COMPANY REGISTRATION NUMBER:
02171257
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Statement of Financial Position
|
|
31 December 2021
Fixed assets
Tangible assets
|
5
|
|
63,325
|
83,846
|
|
|
|
|
|
Current assets
Debtors
|
198,170
|
|
200,951
|
Cash at bank and in hand
|
36,558
|
|
36,482
|
|
---------
|
|
---------
|
|
234,728
|
|
237,433
|
|
|
|
|
Creditors: amounts falling due within one year
|
235,125
|
|
237,601
|
|
---------
|
|
---------
|
Net current liabilities
|
|
397
|
168
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
62,928
|
83,678
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
128
|
19
|
|
|
--------
|
--------
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Net assets
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62,800
|
83,659
|
|
|
--------
|
--------
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|
|
|
|
Capital and reserves
Called up share capital
|
|
400
|
400
|
Revaluation reserve
|
|
62,400
|
83,200
|
Profit and loss account
|
|
–
|
59
|
|
|
--------
|
--------
|
Shareholders funds
|
|
62,800
|
83,659
|
|
|
--------
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--------
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|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
31 December 2021
These abridged financial statements were approved by the
board of directors
and authorised for issue on
2 March 2022
, and are signed on behalf of the board by:
Company registration number:
02171257
Notes to the Abridged Financial Statements
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Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Paternoster House, 65 St Pauls Churchyard, 2nd Floor, London, EC4M 8AB.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
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 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.
Tangible 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:
|
Leasehold improvements
|
-
|
20% straight line
|
|
Fixtures and fittings
|
-
|
20% to 25% Straight line
|
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2020:
8
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 January 2021
|
299,781
|
Additions
|
1,088
|
|
---------
|
At 31 December 2021
|
300,869
|
|
---------
|
Depreciation
|
|
At 1 January 2021
|
215,935
|
Charge for the year
|
21,609
|
|
---------
|
At 31 December 2021
|
237,544
|
|
---------
|
Carrying amount
|
|
At 31 December 2021
|
63,325
|
|
---------
|
At 31 December 2020
|
83,846
|
|
---------
|
|
|
6.
Related party transactions
The company is owed £72,610 (2020: £40,606) and owes £33,058 (2020: Nil) in respect of trading activities by companies which have a participating interest in it. The company also owes these same companies £99,037 (2020: £99,037) in respect of working capital provided.