Company Registration No. 06015196 (England and Wales)
Concierge Legal Services Limited
Financial statements
for the period ended 31 December 2019
Pages for filing with the Registrar
Concierge Legal Services Limited
Contents
Page
Director's responsibilities statement
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 15
Concierge Legal Services Limited
Director's responsibilities statement
For the period ended 31 December 2019
Page 1
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Concierge Legal Services Limited
Statement of financial position
As at 31 December 2019
Page 2
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
483,507
586,214
Investments
4
-
15,996
483,507
602,210
Current assets
Trade and other receivables
6
12,096
38,127
Cash and cash equivalents
7,433
1,287
19,529
39,414
Current liabilities
7
(149,834)
(177,485)
Net current liabilities
(130,305)
(138,071)
Total assets less current liabilities
353,202
464,139
Non-current liabilities
8
(173,886)
(197,739)
Net assets
179,316
266,400
Equity
Called up share capital
9
100
100
Retained earnings
10
179,216
266,300
Total equity
179,316
266,400
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Concierge Legal Services Limited
Statement of financial position (continued)
As at 31 December 2019
Page 3
The financial statements were approved by the board of directors and authorised for issue on 17 September 2020 and are signed on its behalf by:
Sam White
Director
Company Registration No. 06015196
Concierge Legal Services Limited
Notes to the financial statements
For the period ended 31 December 2019
Page 4
1
Accounting policies
Company information
Concierge Legal Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Eden Point, Three Acres Lane, Cheadle, Cheshire, SK8 6RL.
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, modified to include the revaluation of land and buildings and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of
Freedom Services Group Limited
. These consolidated financial statements are available from its registered office,
Eden Point, Three Acres Lane, Cheadle, Cheshire, SK8 6RL
.
1.2
Going concern
On 4 September 2020, the company's property was sold for a consideration of £475,000 and at that point ceased trading. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
true
1.3
Reporting period
The current accounting period runs from 1 October 2018 to 31 December 2019. The accounting period was extended in order to align the accounting reference date with the parent company. The comparative figures relate to the year ended 30 September 2018 and are therefore not entirely comparable.
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for
disaster recovery services, and
is shown net of VAT
.
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
1
Accounting policies (continued)
Page 5
Depreciation
on plant and equipment
is recognised so as to write off the cost of assets less their residual values over their useful lives
of four years.
Leasehold improvements
10% straight line
Plant and equipment
33% straight line
Computers
33% straight line
Freehold land and buildings are shown at their market value.
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
.
1.6
Non-current investments
Listed investments
are initially measured at cost and subsequently measured at
market value
.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
Investments (other than interests in subsidiaries) are recognised and derecognised on a trade date basis and are initially measures at fair value, including transaction costs. Investments are classified as available-for-sale and are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value where the security is disposed of or is determined to be impaired are included in the net profit or loss for the year.
1.7
Impairment of non-current 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.
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.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
1
Accounting policies (continued)
Page 6
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.
1.8
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.
1.9
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 statement of financial position 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 trade and other receivables, 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.
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.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
1
Accounting policies (continued)
Page 7
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans,
and
loans from
fellow group companies
t
hat 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 payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
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.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
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.
1.12
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.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
1
Accounting policies (continued)
Page 8
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 the initial recognition of 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0 (2018 - 0).
3
Property, plant and equipment
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 October 2018
583,439
4,020
587,459
Revaluation
(100,000)
-
(100,000)
At 31 December 2019
483,439
4,020
487,459
Depreciation and impairment
At 1 October 2018
633
612
1,245
Depreciation charged in the period
1,055
1,652
2,707
At 31 December 2019
1,688
2,264
3,952
Carrying amount
At 31 December 2019
481,751
1,756
483,507
At 30 September 2018
582,806
3,408
586,214
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
3
Property, plant and equipment (continued)
Page 9
Land and buildings with a carrying amount of £575,000 were revalued at
30 September 2015
by
Keppie Massie
, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The director has considered market data since the last independent valuation was carried out and considers that the market value is £475,000, resulting in an impairment of £100,000 being recognised in the period.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2019
2018
£
£
Cost
660,000
660,000
Accumulated depreciation
(69,300)
(52,800)
Carrying value
590,700
607,200
4
Fixed asset investments
2019
2018
£
£
Listed investments
-
15,996
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
4
Fixed asset investments (continued)
Page 10
Movements in non-current investments
Listed investments
£
Cost or valuation
At 1 October 2018
15,996
Disposals
(15,996)
At 31 December 2019
-
Carrying amount
At 31 December 2019
-
At 30 September 2018
15,996
5
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
15,996
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
Page 11
6
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
-
3,636
Amounts owed by group undertakings
-
12,537
Other receivables
4,110
12,910
4,110
29,083
2019
2018
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,986
9,044
Total debtors
12,096
38,127
7
Current liabilities
2019
2018
£
£
Bank loans
24,333
24,333
Amounts owed to group undertakings
118,552
132,778
Taxation and social security
-
2,641
Other payables
6,949
17,733
149,834
177,485
8
Non-current liabilities
2019
2018
£
£
Bank loans
173,886
197,739
The loan, disclosed in both short-term, and long-term creditors, is secured by a fixed and floating charge over the freehold property and other assets of the company. It is repayable in equal monthly instalments of £2,028 and interest is charged at 1.75% above the Bank of England base rate.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
8
Non-current liabilities (continued)
Page 12
Creditors which fall due after five years are as follows:
2019
2018
£
£
Bank loan payable by instalments
-
85,167
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
The Ordinary shares have full rights in the company with respect to voting, dividends and distributions.
10
Retained earnings
2019
2018
£
£
At the beginning of the period
266,300
239,186
(Loss)/profit for the period
(87,084)
27,114
At the end of the period
179,216
266,300
Retained earnings comprise profits and losses for the year less dividends payable.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note
1.2
to the financial statements which explains that the the company
has ceased trading
and therefore
the director does
not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in this respect of this matter.
The senior statutory auditor was Simon Kite BSc FCA.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
11
Audit report information (continued)
Page 13
The auditor was Saffery Champness LLP.
12
Financial commitments, guarantees and contingent liabilities
The company is party to a Composite Company Limited Multilateral Guarantee dated 24 September 2015 given by Action 365 Limited, and Concierge Legal Services Limited.
At 31 December 2019 the total borrowing under this arrangement amounted to £240,439 (2018 - £354,215).
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
Page 14
13
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2019
2018
£
£
Within one year
5,000
15,000
14
Events after the reporting date
On 4 September 2020, the company's property was sold for a consideration of £475,000.
Subsequent to the balance sheet date, the global economy has been impacted by the COVID-19 pandemic. Like many other countries, in the UK this has resulted in a lockdown being imposed on business and social activity by the Government. This has resulted in severe disruption to the business activity with major adverse impact being experienced. Appropriate action has been taken and will continue to be taken to enable the business to mitigate the effects of of the COVID-19 pandemic on the business.
The
director
has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the
period
ended 31 December 2019 have not been adjusted
to reflect their impact
other than in the assessment of Going Concern.
Concierge Legal Services Limited
Notes to the financial statements (continued)
For the period ended 31 December 2019
Page 15
15
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sales
2019
2018
£
£
Entities with control, joint control or significant influence over the company
75,000
60,000
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
118,552
120,241
16
Parent company
Action 365 Limited is the company's immediate parent company. The company's ultimate parent company is Freedom Services Group Limited. Its registered office address is Eden Point, Three Acres Lane, Cheadle, Cheshire, SK8 6RL.
The company's ultimate controlling party is Sam White, by virtue of her majority shareholding in the ultimate parent company.
2019-12-31
2018-10-01
false
17 September 2020
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
This audit opinion is unqualified
Sam White
Andrew Wigmore
Eleanor Lumsdon
06015196
2018-10-01
2019-12-31
06015196
2019-12-31
06015196
2018-09-30
06015196
core:LandBuildings
2019-12-31
06015196
core:OtherPropertyPlantEquipment
2019-12-31
06015196
core:LandBuildings
2018-09-30
06015196
core:OtherPropertyPlantEquipment
2018-09-30
06015196
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
06015196
core:CurrentFinancialInstruments
core:WithinOneYear
2018-09-30
06015196
core:CurrentFinancialInstruments
2019-12-31
06015196
core:CurrentFinancialInstruments
2018-09-30
06015196
core:Non-currentFinancialInstruments
2019-12-31
06015196
core:Non-currentFinancialInstruments
2018-09-30
06015196
core:ShareCapital
2019-12-31
06015196
core:ShareCapital
2018-09-30
06015196
core:RetainedEarningsAccumulatedLosses
2019-12-31
06015196
core:RetainedEarningsAccumulatedLosses
2018-09-30
06015196
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2018-09-30
06015196
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2017-09-30
06015196
bus:Director1
2018-10-01
2019-12-31
06015196
core:LeaseholdImprovements
core:LeasedAssetsHeldAsLessee
2018-10-01
2019-12-31
06015196
core:PlantMachinery
2018-10-01
2019-12-31
06015196
core:ComputerEquipment
2018-10-01
2019-12-31
06015196
core:LandBuildings
2018-09-30
06015196
core:OtherPropertyPlantEquipment
2018-09-30
06015196
2018-09-30
06015196
core:LandBuildings
2018-10-01
2019-12-31
06015196
core:OtherPropertyPlantEquipment
2018-10-01
2019-12-31
06015196
core:WithinOneYear
2019-12-31
06015196
core:WithinOneYear
2018-09-30
06015196
core:AfterOneYear
2019-12-31
06015196
core:AfterOneYear
2018-09-30
06015196
2017-10-01
2018-09-30
06015196
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
core:SaleOrPurchaseGoods
2018-10-01
2019-12-31
06015196
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
core:SaleOrPurchaseGoods
2017-10-01
2018-09-30
06015196
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
2019-12-31
06015196
bus:PrivateLimitedCompanyLtd
2018-10-01
2019-12-31
06015196
bus:SmallCompaniesRegimeForAccounts
2018-10-01
2019-12-31
06015196
bus:FRS102
2018-10-01
2019-12-31
06015196
bus:Audited
2018-10-01
2019-12-31
06015196
bus:Director2
2018-10-01
2019-12-31
06015196
bus:CompanySecretary1
2018-10-01
2019-12-31
06015196
bus:FullAccounts
2018-10-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP