| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Richard Sullivan Consulting Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Richard Sullivan Consulting Ltd |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| Richard Sullivan Consulting Ltd |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered accountants |
| 2nd Floor |
| 33 Park Place |
| Leeds |
| LS1 2RY |
| BANKERS: |
| PO Box 250 |
| Skelmersdale |
| WN8 6WT |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Richard Sullivan Consulting Ltd |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richard Sullivan Consulting Ltd for the year ended 31 October 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| It is your duty to ensure that Richard Sullivan Consulting Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Richard Sullivan Consulting Ltd. You consider that Richard Sullivan Consulting Ltd is exempt from the statutory audit requirement for the year. |
| Chartered accountants |
| 2nd Floor |
| 33 Park Place |
| Leeds |
| LS1 2RY |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Statement of Financial Position |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Statement of Financial Position - continued |
| 31 October 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Richard Sullivan Consulting Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the historical cost basis, as modified by the measurement of investment properties at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency. |
| Going concern |
| The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This assumption is also based on the continuing support of the director. Such support has been maintained since the year end and will continue to be made available to the extent required to enable the company to meet its liabilities as and when they fall due for a period of at least twelve months from the date of approval of these accounts. |
| Accordingly, the director believes that it is appropriate to prepare the accounts on a going concern basis. |
| Revenue recognition |
| Turnover represents rental income from tenants and consultancy fees. Rental income is recognised over the term of the lease. Consultancy income is recognised for services rendered during the period. |
| Tangible fixed assets |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| Depreciation |
| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
| Fixtures & fittings | - | 15% reducing balance |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 |
| Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| 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. |
| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Revaluations |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The director of the company has valued the investment properties on an open market value basis as at 31 October 2024. |
| Richard Sullivan Consulting Ltd (Registered number: 04090965) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Included within creditors: amounts falling due after more than one year is an amount of £644,756 (2023: £1,211,366) in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from the reporting date. |
| These amounts are secured over the property assets of the company. |
| 10. | RELATED PARTIES |
| At 31 October 2024 the company owed its director £115,830 (2023: £3,493). The balance is interest free and repayable on demand. |