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Registration number: 08024052

Field Sullivan Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Field Sullivan Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Field Sullivan Limited

Company Information

Directors

Kirsty Nicholls

Tim Sullivan

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Bankers

HSBC Bank plc
Oxford Circus W1
196 Oxford Street
London
W1D 1NT

 

Field Sullivan Limited

(Registration number: 08024052)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

22,008

39,144

Tangible assets

6

28,362

38,385

 

50,370

77,529

Current assets

 

Debtors

7

142,225

124,505

Cash at bank and in hand

 

2,077

139,764

 

144,302

264,269

Creditors: Amounts falling due within one year

8

(128,657)

(88,828)

Net current assets

 

15,645

175,441

Total assets less current liabilities

 

66,015

252,970

Provisions for liabilities

(7,516)

(10,172)

Net assets

 

58,499

242,798

Capital and reserves

 

Called up share capital

11

200

200

Retained earnings

58,299

242,598

Shareholders' funds

 

58,499

242,798

For the financial year ending 30 April 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.

 

Field Sullivan Limited

(Registration number: 08024052)
Balance Sheet as at 30 April 2024

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 Profit and Loss Account.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

.........................................
Kirsty Nicholls
Director

.........................................
Tim Sullivan
Director

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the Board on 3 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

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

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue included in creditors.

Other income is recognised as it accrues on a pro rata basis.

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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

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.

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

Computer equipment

25% straight line

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Straight line over the estimated useful life of 6 years.

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.

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.

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.

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.

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 9 (2023 - 9).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

57,763

20,534

Deferred taxation

Arising from origination and reversal of timing differences

(2,655)

9,392

Tax expense in the income statement

55,108

29,926

Deferred tax

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £3,838 (2023 - £3,448).

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

420,071

420,071

Disposals

(11,358)

(11,358)

At 30 April 2024

408,713

408,713

Amortisation

At 1 May 2023

380,927

380,927

Amortisation charge

7,670

7,670

Amortisation eliminated on disposals

(1,892)

(1,892)

At 30 April 2024

386,705

386,705

Carrying amount

At 30 April 2024

22,008

22,008

At 30 April 2023

39,144

39,144

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

20,293

41,000

61,293

Additions

4,458

-

4,458

At 30 April 2024

24,751

41,000

65,751

Depreciation

At 1 May 2023

12,658

10,250

22,908

Charge for the year

4,231

10,250

14,481

At 30 April 2024

16,889

20,500

37,389

Carrying amount

At 30 April 2024

7,862

20,500

28,362

At 30 April 2023

7,635

30,750

38,385

7

Debtors

Current

2024
£

2023
£

Trade debtors

125,558

105,839

Prepayments

6,667

8,666

Other debtors

10,000

10,000

 

142,225

124,505

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

97,263

54,947

Accruals and deferred income

22,913

7,673

Other creditors

8,481

26,208

128,657

88,828

9

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 May 2023

10,172

10,172

Increase (decrease) in existing provisions

(2,656)

(2,656)

At 30 April 2024

7,516

7,516

Deferred tax has arisen on the timing of tax relief given on the purchase of fixed assets being in advance of when the depreciation of these assets is recognised in the profit and loss account.

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary shares

-

-

Interim dividend of £3,400.00 (2023 - £1,700.00) per each Ordinary 'A' shares

340,000

170,000

340,000

170,000

 

Field Sullivan Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary 'A' shares of £1 each

100

100

100

100

200

200

200

200

12

Related party transactions

Summary of transactions with other related parties

Tim Sullivan and Kirsty Nicholls (the directors and shareholders of the company)
 During the year the directors were voted dividends of £340,000 (2023: £170,000) that were credited to their loan accounts with the company, they received salaries of £22,088 (2023: £15,011), and the company made pension contributions on their behalf of £12,749 (2023: £12,750). At the balance sheet date the company owed them £7,719 (2023: £15,182).