COMPANY REGISTRATION NUMBER:
08043511
Aber-Bangor Consultancy Ltd
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Filleted Unaudited Financial Statements
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Aber-Bangor Consultancy Ltd
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Year ended 31 July 2017
The directors present their report and the unaudited financial statements of the company for the year ended
31 July 2017
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Directors
The directors who served the company during the year were as follows:
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Aberystwyth University
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Bangor University
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Michael Davies
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Mr David Shepherd
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Chris. Thomas
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Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
30 August 2017
and signed on behalf of the board by:
G Reed
On behalf of Aberystwyth University
Registered office:
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Visualisation Centre
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Penglais
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Aberystwyth
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Ceredigion
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SY23 3BF
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Aber-Bangor Consultancy Ltd
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Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Aber-Bangor Consultancy Ltd
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Year ended 31 July 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FRANCIS GRAY
Chartered accountant
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
30 August 2017
Aber-Bangor Consultancy Ltd
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Statement of Financial Position
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31 July 2017
Current assets
Debtors
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4
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4,544
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671
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Cash at bank and in hand
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23,614
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37,437
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--------
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28,158
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38,108
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Creditors: amounts falling due within one year
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5
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21,017
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30,298
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Net current assets
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7,141
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7,810
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Total assets less current liabilities
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7,141
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7,810
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Net assets
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7,141
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7,810
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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7,139
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7,808
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Shareholders funds
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7,141
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7,810
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2017
, and are signed on behalf of the board by:
G Reed
On behalf of Aberystwyth University
Company registration number:
08043511
Aber-Bangor Consultancy Ltd
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Notes to the Financial Statements
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Year ended 31 July 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Visualisation Centre, Penglais, Aberystwyth, Ceredigion, SY23 3BF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4.
Debtors
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2017
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2016
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£
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£
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Trade debtors
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4,542
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–
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Other debtors
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2
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671
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4,544
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671
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5.
Creditors:
amounts falling due within one year
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2017
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2016
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£
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£
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Trade creditors
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18,402
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26,004
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Social security and other taxes
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1,415
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3,094
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Other creditors
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1,200
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1,200
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21,017
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30,298
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6.
Related party transactions
Aberystwyth University
holds one ordinary share(50%)and
Bangor University
holds one ordinary share(50%). During the year Aberystwyth University
charged Aber-Bangor Consultancy Ltd
£18,388 (2016 - £8,950) for consultancy services and £1,664 (2016 - £11,461)for contract, secretarial and administration services. Bangor University charged Aber-Bangor Consultancy Ltd
£0 (2016 - £0)for consultancy services. At the year end Aber-Bangor Consultancy owed Aberystwyth University £18,388 (2016 - £26,004)for services rendered. Of the £18,388 owed to Aberystwyth University £4,221 had actually been invoiced at the year end, the remainder of £14,167 to be invoiced shortly after the financial statements' approval date.
7.
Controlling party
At the financial year end, the Company was jointly owned by Aberystwyth University (50%) and Bangor University (50%). Agreement was reached prior to the year-end for Aberystwyth University to purchase Bangor University's share in the Company for the sum of £3,905.00. Bangor University will also relinquish its Directorship of Aber-Bangor Consultancy Ltd as part of the agreement.