Company Registration No. 3124759 (England and Wales)
PROJECT CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
PROJECT CONSULTANTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
4
170,000
166,314
Investments
5
3
3
170,003
166,317
Current assets
Debtors
7
1,096
5,794
Cash at bank and in hand
107,224
108,960
108,320
114,754
Creditors: amounts falling due within one year
8
(24,318)
(32,678)
Net current assets
84,002
82,076
Total assets less current liabilities
254,005
248,393
Provisions for liabilities
(1,186)
(248)
Net assets
252,819
248,145
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
252,817
248,143
Total equity
252,819
248,145
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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.
PROJECT CONSULTANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 March 2018 and are signed on its behalf by:
Simon Kennedy
Christina Kennedy
Director
Director
Company Registration No. 3124759
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Project Consultants Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Allways, West Shepton, Shepton Mallet, Somerset, BA4 5UH.
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 as modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Project Consultants Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 13.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
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
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:
Office equipment
50% straight line
Fixtures, fittings and equipment
33.33% straight line
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
.
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 3 (2016 - 2).
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016
4,244
Additions
298
At 30 November 2017
4,542
Depreciation and impairment
At 1 December 2016
4,244
Depreciation charged in the year
298
At 30 November 2017
4,542
Carrying amount
At 30 November 2017
-
At 30 November 2016
-
4
Investment property
2017
£
Fair value
At 1 December 2016
166,314
Disposals
(1,314)
Revaluations
5,000
At 30 November 2017
170,000
The fair value of the investment property has been arrived at on the basis of an estimation made by the company's directors.
5
Fixed asset investments
2017
2016
£
£
Investments
3
3
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 30 November 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Capital Returns Trustees Limited
England
Trading
Ordinary
100.00
Unilon Nominees Limited
England
Trading
Ordinary
100.00
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
574
4,722
Other debtors
522
1,072
1,096
5,794
8
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
17
Corporation tax
2,064
3,737
Other taxation and social security
2,293
1,968
Other creditors
19,961
26,956
24,318
32,678
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
2
2
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 8 -
10
Related party 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 2017 is £16,167 (2016 - £19,064) and is shown within creditors due within one year.
During the year ended 30 November 2017 the company provided management services to Unilon Nominees Limited, a subsidiary undertaking, to the value of £46,924 (2016 - £44,060). The management services that have been provided to Unilon Nominees Limited are shown within turnover. As at 30 November 2017 Unilon Nominees Limited owed the company £574 (2016 - £283).
11
Directors' transactions
As at 30 November 2017 the company owed the directors £2,294 (2016 - £5,891) and this is shown within other creditors: amounts falling due within one year.
12
Parent company
The company has been controlled throughout the current year and the preceding year by Mr S. Kennedy and Mrs C.
Kennedy by virtue of their 100% joint ownership of the company's issued share capital.
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 December
30 November
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
243,843
247,151
Adjustments arising from transition to FRS 102:
Change in fair value of investment property
-
1,242
Deferred tax on change in fair value of investment property
-
(248)
Equity reported under FRS 102
243,843
248,145
PROJECT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
13
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Notes to reconciliations on adoption of FRS 102
Change in fair value of investment property
Under FRS 102, changes in the fair value of investment properties are recorded in the profit and loss account.
There is a credit of £1,242 to the profit and loss account for the year ended 30 November 2016, being the increase in the fair value of the investment property in the year.
Deferred tax on change in fair value of investment property
Under FRS 102, deferred tax is recognised on a timing difference plus approach, whereas previous UK GAAP required a timing difference approach. Consequently, under FRS 102, deferred tax is recognised on all fair value re-measurements.
The increase in the fair value of the investment property during the year ended 30 November 2016 gives rise to a deferred tax liability of £248 as at 30 November 2016, and there is a charge of £248 to the profit and loss account for the year ended 30 November 2016.