Company Registration No. 03601372 (England and Wales)
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
J Payne
T Edwards
Company number
03601372
Registered office
1st Floor
Metropolitan House
Darkes Lane
Potters Bar
Hertfordshire
EN6 1AG
Accountants
BM2020 Limited
82 St John Street
London
EC1M 4JN
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
91,655
154,935
Current assets
Debtors
4
873,921
843,058
Cash at bank and in hand
707,285
679,647
1,581,206
1,522,705
Creditors: amounts falling due within one year
5
(1,579,165)
(1,566,136)
Net current assets/(liabilities)
2,041
(43,431)
Total assets less current liabilities
93,696
111,504
Creditors: amounts falling due after more than one year
6
-
(8,765)
Provisions for liabilities
(12,729)
(24,972)
Net assets
80,967
77,767
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
80,867
77,667
Total equity
80,967
77,767
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 2018 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.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2018 and are signed on its behalf by:
J Payne
Director
Company Registration No. 03601372
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2016
100
463,534
463,634
Year ended 31 January 2017:
Profit and total comprehensive income for the year
-
70,309
70,309
Dividends
-
(456,176)
(456,176)
Balance at 31 January 2017
100
77,667
77,767
Year ended 31 January 2018:
Profit and total comprehensive income for the year
-
290,101
290,101
Dividends
-
(286,901)
(286,901)
Balance at 31 January 2018
100
80,867
80,967
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 4 -
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% 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
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.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include
debtors,
cash and bank balances
and
loans
to
fellow group companies, are initially measured at transaction price.
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
and
loans from
fellow group companies, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
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.
1.6
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.
1.7
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.
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.
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 6 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
2
Employees
The average number of
employees
(including directors) employed by the company during the year was 91 (2017 - 123).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2017
1,070
671,044
672,114
Additions
-
17,698
17,698
At 31 January 2018
1,070
688,742
689,812
Depreciation and impairment
At 1 February 2017
1,070
516,109
517,179
Depreciation charged in the year
-
80,978
80,978
At 31 January 2018
1,070
597,087
598,157
Carrying amount
At 31 January 2018
-
91,655
91,655
At 31 January 2017
-
154,935
154,935
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 7 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
692,233
558,811
Other debtors
17,927
10,181
Prepayments and accrued income
163,761
274,066
873,921
843,058
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
4,537
65,270
Trade creditors
62,940
99,120
Corporation tax
60,350
47,926
Other taxation and social security
305,375
348,400
Other creditors
520,421
445,774
Accruals and deferred income
625,542
559,646
1,579,165
1,566,136
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
-
8,765
7
Called up share capital
2018
2017
£
£
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
CHURCHILL KNIGHT AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 8 -
8
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:
2018
2017
£
£
58,967
102,716
9
Related party transactions
Included in other debtors is £5,278 (2017: £Nil) owed to the company by Bluebird Accountancy Limited, a company
of
which both Mr J Payne and Mr T Edwards are also directors.
Included in other creditors is £140,000 (2017: £Nil) owed by Churchill Knight Umbrella Limited to the company, a company
of
which both Mr J Payne and Mr T Edwards are also directors.
2018-01-31
2017-02-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
31 October 2018
L Payne
J Payne
T Edwards
03601372
2017-02-01
2018-01-31
03601372
bus:Director2
2017-02-01
2018-01-31
03601372
bus:Director3
2017-02-01
2018-01-31
03601372
bus:Director1
2017-02-01
2018-01-31
03601372
bus:RegisteredOffice
2017-02-01
2018-01-31
03601372
2018-01-31
03601372
2017-01-31
03601372
core:OtherPropertyPlantEquipment
2018-01-31
03601372
core:OtherPropertyPlantEquipment
2017-01-31
03601372
core:CurrentFinancialInstruments
2018-01-31
03601372
core:CurrentFinancialInstruments
2017-01-31
03601372
core:Non-currentFinancialInstruments
2017-01-31
03601372
core:ShareCapital
2018-01-31
03601372
core:ShareCapital
2017-01-31
03601372
core:RetainedEarningsAccumulatedLosses
2018-01-31
03601372
core:RetainedEarningsAccumulatedLosses
2017-01-31
03601372
core:ShareCapital
core:RestatedAmount
2016-01-31
03601372
core:RestatedAmount
2016-01-31
03601372
core:ShareCapitalOrdinaryShares
2018-01-31
03601372
core:ShareCapitalOrdinaryShares
2017-01-31
03601372
2016-02-01
2017-01-31
03601372
core:RetainedEarningsAccumulatedLosses
2017-02-01
2018-01-31
03601372
core:RetainedEarningsAccumulatedLosses
2016-02-01
2017-01-31
03601372
core:FurnitureFittings
2017-02-01
2018-01-31
03601372
core:ComputerEquipment
2017-02-01
2018-01-31
03601372
core:LandBuildings
2017-01-31
03601372
core:OtherPropertyPlantEquipment
2017-01-31
03601372
2017-01-31
03601372
core:LandBuildings
2018-01-31
03601372
core:OtherPropertyPlantEquipment
2017-02-01
2018-01-31
03601372
bus:OrdinaryShareClass1
2017-02-01
2018-01-31
03601372
bus:OrdinaryShareClass2
2017-02-01
2018-01-31
03601372
bus:OrdinaryShareClass3
2017-02-01
2018-01-31
03601372
bus:OrdinaryShareClass1
2018-01-31
03601372
bus:OrdinaryShareClass2
2018-01-31
03601372
bus:OrdinaryShareClass3
2018-01-31
03601372
bus:PrivateLimitedCompanyLtd
2017-02-01
2018-01-31
03601372
bus:FRS102
2017-02-01
2018-01-31
03601372
bus:AuditExemptWithAccountantsReport
2017-02-01
2018-01-31
03601372
bus:SmallCompaniesRegimeForAccounts
2017-02-01
2018-01-31
03601372
bus:FullAccounts
2017-02-01
2018-01-31
xbrli:pure
xbrli:shares
iso4217:GBP