Company Registration No. 10060263 (England and Wales)
TRANSCEND CORPORATE LIMITED
Unaudited accounts
for the year ended 31 July 2020
TRANSCEND CORPORATE LIMITED
Unaudited accounts
Contents
TRANSCEND CORPORATE LIMITED
Company Information
for the year ended 31 July 2020
Directors
IJ Curtis
SG Bartlett
JE Curtis
Company Number
10060263 (England and Wales)
Registered Office
Victoria House
116 Colmore Row
BIRMINGHAM
B3 3BD
TRANSCEND CORPORATE LIMITED
Statement of financial position
as at
31 July 2020
Tangible assets
1,811
3,084
Cash at bank and in hand
600,100
1,288,858
Creditors: amounts falling due within one year
(142,704)
(367,855)
Net current assets
487,534
1,024,852
Total assets less current liabilities
489,345
1,027,936
Provisions for liabilities
Other provisions
(19,483)
(158,406)
Net assets
469,862
869,530
Called up share capital
144
220
Share premium
2,625
2,625
Capital redemption reserve
177
100
Profit and loss account
466,916
866,585
Shareholders' funds
469,862
869,530
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2021 and were signed on its behalf by
IJ Curtis
Director
Company Registration No. 10060263
TRANSCEND CORPORATE LIMITED
Notes to the Accounts
for the year ended 31 July 2020
TRANSCEND CORPORATE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10060263. The registered office is Victoria House, 116 Colmore Row, BIRMINGHAM, B3 3BD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
All of the members of the company have consented to the abridgements of these financial statements
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.
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Turnover represents the amounts (excluding VAT) derived from the provision of services to clients during the year
TRANSCEND CORPORATE LIMITED
Notes to the Accounts
for the year ended 31 July 2020
Tangible fixed assets and depreciation
Depreciation is provided by the company to write off the cost or valuation less the estimated residual value of its tangible fixed assets by equal annual instalments over their useful economic lives as follows:
Office furniture and equipment 3 years
Fixtures and fittings 3 years
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions paid in the year are shown as either accruals or prepayments at the year end.
Work in progress is stated as estimated revenue less further costs to be included to completion. Where work is carried out on a contingent basis full provision is made against the value of work in progress until the likely outcome of the work can be foreseen.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 profit and loss account 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, 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.
TRANSCEND CORPORATE LIMITED
Notes to the Accounts
for the year ended 31 July 2020
4
Tangible fixed assets
Total
Charge for the year
2,102
5
Share capital
2020
2019
Allotted, called up and fully paid:
14,400 Allotted called up and fully paid Ordinary shares of £0.01 each
144
220
6
Average number of employees
During the year the average number of employees was 8 (2019: 8).