Registered number
06875402
Sinclair Taylor Management Services Limited
Report and Accounts
31 December 2024
Sinclair Taylor Management Services Limited
Registered number: 06875402
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Intangible assets 4 11,522 -
Tangible assets 5 41,657 52,961
53,179 52,961
Current assets
Work in progress 262,604 189,277
Debtors 6 368,667 308,568
Cash at bank and in hand 93,807 78,720
725,078 576,565
Creditors: amounts falling due within one year 7 (521,087) (467,037)
Net current assets 203,991 109,528
Total assets less current liabilities 257,170 162,489
Provisions for liabilities (10,993) (6,656)
Net assets 246,177 155,833
Capital and reserves
Called up share capital 200 200
Profit and loss account 245,977 155,633
Shareholders' funds 246,177 155,833
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Harvey
Director
Approved by the Board on 27 May 2025
The notes form part of these financial statements
Sinclair Taylor Management Services Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services and is adjusted for the movement in work in progress.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any impairment losses. Amortisation is provided to write off the cost over periods expected to benefit from them, with amortisation beginning only when the underlying products have been brought to market.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and equipment over 4,5,7 and 10 years straight line
Work in progress
Work in progress is measured at the lower of cost and net realisable value. Cost comprises all services carried out towards debt recovery, and due to commission and fees being only receivable on successful recovery, the anticipated success rate is applied on each category of debt to these costs. Net realisable value is the commission and fees on the successful debt collection.
Debtors
Trade debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Purchased debt is recognised at realisible value. Other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Frances Clapham
Firm: CK Audit
Date of audit report: 27 May 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
4 Intangible fixed assets £
PR Branding
Cost
Transfers 13,002
At 31 December 2024 13,002
Amortisation
Provided during the year 1,480
At 31 December 2024 1,480
Net book value
At 31 December 2024 11,522
PR Branding is written off over periods of 4 and 10 years
5 Tangible fixed assets
Computers and equipment Fixtures and fittings Total
£ £ £
Cost
At 1 January 2024 61,641 1,626 63,267
Additions 5,519 - 5,519
Transfers (13,001) - (13,001)
At 31 December 2024 54,159 1,626 55,785
Depreciation
At 1 January 2024 8,781 1,525 10,306
Charge for the year 3,721 101 3,822
At 31 December 2024 12,502 1,626 14,128
Net book value
At 31 December 2024 41,657 - 41,657
At 31 December 2023 52,860 101 52,961
6 Debtors 2024 2023
£ £
Trade debtors 33,745 21,621
Prepayments and accrued income 19,752 18,696
Purchased debt 315,170 268,251
368,667 308,568
Amounts due after more than one year 250,000 160,000
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 16,852 22,436
Amounts owed to group undertakings 455,861 375,013
Other taxes and social security costs 6,946 5,262
Accruals and deferred income 7,026 3,433
Other creditors 34,402 60,893
521,087 467,037
8 Defined contribution pension plans
The company offers a defined contribution scheme for the benefit of certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,458 (2023 £1,522)
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 34,000 22,000
10 Presentation currency
The financial statements are presented in Sterling.
11 Controlling party
The company is a wholly owned subsidiary of Broadriver (Holdings) Ltd. In the opinion of the directors the ultimate holding company at the year end was Broadriver Eot Ltd a company incorporated in England and Wales. The results are included in the consolidated accounts of Broadriver Eot Ltd and copies of the consolidated accounts can be obtained from the registered office.
12 Other information
Sinclair Taylor Management Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Compass House
Waterside, Hanbury Road
Bromsgrove
B60 4FD
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