Critchlow and Associates Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09982225 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Critchlow and Associates Limited

Trading as

Costigan King

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr G H J Critchlow

Miss A E King

SECRETARY:

Ms L V Ivimy

REGISTERED OFFICE:

Studio Suite

Quantum House

22-24 Red Lion Court

London

EC4A 3EB

REGISTERED NUMBER:

09982225 (England and Wales)

ACCOUNTANTS:

Garside & Co LLP

New Gallery House

6 Vigo Street

Mayfair

London

W1S 3HF

BANKERS:

C. Hoare & Co

37 Fleet Street

London

EC4P 4DQ

FIXED ASSETS

Tangible assets

4

8,553

7,268

CURRENT ASSETS

Work in progress

136,539

108,564

Debtors

5

210,893

104,132

Prepayments

7,974

Cash at bank and in hand

17,840

17,491

373,246

238,161

CREDITORS

Amounts falling due within one year

6

165,560

113,937

NET CURRENT ASSETS

207,686

124,224

TOTAL ASSETS LESS CURRENT
LIABILITIES

216,239

131,492

CREDITORS

Amounts falling due after more than one year

7

105,000

NET ASSETS

111,239

26,492

CAPITAL AND RESERVES

Called up share capital

1

Share premium

19,999

Retained earnings

91,239

6,492

SHAREHOLDERS' FUNDS

111,239

26,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 February 2019 and were signed on its behalf by:

Dr G H J Critchlow - Director

1.	STATUTORY INFORMATION

Critchlow and Associates Limited trading as Costigan King is a private company limited by share capital, incorporated

in England and Wales, registration number 09982225. The address of the registered office is Studio Suite, Quantum

House, 22-24 Red Lion Court, London, England, EC4A 3EB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Pound Sterling (£).

Going Concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. The company continues to adopt

the going concern basis in preparing its financial statements.

Significant judgements and estimates

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, if the revision affects only that period, or in the period of the

revision and future periods if the revision affects both current and future period.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct

expenses incurred on client assignments but excluding value added tax. Turnover is recognised when a right to

consideration has been obtained through performance under each contract. Consideration accrues as contract activity

progresses by reference to the value of work performed.

Turnover is not recognised where the right to receive payments is contingent on events outside the control of the

company. Unbilled revenue is included in debtors within accrued income.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition

necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,

using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

- Computer equipment - 25 % on reducing balance.

- Equipment - 25% on reducing balance.

- Fixtures, Fittings and Equipment - 25% on reducing balance.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised

in profit or loss.

Work in progress

Work in progress have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work

in progress, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

Financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the

future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are

payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently,

at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the

arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred

beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright

short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present

value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in

profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's

carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If

a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective

interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an

asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive

for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is

an 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.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or

options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by

the company's shareholders. These amounts are recognised in the statement of changes in equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

The functional currency of the company is Sterling (£). Transactions in currencies, other than functional currency of the

company, are treated as transactions in foreign currencies.

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. At each

balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates

prevailing at the balance sheet date. Gains and losses arising on re-translation are included in the profit and loss.

Translation differences on non-monetary financial assets, such as equities classified as available for sale, are included in

other comprehensive income.

Exchange differences are recognised in profit or loss in the period in which they arise.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments

that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at

fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method,

less any impairment.

Trade and other creditors

Trade and other creditors 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 the transaction price and subsequently

measured at amortised cost using the effective interest method.

Borrowings

Borrowings are recognised initially at the transaction price (present value of cash payable to the bank, including

transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the basis of

the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the Company has a right to defer settlement of liability for at least

12 months after the reporting date.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it

is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can

be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of

economic benefits is probable.

Impairment

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment,

are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use

and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or

group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group

of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an

impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased

to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no

impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment

loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

9,691

Additions

3,995

At 31 May 2018

13,686

DEPRECIATION

At 1 June 2017

2,423

Charge for year

2,710

At 31 May 2018

5,133

NET BOOK VALUE

At 31 May 2018

8,553

At 31 May 2017

7,268

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

Trade debtors

197,013

84,605

Other debtors

13,880

19,527

210,893

104,132

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

Trade creditors

67,335

23,240

Taxation and social security

60,024

14,330

Other creditors

38,201

76,367

165,560

113,937

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

Other creditors

105,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.5.18

31.5.17

£

Within one year

66,193

9.	POST BALANCE SHEET EVENTS

In June 2018, the company increased the issued share capital beyond the £1 share in issue by allocating 51 ordinary

shares to Ms A E King and 48 shares to Dr G H J Critchlow at £1 per share. The 51 shares be designated B ordinary

shares and issued to Ms A E King and 48 new shares issued be designated A ordinary shares and issued to Dr G H J

Critchlow.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Dr G H J Critchlow.

Critchlow and Associates Limited - Accounts to registrar (filleted) - small 18.2

Critchlow and Associates Limited - Accounts to registrar (filleted) - small 18.2