REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEVIN SMITH CONSULTING LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEVIN SMITH CONSULTING LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
|
|
|
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Chartered Accountants' Report | 7 |
KEVIN SMITH CONSULTING LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants and Tax Advisors |
26 Main Avenue |
Moor Park |
HA6 2HJ |
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
BALANCE SHEET |
30 NOVEMBER 2019 |
|
30.11.19 | 30.11.18 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
|
|
|
|
|
|
|
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Kevin Smith Consulting Limited is a
|
The company's registered number and registered office address can be found on the Company |
Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going concern |
The company meets its day-to-day working capital requirements through its bank facility. After making |
enquiries, the directors have a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future; taken to be 12 months from signing the |
financial statements. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
|
Turnover |
Turnover comprises revenue recognised by the company in respect of management consultancy services |
supplied. Turnover is measured as the fair value of the consideration received or receivable, excluding |
discounts, rebates and other sales taxes, such as value-added tax. The following criteria must also be met |
before revenue is recognised: |
|
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided |
in accordance with the stage of completion of the contract when all of the following conditions are |
satisfied: |
- the amount of revenue 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. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to |
the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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 realised the asset and settle the |
liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised costs 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. |
|
Cash and cash equivalents are represented by cash in hand and deposits held at financial institutions. |
|
Impairment of financial assets |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds |
its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a |
revalued amount where the impairment loss is a revaluation decrease. |
|
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 trade creditors are initially recognised at transaction price unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of |
the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at |
amortised cost, using the effective interest rate method. 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. Amounts 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. |
|
Derecognition of financial liabilities |
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged |
or cancelled. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
account, except to the extent that it relates to items recognised in other comprehensive income or directly |
in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured using |
tax rates and laws that have been enacted or substantively enacted by the year end and that are expected |
to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2018 |
and 30 November 2019 |
|
DEPRECIATION |
At 1 December 2018 |
and 30 November 2019 |
|
NET BOOK VALUE |
At 30 November 2019 |
|
KEVIN SMITH CONSULTING LIMITED (REGISTERED NUMBER: 07837946) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.19 | 30.11.18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.19 | 30.11.18 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £37,000 (2018 - £42,000) were paid to the directors . |
|
At the reporting date, amount due to the director was £5,957 (2018: £23,574). Outstanding amount is |
unsecured, attracts no interest, has no fixed terms of repayment and considered payable on demand. |
|
8. | POST BALANCE SHEET EVENTS |
|
The COVID-19 pandemic has been identified as a relevant event, but it is deemed to be non-adjusting as |
the condition did not exist at the balance sheet date. The directors have considered the effect of the |
COVID-19 pandemic on the company's activities. This event is likely to cause disruption to the company's |
activities, but at the date of the approval of these financial statements, the extent and quantum of the |
disruptions remains uncertain. |
|
9. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|
|
There has been no change between the reporting date and date of approval of the financial statements. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
KEVIN SMITH CONSULTING LIMITED |
|
|
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only |
required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Kevin Smith Consulting Limited for the year ended 30 November 2019 which comprise the |
Profit and Loss account, Balance Sheet and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of Kevin Smith Consulting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kevin Smith Consulting Limited and state those matters that we have agreed to state to the Board of Directors of Kevin Smith Consulting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kevin Smith Consulting Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Kevin Smith Consulting 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 Kevin Smith Consulting Limited. You consider that Kevin Smith Consulting 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 Kevin Smith Consulting 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. |
|
|
|
|
|
|
|
Chartered Accountants and Tax Advisors |
26 Main Avenue |
Moor Park |
HA6 2HJ |
|
|
|