Company Registration No. SC340393 (Scotland)
Blackhall Consulting Limited
Unaudited financial statements
for the year ended 31 March 2020
Pages for filing with registrar
Blackhall Consulting Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Blackhall Consulting Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blackhall Consulting Limited for the year ended 31 March 2020 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
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.
This report is made solely to the Board of Directors of Blackhall Consulting Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Blackhall Consulting Limited and state those matters that we have agreed to state to the Board of Directors of Blackhall Consulting Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackhall Consulting Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Blackhall Consulting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Blackhall Consulting Limited. You consider that Blackhall Consulting Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blackhall Consulting Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
18 December 2020
Blackhall Consulting Limited
Statement of financial position
at 31 March 2020
2
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
845
1,590
Investment properties
4
173,000
173,000
Investments
5
210,272
269,966
384,117
444,556
Current assets
Debtors
6,361
18,076
Cash at bank and in hand
359,731
348,770
366,092
366,846
Creditors: amounts falling due within one year
(13,659)
(10,781)
Net current assets
352,433
356,065
Total assets less current liabilities
736,550
800,621
Capital and reserves
Called up share capital
10
10
Other reserve
(153,519)
(43,068)
Profit and loss reserves
890,059
843,679
Total equity
736,550
800,621
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
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 March 2020 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.
Blackhall Consulting Limited
Statement of financial position (continued)
at 31 March 2020
3
The financial statements were approved by the board of directors and authorised for issue on 11 December 2020 and are signed on its behalf by:
P Nigel Bowker
Director
Company Registration No. SC340393
Blackhall Consulting Limited
Notes to the financial statements
for the year ended 31 March 2020
4
1
Accounting policies
Company information
Blackhall Consulting Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services.
1.3
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
25% straight line
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
.
1.4
Fixed asset investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
1.5
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Blackhall Consulting Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
5
1.6
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. 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 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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 0
Blackhall Consulting Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
6
3
Tangible fixed assets
Total
£
Cost
At 1 April 2019 and 31 March 2020
11,468
Depreciation and impairment
At 1 April 2019
9,878
Depreciation charged in the year
745
At 31 March 2020
10,623
Carrying amount
At 31 March 2020
845
At 31 March 2019
1,590
4
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
173,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2020
2019
£
£
Investments
210,272
269,966
6
Related party transactions
During the year the company received £11,289 on behalf of a close family member of the directors. At 31st March 2019 £2,389 was due by the company (2019 - £8,900 was due to the company).
Blackhall Consulting Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
7
7
Directors' transactions
During the year the directors entered into the following advances and credits with the company:
Description
Opening balance
Amounts repaid
Closing credit balance
£
£
£
P Nigel Bowker
663
216
879
663
216
879