Company Registration No. 6182753 (England and Wales)
IAN SULLIVAN ARCHITECTURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
IAN SULLIVAN ARCHITECTURE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
IAN SULLIVAN ARCHITECTURE LTD
BALANCE SHEET
AS AT 31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
209,763
195,910
Current assets
Debtors
4
975,381
931,747
Cash at bank and in hand
275,404
126,822
1,250,785
1,058,569
Creditors: amounts falling due within one year
5
(386,951)
(398,844)
Net current assets
863,834
659,725
Total assets less current liabilities
1,073,597
855,635
Creditors: amounts falling due after more than one year
6
(66,346)
(99,591)
Net assets
1,007,251
756,044
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,007,051
755,844
Total equity
1,007,251
756,044
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
IAN SULLIVAN ARCHITECTURE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2020
31 January 2020
2020
2019
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 November 2020
Mr I G Sullivan
Director
Company Registration No. 6182753
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
Ian Sullivan Architecture Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 The Orchard, South Marston, Swindon, Wiltshire, SN3 4DD.
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 £.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
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:
Freehold land and buildings
Nil
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
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 and cash equivalents
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2019
26,137
254,806
280,943
Additions
6,972
38,057
45,029
At 31 January 2020
33,109
292,863
325,972
Depreciation and impairment
At 1 February 2019
-
85,033
85,033
Depreciation charged in the year
-
31,176
31,176
At 31 January 2020
-
116,209
116,209
Carrying amount
At 31 January 2020
33,109
176,654
209,763
At 31 January 2019
26,137
169,773
195,910
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
68,877
65,469
Other debtors
906,504
866,278
975,381
931,747
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
32,000
31,200
Trade creditors
5,765
22,495
Corporation tax
58,564
63,324
Other taxation and social security
218,829
197,261
Other creditors
71,793
84,564
386,951
398,844
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
66,346
99,591