Company Registration No. 06452401 (England and Wales)
EMERALD TRAINING & CONSULTANCY LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
EMERALD TRAINING & CONSULTANCY LIMITED
COMPANY INFORMATION
Directors
D O'Connor
O O'Connor
Secretary
D O'Connor
Company number
06452401
Registered office
10 Church Crescent
Whetstone
London
N20 0JP
Accountants
Goldblatts
171-173 Gray's Inn Road
London
WC1X 8UE
Business address
10 Church Crescent
Whetstone
London
N20 0JP
EMERALD TRAINING & CONSULTANCY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
EMERALD TRAINING & CONSULTANCY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The directors present their report and financial statements for the year ended 31 December 2015.
Principal activities
The principal activity of the company is that of Training & Consultancy.
Directors
The following directors have held office since 1 January 2015:
D O'Connor
O O'Connor
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
D O'Connor
Director
30 September 2016
EMERALD TRAINING & CONSULTANCY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EMERALD TRAINING & CONSULTANCY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Emerald Training & Consultancy Limited for the year ended 31 December 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Emerald Training & Consultancy Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Emerald Training & Consultancy Limited and state those matters that we have agreed to state to the Board of Directors of Emerald Training & Consultancy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Emerald Training & Consultancy Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Emerald Training & Consultancy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Emerald Training & Consultancy Limited. You consider that Emerald Training & Consultancy Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Emerald Training & Consultancy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Goldblatts
30 September 2016
Chartered Accountants
171-173 Gray's Inn Road
London
WC1X 8UE
EMERALD TRAINING & CONSULTANCY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2015
2014
Notes
£
£
Turnover
72,508
96,399
Cost of sales
(3,289)
(18,324)
Gross profit
69,219
78,075
Administrative expenses
(37,417)
(25,931)
Operating profit
2
31,802
52,144
Interest payable and similar charges
(26)
(43)
Profit on ordinary activities before taxation
31,776
52,101
Tax on profit on ordinary activities
3
(6,609)
(10,450)
Profit for the year
8
25,167
41,651
EMERALD TRAINING & CONSULTANCY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
5
708
813
Current assets
Debtors
6,507
4,779
Cash at bank and in hand
7,540
43,174
14,047
47,953
Creditors: amounts falling due within one year
6
(12,293)
(41,471)
Net current assets
1,754
6,482
Total assets less current liabilities
2,462
7,295
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
8
2,460
7,293
Shareholders' funds
2,462
7,295
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 30 September 2016
D O'Connor
Director
Company Registration No. 06452401
EMERALD TRAINING & CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the company's sole director and shareholder.
The director has indicated that continued funding will be provided to support the company for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows. As a consequence, the director believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. As such, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, she continues to adopt the going concern basis in preparing the annual report and accounts.
If the company were unable to trade, adjustments would have to be made to reduce the value of the
assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
252
271
Directors' remuneration
11,515
11,070
3
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
6,609
10,450
Total current tax
6,609
10,450
EMERALD TRAINING & CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 6 -
4
Dividends
2015
2014
£
£
Ordinary interim paid
30,000
50,000
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2015
-
4,978
4,978
Additions
147
-
147
At 31 December 2015
147
4,978
5,125
Depreciation
At 1 January 2015
-
4,165
4,165
Charge for the year
49
203
252
At 31 December 2015
49
4,368
4,417
Net book value
At 31 December 2015
98
610
708
At 31 December 2014
-
813
813
6
Creditors: amounts falling due within one year
2015
2014
£
£
Taxation and social security
9,892
14,287
Other creditors
2,401
27,184
12,293
41,471
7
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary Shares of £1 each
2
2
EMERALD TRAINING & CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 7 -
8
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 January 2015
7,293
Profit for the year
25,167
Dividends paid
(30,000)
Balance at 31 December 2015
2,460
9
Control
The ultimate controlling parties are Orla O'Connor & Derek O'Connor by virtue of their ownership of the entire issued share capital of the company.
10
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2015
2014
£
£
D O'Connor
15,000
25,000
O O'Connor
15,000
25,000
30,000
50,000
Included in debtors is an amount owed to the company in the sum of £5,973. Last year included in other creditors was an amount due to the director in the sum of £24,687 .The loan was interest-free, unsecured and repayable on demand.
EMERALD TRAINING & CONSULTANCY LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2015
EMERALD TRAINING & CONSULTANCY LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 DECEMBER 2015
2015
2014
£
£
Administrative expenses
Directors' remuneration
11,515
11,070
Insurance
207
310
Cleaning
227
-
Repairs and maintenance
2,056
-
Premises Costs
2,600
2,600
Printing, postage and stationery
199
358
Telephone
1,986
1,855
Travelling and Subsistence Expenses
14,507
8,443
Entertaining - non allowable
1,421
-
Accountancy
1,657
726
Bank charges
73
76
Sundry expenses - allowable
717
-
Depreciation on FF & E
203
271
Profits/losses on disp of tangibles
-
222
Depreciation on computer equipment
49
-
37,417
25,931
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