DISConsulting IT Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05442739 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

DISConsulting IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

11

DIRECTORS:

M F B Cotton

K A Watson

SECRETARY:

Shrewdchoice Limited

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REGISTERED NUMBER:

05442739 (England and Wales)

ACCOUNTANTS:

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

FIXED ASSETS

Tangible assets

4

1,452

2,828

CURRENT ASSETS

Stocks

10,000

Debtors

5

126,712

77,743

Prepayments and accrued income

2,336

1,455

Cash at bank

87,151

100,913

226,199

190,111

CREDITORS

Amounts falling due within one year

6

91,363

74,507

NET CURRENT ASSETS

134,836

115,604

TOTAL ASSETS LESS CURRENT
LIABILITIES

136,288

118,432

PROVISIONS FOR LIABILITIES

276

537

NET ASSETS

136,012

117,895

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

136,002

117,885

SHAREHOLDERS' FUNDS

136,012

117,895

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 and authorised for issue by the Board of Directors on
27 February 2019 and were signed on its behalf by:

M F B Cotton - Director

1.	STATUTORY INFORMATION

DISConsulting IT Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

At 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.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make

judgements, estimates and assumptions about the carrying values of assets and liabilities that are

not readily apparent from other sources. The estimates and underlying 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 periods.

a) Critical judgements in applying the entity's accounting policies

The company makes estimates and assumptions concerning the future. The resulting accounting

estimates will, by definition, seldom equal the actual results. The estimates and assumptions that

have a significant risk of causing a material adjustment to the carrying value of assets and liabilities

within the next financial year are addressed below:

(i) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When

assessing impairment of trade and other debtors, management considers factors including the

current credit rating of the debtor, the ageing profile of debtors and historical experience. See note

6 for the net carrying amount of the debtors.

Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is

recognised when the risks and rewards of ownership of goods have been transferred to the

customer or where the value of services provided under contracts to the extent that there is a right

to consideration and is recorded at the value of the consideration due. The risks and rewards of

ownership of goods are deemed to have been transferred when the goods are shipped to, or are

picked up by, the customer. Where a service contract has only been partially completed at the

balance sheet date turnover represents the value of the service provided to date based on a

proportion of the total expected consideration at completion. Where payments are received from

customers in advance of services provided, the amounts are recorded as deferred income and

included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

All classes of Tangible Fixed assets are stated at cost less accumulated depreciation and accumulated

impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets

to determine whether there is any indication that any items have suffered an impairment loss. If any

such indication exists, the recoverable amount of an asset is estimated in order to determine the

extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying

amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an

expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to

the revised estimate of its recoverable amount, to the extent that the increased carrying amount

does not exceed the carrying amount that would have been determined ( net of depreciation ) had

no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is

recognised as income immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated on an average cost basis and includes all costs incurred in bringing the stock to

their present location and condition.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period

in which the related revenue is recognised. The amount of any write down of in stocks to net

realisable value and all losses of stocks are recognised as an expense in the period in which the write

down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a

reduction in the amount of stocks recognised as an expense in the period in which the reversal

occurs.

Taxation

Taxation expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as

reported in the statement of comprehensive income because of items of income or expense that are

taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and

liabilities in the financial statements and the corresponding tax bases used in the computation of

taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.

Deferred tax assets are generally recognised for all deductible temporary differences to the extent

that it is probable that taxable profits will be available against which those deductible timing

differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of

each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the

period in which the liability is settled or the asset realised, based on tax rates ( and tax laws ) that

have been enacted or substantively enacted by the end of the reporting period. The measurement

of deferred tax liabilities and assets reflects the tax consequences that would follow from the

manner in which the Company expects, to recover or settle the carrying amounts of its assets and

liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items

that are recognised in other comprehensive income or directly in equity, in which case, the current

and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments

Assets that are held by the Company under leases which transfer to the Company substantially all

the risks and rewards of ownership are classified as being held under finance leases. Leases which do

not transfer substantially all the risks and rewards of ownership to the Company are classified as

operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value

at the inception of the lease or, if lower, at the present value of the minimum lease payment. The

corresponding liability to the lessor is included in the statement of financial position as a finance

lease obligation. Lease payments are apportioned between finance expense and reduction of the

lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Finance expenses are recognised immediately in profit and loss account.

Operating lease payments are recognised as an expense on a straight- line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are

recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental

expense on a straight - line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is

a pension plan under which the company pays fixed contributions into a separate entity. Once the

contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the Income Statement when they fall due.

Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The

assets of the plan are held separately from the company in independently administered funds.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if

any of the following are applicable :-

(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control

the Company or exercise significant influence over the company in making financial and operating

policy decisions, or has joint control over the Company.

(2) The Company and the party are subject to common control

(3) The party is an associate of the Company

(4) The party is a member of key management personnel of the Company or the Company's parent,

or a close family member of such an individual.

(5) The party is a post - employment benefit plan which is for the benefit of employees of the

Company or of any entity that is a related party of the Company.

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.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the company transfers the financial asset abd substantially all the risks

and rewards of ownership to another entity, or if some significant risks and rewards of ownership

are retained but control of the asset has transferred to another party that is able to sell the asset in

its entirety to an unrelated third party.

Classification of financial liabilities and equity

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 trade and other creditors, amounts due to fellow group

companies, accruals, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations

are discharged, cancelled, or they expire.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and on hand, deposits

with banks and other short-term highly liquid investments with original maturities of three months

or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within

borrowings or current liabilities when applicable.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of the direct

issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no

longer at the discretion of the company.

Impairment of financial assets

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 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.

At each reporting date non-financial assets not carried at face value 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 June 2017

and 31 May 2018

13,415

13,928

27,343

DEPRECIATION

At 1 June 2017

11,831

12,684

24,515

Charge for year

316

1,060

1,376

At 31 May 2018

12,147

13,744

25,891

NET BOOK VALUE

At 31 May 2018

1,268

184

1,452

At 31 May 2017

1,584

1,244

2,828

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

Trade debtors

92,949

77,743

Other debtors

33,763

-

126,712

77,743

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

Trade creditors

34,168

32,431

Taxation and social security

45,093

37,031

Other creditors

12,102

5,045

91,363

74,507

7.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held

separately from those of the company in an independently administered fund. The pension cost and

charge represents contributions payable by the company to the fund and amounted to £5,377

(2017: £41,673).

At the balance sheet date the Company owed Pension contributions amounting to £571 ( 2017 : £

209).

8.	CAPITAL COMMITMENTS

31.5.18

31.5.17

£

Contracted but not provided for in the

financial statements

139,544

-

9.	OTHER FINANCIAL COMMITMENTS

At the 31st May 2018, the company had total commitments under operating leases over the

remaining life of those leases of £Nil ( 2017 : £ 12,789 )

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of DISConsulting IT Limited for the year ended 31 May 2018 which

comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of DISConsulting IT Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DISConsulting IT Limited and state those matters that we have agreed to state to the Board of Directors of DISConsulting IT Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that DISConsulting IT 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 profit of DISConsulting IT Limited. You consider that DISConsulting IT 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 DISConsulting IT 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.

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

27 February 2019

DISConsulting IT Limited - Accounts to registrar (filleted) - small 18.2

DISConsulting IT Limited - Accounts to registrar (filleted) - small 18.2