Company registration number 12806057 (England and Wales)
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,107
3,045
Current assets
Debtors
5
474,653
184,184
Cash at bank and in hand
511,268
84,328
985,921
268,512
Creditors: amounts falling due within one year
6
(677,056)
(282,251)
Net current assets/(liabilities)
308,865
(13,739)
Total assets less current liabilities
311,972
(10,694)
Provisions for liabilities
Deferred tax liability
7
1,026
882
(1,026)
(882)
Net assets/(liabilities)
310,946
(11,576)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
310,945
(11,577)
Total equity
310,946
(11,576)
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 member has 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.
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY 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 26 September 2023 and are signed on its behalf by:
..............................................
..............................................
Mr A H Bloom
Mr W Doernte
Director
Director
Company registration number 12806057 (England and Wales)
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Stevenson Search Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 31 Kentish Town Road, London, NW1 8NL.
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.
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, [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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Financial instruments
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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
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 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.
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
4
4
4
Tangible fixed assets
Computers
£
Cost
At 1 January 2022
4,426
Additions
1,099
At 31 December 2022
5,525
Depreciation and impairment
At 1 January 2022
1,381
Depreciation charged in the year
1,037
At 31 December 2022
2,418
Carrying amount
At 31 December 2022
3,107
At 31 December 2021
3,045
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
392,156
183,446
Amounts owed by group undertakings
81,363
Other debtors
140
140
Prepayments and accrued income
994
598
474,653
184,184
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
198
3,488
Amounts owed to group undertakings
78,740
64,035
Corporation tax
75,679
1,316
Other taxation and social security
94,984
41,963
Other creditors
2,746
44,932
Accruals and deferred income
424,709
126,517
677,056
282,251
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
777
761
Accrued pension contributions
249
121
1,026
882
2022
Movements in the year:
£
Liability at 1 January 2022
882
Effect of change in tax rate - profit or loss
144
Liability at 31 December 2022
1,026
8
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Related party transactions
Included in debtors and creditors are balances related to trading activity with parent company Stevenson Group of New Jersey Inc. The net position as of year end balance sheet date was £2623 owed by the parent company (2021: £64,035 due to parent company). See detailed debtors and creditors notes 5 and 6 for details.
STEVENSON SEARCH PARTNERS LIMITED
FORMERLY THE STEVENSON GROUP, BOARD & LEADERSHIP ADVISORY CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
10
Ultimate controlling party
Stevenson Search Partners Limited is wholly owed by its parent company The Stevenson Group of New Jersey Inc, registered in United States.
11
Company Name change
The name of the company have been changed from The Stevenson Group, Board & Leadership Advisory Consulting Limited to Stevenson Search Partners Limited on 3 February 2022.
2022-12-312022-01-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A H BloomMr W Doernte4128060572022-01-012022-12-31128060572022-12-31128060572021-12-3112806057core:ComputerEquipment2022-12-3112806057core:ComputerEquipment2021-12-3112806057core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112806057core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3112806057core:CurrentFinancialInstruments2022-12-3112806057core:CurrentFinancialInstruments2021-12-3112806057core:ShareCapital2022-12-3112806057core:ShareCapital2021-12-3112806057core:RetainedEarningsAccumulatedLosses2022-12-3112806057core:RetainedEarningsAccumulatedLosses2021-12-3112806057bus:Director12022-01-012022-12-3112806057bus:Director22022-01-012022-12-3112806057core:ComputerEquipment2022-01-012022-12-31128060572021-01-012021-12-3112806057core:ComputerEquipment2021-12-3112806057bus:PrivateLimitedCompanyLtd2022-01-012022-12-3112806057bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3112806057bus:FRS1022022-01-012022-12-3112806057bus:AuditExemptWithAccountantsReport2022-01-012022-12-3112806057bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP