Company registration number 03193939 (England and Wales)
CARRINGTON INVESTMENT CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CARRINGTON INVESTMENT CONSULTANTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
CARRINGTON INVESTMENT CONSULTANTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,163
39,975
Tangible assets
4
3,811
4,942
Investments
5
162,431
148,308
188,405
193,225
Current assets
Debtors
7
328,802
289,258
Investments
8
-
0
55,330
Cash at bank and in hand
346,493
246,433
675,295
591,021
Creditors: amounts falling due within one year
9
(477,823)
(320,069)
Net current assets
197,472
270,952
Total assets less current liabilities
385,877
464,177
Creditors: amounts falling due after more than one year
10
(15,779)
(25,776)
Net assets
370,098
438,401
Capital and reserves
Called up share capital
3,500
3,500
Capital redemption reserve
11
1,500
1,500
Other reserves
11
(14,266)
(26,949)
Profit and loss reserves
11
379,364
460,350
Total equity
370,098
438,401

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
M Hodges
A Candlish
Director
Director
Company registration number 03193939 (England and Wales)
CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Carrington Investment Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Chapel Place, London, W1G 0BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services net of trade discounts.

Turnover is recognised at the fair value of the consideration received or receivable for consultancy services

provided in the normal course of business, and is shown net of sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Customer database
10 years straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the lease
Fixtures, fittings and equipments
33.33% straight line
Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Investment in listed entities and bonds are initially recorded at cost and subsequently measured at market value by reference to the stock and bond price at the year end. The fair value movement is recognised in the income statement.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
16
3
Intangible fixed assets
Customer database
£
Cost
At 1 April 2023 and 31 March 2024
454,803
Amortisation and impairment
At 1 April 2023
414,828
Amortisation charged for the year
17,812
At 31 March 2024
432,640
Carrying amount
At 31 March 2024
22,163
At 31 March 2023
39,975
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
55,324
78,229
133,553
Additions
-
0
1,956
1,956
At 31 March 2024
55,324
80,185
135,509
Depreciation and impairment
At 1 April 2023
54,323
74,288
128,611
Depreciation charged in the year
798
2,289
3,087
At 31 March 2024
55,121
76,577
131,698
Carrying amount
At 31 March 2024
203
3,608
3,811
At 31 March 2023
1,001
3,941
4,942
CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
162,431
148,308
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
148,308
Additions
164,520
Valuation changes
12,160
Disposals
(162,557)
At 31 March 2024
162,431
Carrying amount
At 31 March 2024
162,431
At 31 March 2023
148,308
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
162,431
203,638
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
248,054
224,920
Other debtors
80,748
64,338
328,802
289,258

Trade debtors disclosed above are measured at amortised cost.

Included within other debtors are loan receivable balances of £6,230 (2023: £6,230 ) which are unsecured, interest free, have no fixed date of repayment and repayable on demand.

 

Included within other debtors is a balance of £2,468 (2023: £2,449) due from the directors of the company. Interest is charged at the HM Revenue & Customs official rate. The loan is unsecured and repayable on demand.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Current asset investments
2024
2023
£
£
Other investments
-
0
55,330
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
9,870
Taxation and social security
168,164
103,892
Other creditors
299,659
206,307
477,823
320,069

The aggregate amount of secured creditors are £nil (2023: £nil).

 

Included within other creditors are loan payable balances of £10,438 (2023: £10,438) which are unsecured, interest free and repayable on demand.

 

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,779
25,776
11
Reserves
Capital redemption reserve

This reserve records the nominal amount of the shares repurchased by the company.

Other reserves

Other reserves relates to non-distributable reserves arising from the fair value movement on listed investments less deferred tax,

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

CARRINGTON INVESTMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
606,618
697,878
13
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
6,230
6,230
14
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
2.25
2,449
59
(1,175)
1,333
2,449
59
(1,175)
1,333
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