Company registration number 10380457 (England and Wales)
CORINTHIAN BENEFITS CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CORINTHIAN BENEFITS CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CORINTHIAN BENEFITS CONSULTING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
64,552
43,525
Tangible assets
4
3,681
4,835
68,233
48,360
Current assets
Debtors
5
881,247
774,862
Cash at bank and in hand
31,058
57,319
912,305
832,181
Creditors: amounts falling due within one year
6
(337,627)
(439,919)
Net current assets
574,678
392,262
Total assets less current liabilities
642,911
440,622
Creditors: amounts falling due after more than one year
7
(289,791)
(99,653)
Net assets
353,120
340,969
Capital and reserves
Called up share capital
8
183,000
183,000
Profit and loss reserves
170,120
157,969
Total equity
353,120
340,969
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CORINTHIAN BENEFITS CONSULTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 July 2023 and are signed on its behalf by:
Mr R D MacGregor
Director
Company Registration No. 10380457
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Corinthian Benefits Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Corinthian Benefits Consulting Limited is a 95% owned subsidiary of Corinthian Group Holdings Limited which 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial assets
Basic financial assets, which include debtors 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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of 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 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.
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
25
24
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022
67,298
Additions
43,108
At 31 December 2022
110,406
Amortisation and impairment
At 1 January 2022
23,773
Amortisation charged for the year
22,081
At 31 December 2022
45,854
Carrying amount
At 31 December 2022
64,552
At 31 December 2021
43,525
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
7,550
Additions
737
At 31 December 2022
8,287
Depreciation and impairment
At 1 January 2022
2,715
Depreciation charged in the year
1,891
At 31 December 2022
4,606
Carrying amount
At 31 December 2022
3,681
At 31 December 2021
4,835
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
701,730
566,488
Other debtors
179,517
208,374
881,247
774,862
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Debtors
(Continued)
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
29,167
29,167
Trade creditors
34,290
68,860
Corporation tax
28,253
22,191
Other taxation and social security
98,163
84,941
Other creditors
147,754
234,760
337,627
439,919
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
70,486
99,653
Other creditors
219,305
289,791
99,653
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
250 Ordinary shares of £1 each
250
250
4,750 Ordinary A shares of £1 each
4,750
4,750
5,000
5,000
Preference share capital
Issued and fully paid
178,000 Preference shares of £1 each
178,000
178,000
Preference shares classified as equity
178,000
178,000
Total equity share capital
183,000
183,000
CORINTHIAN BENEFITS CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
117,687
138,270
10
Related party transactions
Included in other debtors is an amount of £111,182 (2021 : £149,398) due from Corinthian Affinity Solutions Limited a fellow subsidiary.
11
Parent company
The ultimate parent company is Corinthian Group Holdings Limited.
The registered office of Corinthian Group Holdings Limited is Kings Parade, Lower Coombe Street, Croydon, CR0 1AA.
Corinthian Group Holdings Limited principle place of business is Longford House, 19 Mount Ephraim Road, Tunbridgewells, Kent, TN1 1EN.
12
Directors' transactions
Included in other creditors is an amount of £27,313 (2021 : £82,966) due to the directors of the company.