Company Registration No. 3124759 (England and Wales)
PROJECT CONSULTANTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
PROJECT CONSULTANTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
PROJECT CONSULTANTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
165,072
165,699
Investments
2
3
3
165,075
165,702
Current assets
Debtors
5,794
10,000
Cash at bank and in hand
108,960
133,597
114,754
143,597
Creditors: amounts falling due within one year
(32,678)
(65,456)
Net current assets
82,076
78,141
Total assets less current liabilities
247,151
243,843
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
247,149
243,841
Shareholders' funds
247,151
243,843
For the financial year ended 30 November 2016 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 2 February 2017
Simon Kennedy
Christina Kennedy
Director
Director
Company Registration No. 3124759
PROJECT CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due, net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office equipment
50% straight line
Fixtures, fittings and equipment
33.33% straight line
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
PROJECT CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 December 2015
168,301
3
168,304
Additions
1,015
-
1,015
At 30 November 2016
169,316
3
169,319
Depreciation
At 1 December 2015
2,602
-
2,602
Charge for the year
1,642
-
1,642
At 30 November 2016
4,244
-
4,244
Net book value
At 30 November 2016
165,072
3
165,075
At 30 November 2015
165,699
3
165,702
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Capital Returns Trustees Limited
England
Ordinary
100.00
Unilon Nominees Limited
England
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Capital Returns Trustees Limited
Trading
28,371
9,129
Unilon Nominees Limited
Trading
(217,555)
(35,709)
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2
PROJECT CONSULTANTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 4 -
4
Related party relationships and transactions
Other transactions
The company has an interest free loan from Capital Returns Trustees Limited, a subsidiary undertaking. The amount owed to Capital Returns Trustees Limited as at 30 November 2016 is £19,064 (2015 - £22,241) and is shown within creditors due within one year.
During the year ended 30 November 2016 the company provided management services to Unilon Nominees Limited, a subsidiary undertaking, to the value of £45,060 (2015 - £44,773). The management services that have been provided to Unilon Nominees Limited are shown within turnover. As at 30 November 2016 Unilon Nominees Limited owed the company £283 (2015 - £nil).
As at 30 November 2016 the company owed the directors £5,891 (2015 - £18,903) and this is shown within other creditors: amounts falling due within one year.