Company Registration No. 06774843 (England and Wales)
INSIDE CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
INSIDE CONSULTANTS LIMITED
COMPANY INFORMATION
Director
Mr M F Gower
Company number
06774843
Registered office
271 High Street
Berkhamsted
Hertfordshire
United Kingdom
HP4 1AA
Accountants
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
271 High Street
Berkhamsted
Hertfordshire
United Kingdom
HP4 1AA
INSIDE CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INSIDE CONSULTANTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
604
806
Current assets
Debtors
4
-
5,263
Cash at bank and in hand
3,661
8,954
3,661
14,217
Creditors: amounts falling due within one year
5
(50,267)
(53,623)
Net current liabilities
(46,606)
(39,406)
Total assets less current liabilities
(46,002)
(38,600)
Capital and reserves
Called up share capital
6
6,970
6,970
Share premium account
33,530
33,530
Profit and loss reserves
(86,502)
(79,100)
Total equity
(46,002)
(38,600)
The director 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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 18 December 2017
Mr M F Gower
Director
Company Registration No. 06774843
INSIDE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Inside Consultants Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
271 High Street, Berkhamsted, Hertfordshire, United Kingdom, HP4 1AA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Inside Consultants Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
These financial statements have been prepared on the assumption that the company will continue in
operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support of the company's director, creditors
,
and
shareholders.
If the company were unable to continue in existence for the foreseeable future, adjustments would be
necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed
assets as current assets and long-term liabilities as current liabilities and to provide for further liabilities
which might arise.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from the provision of professional services is recognised
in the period in which the service was performed.
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.
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:
Computer equipment
25% reducing balance
INSIDE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
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, 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.
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.
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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, loans from
fellow group companies and preference shares that are classified as debt, are
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.
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
and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
INSIDE CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
1,614
Depreciation and impairment
At 1 April 2016
808
Depreciation charged in the year
202
At 31 March 2017
1,010
Carrying amount
At 31 March 2017
604
At 31 March 2016
806
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
-
5,263
5
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
2,359
8,458
Other creditors
47,908
45,165
50,267
53,623
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6,970 Ordinary shares of £1 each
6,970
6,970