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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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THE COMBINED SERVICES PROVIDER LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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THE COMBINED SERVICES PROVIDER LIMITED |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 9 |
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Statement of Financial Position | 10 |
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Statement of Changes in Equity | 11 |
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Statement of Cash Flows | 12 |
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Notes to the Statement of Cash Flows | 13 |
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Notes to the Financial Statements | 14 |
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THE COMBINED SERVICES PROVIDER LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their strategic report for the year ended 31 December 2021. |
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The aim of this strategic report is to present a balanced and comprehensive assessment of the development and performance of the business throughout 2021 and its position at the year end. This review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the Company. |
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REVIEW OF BUSINESS |
While COVID-19 continued to impact the UK's sports and entertainment industry at the outset of 2021, the directors pressed on with their four-point Business Continuity COVID-19 Strategy, focusing strongly on the objective for the Company to be best placed to react to, and capitalise on the market place, when normal business operational levels resumed. |
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During Q1 of 2021, the Company continued to protect its employees and pushed on with the project to review and improve the key operational aspects of the business. Many new and enhanced systems, processes and procedures were tested and implemented during this time to promote future cost-savings and efficiencies. |
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A high level of focus was placed on engaging with and supporting the Company's portfolio of clients as they navigated the ever-changing landscape of staging events in their venues, with varying levels of spectator attendance. These strong client relationships resulted in renewed or extended contracts with Watford FC, Tottenham Hotspur FC, London Stadium, Birmingham City FC, Ascot Racecourse and Westonbirt. |
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New business was secured through traffic management contracts at Luton Town FC and Brighton Racecourse and the 2020 investment in a lightweight Hostile Vehicle Mitigation system was a success, with uptake from Arsenal FC, Chelsea FC and London Stadium. |
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Highlights of 2021 included the provision of services to The Foreign and Commonwealth Office's prestigious G7 and COP26 events; the increased level of resources provided to the AELTC at Wimbledon; and the continuing role to support numerous COVID-19 Testing and Vaccination Centres across the south east. |
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Whilst the full return of spectators to sport and entertainment venues resulted in a particularly concentrated event calendar from June onwards, the success of the Business Continuity COVID-19 Strategy ensured that the company was primed to respond to the needs of its clients and able to provide them with enhanced service levels and added value. |
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The increase in business and the longer-term contracts that were secured during 2021 resulted in the need for an active recruitment drive for both the Operations and Resourcing & Recruitment teams. In order for the Company to sustain and continue to expand the business, it is anticipated that this recruitment drive will continue in 2022. |
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In their review of 2021, the directors conclude that their pro-active approach to the pandemic has safely seen the Company through the challenges it faced and, in turn, has resulted in a stronger and more resilient business. Furthermore, they view the record-breaking Year-End financial figures as testament to the efficiencies that have been implemented and the opportunities available for future growth of the business. |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to which the business is subject are, economic risk, financial risk and revenue recognition. Details of these risks and the procedures in place to minimise these are as follows: |
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-The economic risk relating to the possible decline in business is dependent on continued customer relationships and ensuring contracts are maintained. We address this by closely monitoring our customers' needs and respond to these by adapting our services. |
-The financial risks present in maintaining the on-going cash flow are addressed through a regular review of cash flow, production of budgets and detailed management accounts and rigorous management of our assets. |
-Revenue recognition including the collection of cash in car parks is managed by effective controls and daily reconciliations. |
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Our team |
The Company continues to invest in its employees, developing and progressing their skills and the opportunities available to them. The Company regularly reviews employee welfare and keeps abreast of market trends for remuneration and benefits in order to stimulate loyalty and high employee retention figures. |
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Our brand |
The Company protects its brand value and market position by continually monitoring customer satisfaction and seeking new opportunities that both complement and add value to its high profile portfolio of clients. |
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Our services |
The Company's core business lies in its expertise at providing car parking and traffic management services. The services within this niche market are provided to a diverse portfolio of high profile UK venues and event organisers. The Company also provide security, stewarding, and event cleaning services; however, a cautious approach is always taken on any bid for these services to ensure they comply with and complement the strategy of the business. |
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Our partners |
The Company's long-established relationships with its clients and customers continue to deliver a high level of repeat and referral business. A comprehensive list of the Company's partners can be found on its website. |
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Our performance |
The Company's key financial performance indicators are those that communicate the overall financial performance and strength of the Company, these being Turnover, Gross Profit and Operating Profit, as follows: |
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2021 | 2020 |
Turnover | £18,191,365 | £8,029,070 |
Gross profit | £4,459,660 | £25,871 |
Operating profit | £2,835,462 | £512,699 |
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ON BEHALF OF THE BOARD: |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 31 December 2021 will be £
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FUTURE DEVELOPMENTS |
Information on likely future developments in the business of the company has been included in the Strategic |
Report on page 2. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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POLITICAL DONATIONS AND EXPENDITURE |
No contributions to political organisations were made during the year. |
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EMPLOYMENT POLICIES |
CSP periodically update and revise all Policies and Procedures to provide employees with direct access to the information they need. These are audited via the ISO9001:2015 Quality Procedure System. CSP also recognise the need to keep all employees updated on Company Performance, Strategic Direction and Key Challenges. CSP hosts a twice yearly Communications Meeting to which all permanent staff are invited to present company progress and engage with staff, as well as distributing copies of the meeting to all those staff unable to attend. Front Line teams are communicated to and kept updated via a monthly newsletter sent out through a staff portal. The views of CSP's front-line staff are considered in any strategy and gauged through an annual staff survey. |
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The company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled whilst employed by the company. Particular attention is given to the training, career development and promotion of disabled employees with a view to encouraging them to play an active role in the development of the company. |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE COMBINED SERVICES PROVIDER LIMITED |
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Opinion |
We have audited the financial statements of The Combined Services Provider Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE COMBINED SERVICES PROVIDER LIMITED |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE COMBINED SERVICES PROVIDER LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- the nature of the industry and sector, control environment and business performance including the design of the key drivers for performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the company's policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team including relevant specialists such as tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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2,645,489 | (1,368,766 | ) |
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Other operating income | 3 |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL
YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Inventories | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for
issue on
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2021 |
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THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at
beginning of year |
2 |
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1,463,847 |
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Cash and cash equivalents at end of
year |
2 |
2,158,842 |
2,511,151 |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.21 | 31.12.20 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Government grants | ( |
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Finance income | (5,925 | ) | (20,197 | ) |
3,031,644 | 667,530 |
Decrease in inventories |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
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Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 2,158,842 | 2,511,151 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 2,511,151 | 1,463,847 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,511,151 | (352,309 | ) | 2,158,842 |
2,511,151 | ( |
) | 2,158,842 |
Total | 2,511,151 | (352,309 | ) | 2,158,842 |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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The Combined Services Provider Limited is a company limited by shares, incorporated in England and Wales. Its registered office is Unit 1, Abloy House, Croxley Green Business Park, Hatters Lane, Watford, Hertfordshire, WD18 8AJ. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is £ sterling. |
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Preparation of consolidated financial statements |
The financial statements contain information about The Combined Services Provider Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as its subsidiary undertakings are both dormant and are not material for the purpose of giving a true and fair view. |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, and adjusted for deferred income. The turnover is the total income received before paying contracted net payments to customers. |
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Revenue recognition |
Revenue is recognised when an event has taken place or cash has been collected. |
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Property, plant and equipment |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Inventories |
Inventories (also described as stock) are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such on the balance sheet. |
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Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | OTHER OPERATING INCOME |
31.12.21 | 31.12.20 |
£ | £ |
Government grants |
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The company received government grants of £189,973 (£1,881,465 2020) under the Coronavirus Job Retention Scheme to compensate for employees placed on furlough. There are no unfulfilled conditions or other contingencies attached to these grants. The entity has not directly benefited from any other forms of government assistance. |
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | EMPLOYEES AND DIRECTORS |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
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Directors | 3 | 3 |
Management and administration | 58 | 57 |
Operational | 428 | 298 |
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31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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|
|
Information regarding the highest paid director is as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Emoluments etc |
|
|
Pension contributions to money purchase schemes |
|
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
31.12.21 | 31.12.20 |
£ | £ |
Depreciation - owned assets |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
|
|
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
6. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
31.12.21 | 31.12.20 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK
of |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Deferred tax: origination and reversal of timing differences | 41,484 | (6,019 | ) |
Total tax charge | 519,608 | 98,011 |
|
7. | DIVIDENDS |
31.12.21 | 31.12.20 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
8. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
The company owns 99.9% of the issued share capital of City and Suburban (Car Parks) Limited, a dormant company registered in England and Wales. |
|
The company also owns 100% of the issued share capital of City and Suburban Parking Limited, a dormant company registered in England and Wales. |
|
10. | INVENTORIES |
31.12.21 | 31.12.20 |
£ | £ |
Raw materials and consumables |
|
|
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
11. | DEBTORS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
|
Aggregate amounts |
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 1,083,344 | 530,755 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | PROVISIONS FOR LIABILITIES |
31.12.21 | 31.12.20 |
£ | £ |
Deferred tax | 73,253 | 31,769 |
Dilapidations | 10,000 | 10,000 |
|
|
THE COMBINED SERVICES PROVIDER LIMITED (REGISTERED NUMBER: 02492591) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
14. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred | Dilapidati |
tax | ons |
£ | £ |
Balance at 1 January 2021 |
|
|
Movement in the year | 41,484 | - |
Balance at 31 December 2021 |
|
|
|
Dilapidation provision |
Provides for the expected cost of satisfying conditions stipulated in lease agreements. The expectation is that the costs will be incurred between one to five years time. |
|
. |
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
16. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2021 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2021 |
|
|
17. | RELATED PARTY DISCLOSURES |
|
During the year, a total of key management personnel compensation of £
|
|
18. | POST BALANCE SHEET EVENTS |
|
During the year the spread of COVID-19 continued to impact the world economy and the markets serviced by the company. Throughout calendar year 2021 the company has steadily recovered both in turnover and profitability. When navigating the harsher effects of the pandemic the company utilised the Coronavirus Job Retention Scheme, this support ceased in June 2021. Forecasts prepared by the Directors suggest that this financial performance will be maintained through 2022. |