Company Registration No. 02730598 (England and Wales)
DAVID BURNSIDE ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
DAVID BURNSIDE ASSOCIATES LIMITED
COMPANY INFORMATION
Director
D W B Burnside
Secretary
D L Marshall
Company number
02730598
Registered office
30 City Road
London
ECY1 2AB
Accountants
Arram Berlyn Gardner (AH) Limited
30 City Road
London
EC1Y 2AB
DAVID BURNSIDE ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DAVID BURNSIDE ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
322,438
337,440
Investments
4
749
749
323,187
338,189
Current assets
Debtors
5
-
12,645
Cash at bank and in hand
74,909
56,523
74,909
69,168
Creditors: amounts falling due within one year
6
(72,945)
(51,452)
Net current assets
1,964
17,716
Total assets less current liabilities
325,151
355,905
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
325,051
355,805
Total equity
325,151
355,905
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2018
D W B Burnside
Director
Company Registration No. 02730598
DAVID BURNSIDE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
David Burnside Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30 City Road, London, ECY1 2AB. The trading address is Dacre House, 19 Dacre Street, London, SW1H 0DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings - Leasehold
1% straight line basis
Plant and machinery
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DAVID BURNSIDE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DAVID BURNSIDE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
338,942
45,882
384,824
Additions
-
2,500
2,500
Disposals
-
(26,999)
(26,999)
At 31 March 2018
338,942
21,383
360,325
Depreciation and impairment
At 1 April 2017
19,985
27,399
47,384
Depreciation charged in the year
3,389
1,457
4,846
Eliminated in respect of disposals
-
(14,343)
(14,343)
At 31 March 2018
23,374
14,513
37,887
Carrying amount
At 31 March 2018
315,568
6,870
322,438
At 31 March 2017
318,957
18,483
337,440
DAVID BURNSIDE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Fixed asset investments
2018
2017
£
£
Investments
749
749
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017 & 31 March 2018
749
Carrying amount
At 31 March 2018
749
At 31 March 2017
749
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
-
12,645
6
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts due to group undertakings
6,539
-
Corporation tax
16,346
17,992
Other taxation and social security
56,923
17,760
Other creditors
(6,863)
15,700
72,945
51,452
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
DAVID BURNSIDE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
8
Related party transactions
Remuneration of key management personnel
2018
2017
£
£
Aggregate compensation
200,045
166,907
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of services and rental income
Expenses paid to related companies
2018
2017
2018
2017
£
£
£
£
Entities with control, joint control or significant influence over the company
320,885
285,613
24,692
28,989
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
46,461
2017
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
10,000
The company has taken advantage of the exemption available in FRS 102 "Related party disclosures"
w
hereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary
undertaking of the group.
9
Parent company
The ultimate parent company is New Century Holdings Limited, a company registered in England and Wales.