Company Registration No. 06030940 (England and Wales)
LYNCOMBE CONSULTANTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
LYNCOMBE CONSULTANTS LIMITED
COMPANY INFORMATION
Directors
M Ferns
S Cresswell
M Couzens
R S Coleman
J Kirk
Secretary
C Forbes
Company number
06030940
Registered office
Brookdale Centre
Manchester Road
Knutsford
Cheshire
United Kingdom
WA16 0SR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
United Kingdom
M2 4WU
LYNCOMBE CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LYNCOMBE CONSULTANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
3
166
410
Current assets
Debtors
4
1,332,707
325,507
Cash at bank and in hand
536,141
300,111
1,868,848
625,618
Creditors: amounts falling due within one year
5
(1,391,426)
(325,597)
Net current assets
477,422
300,021
Total assets less current liabilities
477,588
300,431
Provisions for liabilities
(32)
Net assets
477,556
300,431
Capital and reserves
Called up share capital
7
108,550
111,983
Capital redemption reserve
3,433
Profit and loss reserves
365,573
188,448
Total equity
477,556
300,431
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on
2 September 2021 and are signed on its behalf by:
2021-09-02
M Couzens
Director
Company Registration No. 06030940
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Lyncombe Consultants Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Brookdale Centre, Manchester Road, Knutsford, Cheshire, United Kingdom, WA16 0SR.
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.
The financial statements of the company are consolidated in the financial statements of Adviser Services Holdings
Limited
. These consolidated financial statements are available from
Companies House, Crown Way, Cardiff CF14 3UZ.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In forming this assessment, the directors have taken into account the impact of COVID-19 on the business, its ability to trade and to continue to meet its obligations as they fall due.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided. The following conditions must be satisfied:
-
the amount of turnover can be measured reliably;
-
it is probable that the company will receive the consideration due under the contract;
-
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-
the costs incurred and the costs to complete the contract can be measured reliably.
1.4
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.
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures and fittings
20% straight line
Computers
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
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
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
. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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,
a
re
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.
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
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
.
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.
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 (unaudited) and 31 December 2020
1,515
Depreciation and impairment
At 1 January 2020 (unaudited)
1,105
Depreciation charged in the year
244
At 31 December 2020
1,349
Carrying amount
At 31 December 2020
166
At 31 December 2019 (unaudited)
410
4
Debtors
2020
2019
unaudited
Amounts falling due within one year:
£
£
Trade debtors
426,821
324,023
Other debtors
905,886
1,484
1,332,707
325,507
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
2019
unaudited
£
£
Trade creditors
7,583
Amounts owed to group undertakings
900,000
Taxation and social security
16,365
15,515
Other creditors
467,478
310,082
1,391,426
325,597
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
32
-
2020
Movements in the year:
£
Liability at 1 January 2020
-
Charge to profit or loss
32
Liability at 31 December 2020
32
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B shares of £1 each
87,450
90,883
87,450
90,883
Ordinary X shares of £1 each
7,100
7,100
7,100
7,100
Ordinary Y shares of £1 each
7,000
7,000
7,000
7,000
Ordinary Z shares of £1 each
7,000
7,000
7,000
7,000
108,550
111,983
108,550
111,983
During the year, 3,433 Ordinary shares of £1 each were bought back by the company and subsequently cancelled.
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was qualified and the auditor reported as follows:
We have audited the financial statements of Lyncombe Consultants Limited (the 'company') for the year ended 31 December 2020 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the
Basis for qualified opinion
section of our report, the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were unable to obtain sufficient appropriate audit evidence about the opening balance sheet position as at 1 January 2020 because the entity was exempt from audit in the prior year.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
The senior statutory auditor was Lee Van Houplines.
The auditor was Azets Audit Services.
LYNCOMBE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
9
Related party transactions
Amounts owed to/by related parties
In preparing these financial statements, advantage has been taken of the provision under section 33 of FRS 102, which states that disclosure is not required of transactions with companies which are part of the same group, provided consolidated financial statements in which the company is included are publicly available.
At the balance sheet date amounts owed to/by group companies were as follows:
Amounts owed to
2020
2019
£
£
Adviser Services Holdings Limited
900,000
In the opinion of the directors there are no further transactions with related parties requiring disclosure under the Financial Reporting Standard 102 Section 33.
10
Parent company
The company's immediate and ultimate parent undertaking is
Adviser Services Holdings Limited
, also incorporated in England and Wales
.
Copies of the consolidated financial statements may be obtained from the Registrar of Companies, Maindy Way, Cardiff, CF4 3UZ.
The ultimate controlling party of the company is the board of directors by virtue of their majority share holding in
Adviser Services Holdings Limited
.