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Registration number: 11053230

Aerice Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Aerice Consulting Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Aerice Consulting Limited

(Registration number: 11053230)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,747

8,164

Current assets

 

Debtors

6

878,162

1,084,210

Cash at bank and in hand

 

899

319

 

879,061

1,084,529

Creditors: Amounts falling due within one year

7

(548,625)

(651,696)

Net current assets

 

330,436

432,833

Total assets less current liabilities

 

337,183

440,997

Creditors: Amounts falling due after more than one year

7

(38,608)

(42,819)

Provisions for liabilities

(1,684)

(1,549)

Net assets

 

296,891

396,629

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

296,889

396,627

Shareholders' funds

 

296,891

396,629

For the financial year ending 31 January 2024 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.

 

Aerice Consulting Limited

(Registration number: 11053230)
Statement of Financial Position as at 31 January 2024 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 


Mr S Owers
Director


Mr D Sharma
Director

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is management consultancy.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly and capital and reserves, respectively.

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 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 statement of financial position 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

Motor vehicles

25% reducing balance

Computer equipment

3 years straight line

Impairment

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.

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

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.

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

50,000

50,000

At 31 January 2024

50,000

50,000

Amortisation

At 1 February 2023

50,000

50,000

At 31 January 2024

50,000

50,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

2,207

19,300

21,507

Additions

958

-

958

At 31 January 2024

3,165

19,300

22,465

Depreciation

At 1 February 2023

2,185

11,158

13,343

Charge for the year

340

2,035

2,375

At 31 January 2024

2,525

13,193

15,718

Carrying amount

At 31 January 2024

640

6,107

6,747

At 31 January 2023

22

8,142

8,164

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Other debtors

 

713,330

838,326

Prepayments

 

-

22

Corporation tax asset

164,832

245,862

 

878,162

1,084,210

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,351

4,645

Taxation and social security

 

369,064

467,362

Accruals and deferred income

 

23,504

7,892

Other creditors

 

149,706

171,797

 

548,625

651,696

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

38,608

42,819

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

38,608

42,819

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,351

4,645

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Director 1

264,652

6,480

(114,662)

156,470

Director 2

397,096

52,613

(21,964)

427,745

 

661,748

59,093

(136,626)

584,215

       

 

 

Aerice Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

9

Related party transactions (continued)

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Director 1

336,554

32,848

(104,750)

264,652

Director 2

363,433

72,841

(39,178)

397,096

699,987

105,689

(143,928)

661,748

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.