Company Registration No. 03601372 (England and Wales)
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,161
91,655
Current assets
Debtors
4
521,930
873,921
Cash at bank and in hand
997,381
707,285
1,519,311
1,581,206
Creditors: amounts falling due within one year
5
(1,428,703)
(1,579,165)
Net current assets
90,608
2,041
Total assets less current liabilities
120,769
93,696
Provisions for liabilities
(1,888)
(12,729)
Net assets
118,881
80,967
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
118,781
80,867
Total equity
118,881
80,967
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 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2019 and are signed on its behalf by:
J Payne
Director
Company Registration No. 03601372
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
1
Accounting policies
Company information
Churchill Knight and Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, Metropolitan House, Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts derived from provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received.
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:
Furntiure, Fixtures and fittings
20% on cost
Office equipment and Computer equipment
33.33% on cost
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
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.5
Debtors
Short term debtors are measured at transaction price, less any impairments
. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.6
Creditors
Short term creditors are measured at the transaction price
. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 5 -
2
Employees
The average number of
employees
(including directors) employed by the company during the year was 69 (2018 - 91).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2018
1,070
688,742
689,812
Additions
-
11,197
11,197
At 31 January 2019
1,070
699,939
701,009
Depreciation and impairment
At 1 February 2018
1,070
597,087
598,157
Depreciation charged in the year
-
72,691
72,691
At 31 January 2019
1,070
669,778
670,848
Carrying amount
At 31 January 2019
-
30,161
30,161
At 31 January 2018
-
91,655
91,655
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
271,739
692,233
Other debtors
250,191
181,688
521,930
873,921
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
1,274
4,537
Trade creditors
20,664
62,940
Other taxation and social security
406,073
365,725
Other creditors
1,000,692
1,145,963
1,428,703
1,579,165
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A shares of £1 each
90
90
5 Ordinary B shares of £1 each
5
5
5 Ordinary C shares of £1 each
5
5
100
100
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
26,018
58,967
8
Related party transactions
Included
within
other debtors
are
£7,265 (2018: £5,278)
and £86,579 (2018: £140,000 - credit balance)
owed to the company by Bluebird Accountancy Limited
and Churchill Knight Umbrella Limited respectively. The directors hold directorship in both companies.