Company Registration No. 08131001 (England and Wales)
ATELIER CONSULTING LIMITED
Unaudited financial statements
For the year ended 31 July 2021
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 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
12,674
14,513
Current assets
Trade and other receivables
4
154,686
96,676
Cash and cash equivalents
52,099
771
206,785
97,447
Current liabilities
5
(83,046)
(104,588)
Net current assets/(liabilities)
123,739
(7,141)
Total assets less current liabilities
136,413
7,372
Provisions for liabilities
6
(2,378)
(2,721)
Net assets
134,035
4,651
Equity
Called up share capital
7
10
10
Retained earnings
134,025
4,641
Total equity
134,035
4,651
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 2021 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
12 November 2021
12 November 2021
and are signed on its behalf by:
S Costello
Director
Company Registration No. 08131001
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 July 2021
- 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
Going concern
At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company and have taken into account the impact of the coronavirus on the company, as well as the expected support to businesses available from the government measures in place through the period of disruption caused by the coronavirus. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, continues to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
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.
1.4
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
1.5
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.
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2021
1
Accounting policies
(Continued)
- 3 -
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 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.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2021
1
Accounting policies
(Continued)
- 4 -
1.8
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:
2021
2020
Number
Number
Total
1
1
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2020
22,424
Additions
2,386
At 31 July 2021
24,810
Depreciation and impairment
At 1 August 2020
7,911
Depreciation charged in the year
4,225
At 31 July 2021
12,136
Carrying amount
At 31 July 2021
12,674
At 31 July 2020
14,513
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
13,902
13,902
Other receivables
140,784
82,774
154,686
96,676
ATELIER CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 July 2021
- 5 -
5
Current liabilities
2021
2020
£
£
Corporation tax
63,062
63,064
Other taxation and social security
68
20,622
Other payables
19,916
20,902
83,046
104,588
6
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
2,378
2,721
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
8
Related party transactions
The company undertakes various transactions with
companies that share common shareholders
. During the year the company
provided
services to the value of £
465
,000 (20
20
- £
413,000
)
to these
connected
companies
.
At the end of the year these connected companies owed
Atelier Consulting
Limited £
16,640
(20
20
- £
16,640
). The advances are unsecured, interest free and repayable on demand.
9
Directors' transactions
At the start of the year the directors owed the company £42,774 (2020 - £nil). During the year the directors repaid the company £42,774
(2020 - £nil). The company received £583 (2020 - £1,043) of loan interest and the interest rate on the loan was at 2% and 2.25%. The advance was unsecured and repayable on demand.
Dividends totalling £138,000 (2020 - £225,000
) were paid in the year in respect of shares held by the company's
directors
.
Remuneration totalling £92,452 (2020 - £89,498
) was paid in the year to the company's directors.