Company Registration No. 6182753 (England and Wales)
IAN SULLIVAN ARCHITECTURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
IAN SULLIVAN ARCHITECTURE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
IAN SULLIVAN ARCHITECTURE LTD
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
188,413
209,763
Current assets
Debtors
5
1,213,863
975,381
Cash at bank and in hand
443,798
275,404
1,657,661
1,250,785
Creditors: amounts falling due within one year
6
(502,627)
(386,951)
Net current assets
1,155,034
863,834
Total assets less current liabilities
1,343,447
1,073,597
Creditors: amounts falling due after more than one year
7
(82,570)
(66,346)
Net assets
1,260,877
1,007,251
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,260,677
1,007,051
Total equity
1,260,877
1,007,251
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 2021 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 2021
31 January 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 December 2021
Mr I G Sullivan
Director
Company Registration No. 6182753
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 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 2021
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.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2020
33,109
292,863
325,972
Additions
6,055
6,055
At 31 January 2021
33,109
298,918
332,027
Depreciation and impairment
At 1 February 2020
116,209
116,209
Depreciation charged in the year
27,405
27,405
At 31 January 2021
143,614
143,614
Carrying amount
At 31 January 2021
33,109
155,304
188,413
At 31 January 2020
33,109
176,654
209,763
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
44,539
68,877
Other debtors
1,169,324
906,504
1,213,863
975,381
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
32,000
32,000
Trade creditors
14,472
5,765
Corporation tax
82,093
58,564
Other taxation and social security
286,006
218,829
Other creditors
88,056
71,793
502,627
386,951
IAN SULLIVAN ARCHITECTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
82,570
66,346