deficit)/funds
( 106,269)
48,004
---------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 January 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
STEVENSON MUNN EXPERT WITNESS SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 January 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr J Taggart
Director
Company registration number: NI610714
STEVENSON MUNN EXPERT WITNESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O FEB Chartered Accountants, Linenhall Exchange, 1st Foor, 26 Linenhall Street, Belfast, BT2 8BG, N. Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Covid-19 Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that, while significant, they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. The directors have considered the adequacy of working capital facilities available to the company, and have prepared budgets and cashflow statements and management accounts post year end, and are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in future financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised if the revision affects that period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are described below. (i) Amounts due under contracts The company makes an estimate of the value of partially completed work. The company uses estimates based on historical experience in calculating the portion of each fee which relates to work completed but not invoiced at year end date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise, based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tax on (loss)/profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
7,648
----
-------
Tax on (loss)/profit
7,648
----
-------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 154,273)
23,347
---------
--------
(Loss)/profit on ordinary activities by rate of tax
( 29,312)
5,854
Effect of expenses not deductible for tax purposes
( 106)
86
Utilisation of tax losses
29,358
1,708
Unused tax losses
60
---------
--------
Tax on (loss)/profit
7,648
---------
--------
5. Tangible assets
Equipment
Total
£
£
Cost
At 31 January 2023
9,130
9,130
Additions
1,008
1,008
--------
--------
At 30 January 2024
10,138
10,138
--------
--------
Depreciation
At 31 January 2023
7,551
7,551
Charge for the year
450
450
--------
--------
At 30 January 2024
8,001
8,001
--------
--------
Carrying amount
At 30 January 2024
2,137
2,137
--------
--------
At 30 January 2023
1,579
1,579
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
7,200
15,779
Amounts owed by group undertakings and undertakings in which the company has a participating interest
145,133
Other debtors
17,436
-------
---------
7,200
178,348
-------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
41,212
81,187
Trade creditors
4,236
Corporation tax
30,500
28,073
Social security and other taxes
6,713
14,040
Other creditors
36,881
4,087
---------
---------
115,306
131,623
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Director's advances, credits and guarantees
10. Related party transactions
The company was under the control of Mr J Taggart throughout the current period. Mr J Taggart is the managing director and sole shareholder.