Company Registration No. 08131001 (England and Wales)
ATELIER CONSULTING LIMITED
Unaudited financial statements
For the year ended 31 July 2017
Pages for filing with registrar
ATELIER CONSULTING LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ATELIER CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
1,171
296
Current assets
Trade and other receivables
4
42,400
38,725
Cash and cash equivalents
54,117
144
96,517
38,869
Current liabilities
5
(95,781)
(37,826)
Net current assets
736
1,043
Total assets less current liabilities
1,907
1,339
Equity
Called up share capital
6
10
10
Retained earnings
1,897
1,329
Total equity
1,907
1,339
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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 by the board of directors and authorised for issue on
28 February 2018
28 February 2018
and are signed on its behalf by:
L Costello
S Costello
Director
Director
Company Registration No. 08131001
ATELIER CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 July 2017
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 August 2015
10
251
261
Year ended 31 July 2016:
Profit and total comprehensive income for the year
-
109,078
109,078
Dividends
-
(108,000)
(108,000)
Balance at 31 July 2016
10
1,329
1,339
Year ended 31 July 2017:
Profit and total comprehensive income for the year
-
154,568
154,568
Dividends
-
(154,000)
(154,000)
Balance at 31 July 2017
10
1,897
1,907
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2017
- 3 -
1
Accounting policies
Company information
Atelier Consulting Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Connect House
,
133-137 Alexandra Road
,
Wimbledon
,
London
,
SW19 7JY
.
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 July 2017
are the
first
financial statements of Atelier Consulting 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 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Revenue
Revenue 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
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost
less
depreciation and
less
any impairment losses.
Depreciation is recognised so as to write off the cost
o
f assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance per annum
1.4
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.
1.5
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 statement of financial position 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 realise the asset and settle the liability simultaneously.
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables 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 trade and other payables, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.6
Taxation
The tax expense represents the
tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2
).
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2017
- 5 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2016
960
Additions
1,265
At 31 July 2017
2,225
Depreciation and impairment
At 1 August 2016
664
Depreciation charged in the year
390
At 31 July 2017
1,054
Carrying amount
At 31 July 2017
1,171
At 31 July 2016
296
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
23,520
19,978
Corporation tax recoverable
3,880
3,880
Other receivables
15,000
14,867
42,400
38,725
5
Current liabilities
2017
2016
£
£
Trade payables
1,573
-
Corporation tax
38,779
26,219
Other taxation and social security
19,316
9,593
Other payables
36,113
2,014
95,781
37,826
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
7
Directors' transactions
During the year the company advanced the directors £nil (2016 - £2,179) and the directors repaid the company £14,867 (2016 - £nil). At the end of the year the directors owed the company £nil (2016 - £14,867
). All advances are unsecured, interest free and there is no fixed repayment date.
Dividends totalling £154,000 (2016 - £108,000
) were paid in the year in respect of shares held by the company's directors.
Remuneration totalling £202,320 (2016 - £21,568
) was paid in the year to the company's directors.
During the year the
company provided services
to the value of £300,000
(2016 - £nil) to 2 connected companies (£150,000 each).
One of the directors of the Atelier Consulting Limited is also a director and shareholder of the connected companies.