Company Registration No. NI055333 (Northern Ireland)
TATE STEVENSON ARCHITECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
TATE STEVENSON ARCHITECTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
23,749
29,687
Tangible assets
4
45,672
21,897
69,421
51,584
Current assets
Debtors
5
82,231
84,260
Cash at bank and in hand
49,549
9,895
131,780
94,155
Creditors: amounts falling due within one year
6
(60,963)
(56,192)
Net current assets
70,817
37,963
Total assets less current liabilities
140,238
89,547
Creditors: amounts falling due after more than one year
7
(11,381)
-
Net assets
128,857
89,547
TATE STEVENSON ARCHITECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
2019
2018
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
8
135
135
Other reserves
89
89
Profit and loss reserves
128,633
89,323
Total equity
128,857
89,547
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 30 September 2019 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 18 May 2020 and are signed on its behalf by:
Mr C McCaffrey
Director
Company Registration No. NI055333
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
Tate Stevenson Architects Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
Unit 1A, Rawdon Court, Moira, Co Armagh, BT67 0LQ.
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. The principal accounting polices adopted are set out below.
1.2
Turnover
Turnover 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.
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
recover
ed
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is eight years on the net book value of goodwill at 1 October 2015.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Fixtures and fittings
20% per annum straight line
Office equipment
25% per annum straight line
Motor vehicles
25% per annum reducing balance
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies (Continued)
- 4 -
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
and intangible 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.
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
Cash at bank and in hand
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.
1.7
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 balance sheet 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 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.
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies (Continued)
- 5 -
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
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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.
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.
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies (Continued)
- 6 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2018 and 30 September 2019
100,000
Amortisation and impairment
At 1 October 2018
70,313
Amortisation charged for the year
5,938
At 30 September 2019
76,251
Carrying amount
At 30 September 2019
23,749
At 30 September 2018
29,687
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2018
15,907
73,905
52,525
142,337
Additions
-
-
52,950
52,950
Disposals
-
-
(52,525)
(52,525)
At 30 September 2019
15,907
73,905
52,950
142,762
Depreciation and impairment
At 1 October 2018
15,705
71,138
33,597
120,440
Depreciation charged in the year
40
2,388
9,754
12,182
Eliminated in respect of disposals
-
-
(35,532)
(35,532)
At 30 September 2019
15,745
73,526
7,819
97,090
Carrying amount
At 30 September 2019
162
379
45,131
45,672
At 30 September 2018
202
2,767
18,928
21,897
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
20,700
40,728
Other debtors
61,531
43,532
82,231
84,260
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
8,099
-
Trade creditors
11,996
8,716
Corporation tax
20,585
14,237
Other taxation and social security
2,971
7,671
Other creditors
4,939
11,825
Accruals and deferred income
12,373
13,743
60,963
56,192
Obligations under finance lease
s
are secured on the assets acquired.
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
11,381
-
Obligations under finance lease
s
are secured on the assets acquired.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
135 Ordinary shares of £1 each
135
135
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:
2019
2018
£
£
22,000
25,667
10
Related party transactions
The company paid dividends of £40,000 (2018 - £40,000) to the directors during the year.
No other transactions with related parties were undertaken such as are required to be disclosed under
FRS 102 section 1A.
TATE STEVENSON ARCHITECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 9 -
11
Directors' transactions
At the beginning of the year one director owed the company £
17,435
. During the year further advances of
£
36,217
were made to the director and dividends of £
18,962
were credited to the director
's
current
account. The amount due to the company at the year end was £
34,690
.
The director received a dividend of £26,000 on 2 April 2020 and this was credited to his overdrawn director's current account.
At the beginning of the year the company owed one director £
4,437
. During the year advances of
£
40,266
were made to the director and dividends of £
21,038
were credited to the director
's
current
account. The amount due to the
company at the year end was £14,791. The director received a dividend of £28,844 on 2 April 2020 and this was credited to his overdrawn director's current account.
No interest is charged on the directors' current accounts and there are no terms of repayment.
2019-09-30
2018-10-01
false
18 May 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
Mr C McCaffrey
Mr C Stevenson
Mr C McCaffrey
NI055333
2018-10-01
2019-09-30
NI055333
2019-09-30
NI055333
core:NetGoodwill
2019-09-30
NI055333
core:NetGoodwill
2018-09-30
NI055333
2017-10-01
2018-09-30
NI055333
2018-09-30
NI055333
core:FurnitureFittings
2019-09-30
NI055333
core:ComputerEquipment
2019-09-30
NI055333
core:MotorVehicles
2019-09-30
NI055333
core:FurnitureFittings
2018-09-30
NI055333
core:ComputerEquipment
2018-09-30
NI055333
core:MotorVehicles
2018-09-30
NI055333
core:CurrentFinancialInstruments
core:WithinOneYear
2019-09-30
NI055333
core:CurrentFinancialInstruments
core:WithinOneYear
2018-09-30
NI055333
core:CurrentFinancialInstruments
2019-09-30
NI055333
core:CurrentFinancialInstruments
2018-09-30
NI055333
core:Non-currentFinancialInstruments
2019-09-30
NI055333
core:ShareCapital
2019-09-30
NI055333
core:ShareCapital
2018-09-30
NI055333
core:OtherMiscellaneousReserve
2019-09-30
NI055333
core:OtherMiscellaneousReserve
2018-09-30
NI055333
core:RetainedEarningsAccumulatedLosses
2019-09-30
NI055333
core:RetainedEarningsAccumulatedLosses
2018-09-30
NI055333
bus:CompanySecretaryDirector1
2018-10-01
2019-09-30
NI055333
core:Goodwill
2018-10-01
2019-09-30
NI055333
core:FurnitureFittings
2018-10-01
2019-09-30
NI055333
core:ComputerEquipment
2018-10-01
2019-09-30
NI055333
core:MotorVehicles
2018-10-01
2019-09-30
NI055333
core:NetGoodwill
2018-09-30
NI055333
core:NetGoodwill
2018-10-01
2019-09-30
NI055333
core:FurnitureFittings
2018-09-30
NI055333
core:ComputerEquipment
2018-09-30
NI055333
core:MotorVehicles
2018-09-30
NI055333
2018-09-30
NI055333
core:WithinOneYear
2019-09-30
NI055333
core:WithinOneYear
2018-09-30
NI055333
bus:PrivateLimitedCompanyLtd
2018-10-01
2019-09-30
NI055333
bus:SmallCompaniesRegimeForAccounts
2018-10-01
2019-09-30
NI055333
bus:FRS102
2018-10-01
2019-09-30
NI055333
bus:AuditExemptWithAccountantsReport
2018-10-01
2019-09-30
NI055333
bus:Director1
2018-10-01
2019-09-30
NI055333
bus:Director2
2018-10-01
2019-09-30
NI055333
bus:CompanySecretary1
2018-10-01
2019-09-30
NI055333
bus:FullAccounts
2018-10-01
2019-09-30
xbrli:pure
xbrli:shares
iso4217:GBP