Registered number |
Information for filing with the Registrar |
Company Information | |
29 February 2024 | |
Directors | |
Registered office | |
Unit 5, 28 Avenue Road | |
Aston | |
Birmingham | |
West Midlands | |
B6 4DY | |
Registered number | |
Registered number: | ||||||||
Balance Sheet | ||||||||
as at |
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Notes | 2024 | 2023 | ||||||
£ | £ | |||||||
Fixed assets | ||||||||
Tangible assets | 4 | |||||||
Current assets | ||||||||
Amounts recoverable on contracts | ||||||||
Debtors | 5 | |||||||
Cash at bank and in hand | ||||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | ||||||||
Total assets less current liabilities | ||||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Net assets | ||||||||
Capital and reserves | ||||||||
Called up share capital | ||||||||
Profit and loss account | ||||||||
Shareholders' funds | ||||||||
S J Ashford | ||||||||
Director | ||||||||
Approved by the board on |
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The notes form an integral part of these financial statements. | ||||||||
Notes to the Financial Statements | ||||||||
for the year ended |
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1 | General information | |||||||
The company is registered in England and Wales. Its registered number is 10632197. The company is limited by shares. Its registered office is Unit 5, 28 Avenue Road, Aston, Birmingham, West Midlands, B6 4DY. | ||||||||
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. | ||||||||
Basis of preparation | ||||||||
Going concern | ||||||||
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. | ||||||||
Critical accounting judgements and key sources of estimation uncertainty | ||||||||
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Amounts Recoverable on Contracts - the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Matters hosted and stage of progress form the basis of the calculation. In prior periods, post year end billings were used, along with lead time estimates. The carrying amount is £222,790 (2023 - £281,741). |
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Revenue recognition | ||||||||
Fee income in respect of contingent fee assignments is recognised in the period in which the contingent event occurs and collectability of the fee is assured. Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors. |
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Government grants | ||||||||
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. | ||||||||
Tangible fixed assets | ||||||||
Leasehold improvements | over the lease term | |||||||
Furniture, fittings and equipment | over 3, 4 or 5 years as appropriate | |||||||
Trade debtors | ||||||||
Trade debtors are recognised initially at the transaction price. Trade debtors that are repayable within one year are included at the undiscounted cost of cash expected to be received. 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 debtors. |
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Trade Creditors | ||||||||
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid. |
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Leased assets | ||||||||
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. | ||||||||
Defined contribution pension obligation | ||||||||
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. |
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Financial Instruments - classification | ||||||||
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account. | ||||||||
Financial instruments - recognition and measurement | ||||||||
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. | ||||||||
Financial instruments - impairment | ||||||||
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below. A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU. |
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For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
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3 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Land and buildings | Furniture, Fittings and equipment |
Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 March 2023 | ||||||||
Additions | - | |||||||
Disposals | - | ( |
( |
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At 29 February 2024 | ||||||||
Depreciation | ||||||||
At 1 March 2023 | ||||||||
Charge for the year | - | |||||||
On disposals | - | ( |
( |
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At 29 February 2024 | ||||||||
Net book value | ||||||||
At 29 February 2024 | ||||||||
At 28 February 2023 | ||||||||
5 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings | ||||||||
Prepayments | ||||||||
Other debtors | ||||||||
Amounts due after more than one year included above | - | |||||||
6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Outstanding defined contribution pension costs | ||||||||
Accrued expenses | ||||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Bank borrowings are secured by fixed and floating charges over the assets of the company. | ||||||||
8 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||