Company Registration No. 08131001 (England and Wales)
ATELIER CONSULTING LIMITED
Unaudited financial statements
For the year ended 31 July 2018
Pages for filing with registrar
ATELIER CONSULTING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ATELIER CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,326
1,171
Current assets
Trade and other receivables
4
114,466
42,400
Cash and cash equivalents
13,092
54,117
127,558
96,517
Current liabilities
5
(100,990)
(95,781)
Net current assets
26,568
736
Total assets less current liabilities
28,894
1,907
Equity
Called up share capital
6
10
10
Retained earnings
28,884
1,897
Total equity
28,894
1,907
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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 9 January 2019 and are signed on its behalf by:
L Costello
S Costello
Director
Director
Company Registration No. 08131001
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2018
- 2 -
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.
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 2018
1
Accounting policies
(Continued)
- 3 -
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 (2017 - 2
).
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2018
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2017
2,225
Additions
1,931
At 31 July 2018
4,156
Depreciation and impairment
At 1 August 2017
1,054
Depreciation charged in the year
776
At 31 July 2018
1,830
Carrying amount
At 31 July 2018
2,326
At 31 July 2017
1,171
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
14,400
23,520
Corporation tax recoverable
3,880
3,880
Other receivables
96,186
15,000
114,466
42,400
5
Current liabilities
2018
2017
£
£
Trade payables
-
1,573
Corporation tax
64,728
38,779
Other taxation and social security
28,032
19,316
Other payables
8,230
36,113
100,990
95,781
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2018
- 5 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
7
Directors' transactions
Dividends totalling £236,000 (2017 - £154,000
) were paid in the year in respect of shares held by the
company's directors.
Remuneration totalling £23,224 (2017 - £202,320
) was paid in the year to the company's directors.
During the year the company provided services to the value of £240,000 (2017 - £300,000
) to some
connected companies
. One of the directors of Atelier Consulting Limited is also a director and shareholder of the connected companies.