Centric Solutions (UK) Limited


1 September 2017 false Taxfiler 2019.3.Web 03421358business:PrivateLimitedCompanyLtd2017-09-012018-08-31 034213582017-08-31 034213582017-09-012018-08-31 03421358business:AuditExemptWithAccountantsReport2017-09-012018-08-31 03421358business:FullAccounts2017-09-012018-08-31 034213582018-08-31 03421358business:Director12017-09-012018-08-31 03421358business:Director22017-09-012018-08-31 03421358business:Director32017-09-012018-08-31 03421358business:CompanySecretary12017-09-012018-08-31 03421358business:RegisteredOffice2017-09-012018-08-31 034213582017-08-31 03421358core:WithinOneYear2018-08-31 03421358core:WithinOneYear2017-08-31 03421358core:ShareCapital2018-08-31 03421358core:ShareCapital2017-08-31 03421358core:SharePremium2018-08-31 03421358core:SharePremium2017-08-31 03421358core:CapitalRedemptionReserve2018-08-31 03421358core:CapitalRedemptionReserve2017-08-31 03421358core:RetainedEarningsAccumulatedLosses2018-08-31 03421358core:RetainedEarningsAccumulatedLosses2017-08-31 03421358business:SmallEntities2017-09-012018-08-31 03421358countries:EnglandWales2017-09-012018-08-31 03421358core:FurnitureFittings2017-08-31 03421358core:ComputerEquipment2017-08-31 03421358core:FurnitureFittings2018-08-31 03421358core:ComputerEquipment2018-08-31 03421358core:FurnitureFittings2017-09-012018-08-31 03421358core:ComputerEquipment2017-09-012018-08-31 034213582016-09-012017-08-31 iso4217:GBP xbrli:pure
Company Registration No. 03421358 (England and Wales)
Centric Solutions (UK) Limited Unaudited accounts for the year ended 31 August 2018
Centric Solutions (UK) Limited Unaudited accounts Contents
Page
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Centric Solutions (UK) Limited Company Information for the year ended 31 August 2018
Directors
Mr P D Witney Mrs K L Clark Mr A C Clark
Secretary
Mr A C Clark
Company Number
03421358 (England and Wales)
Registered Office
Unit 2 Hurlands Business Centre Hurlands Close Farnham Surrey KT11 1PP United Kingdom
Accountants
Wellden Turnbull Limited Munro House Portsmouth Road Cobham Surrey KT11 1PP
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Centric Solutions (UK) Limited Statement of financial position as at 31 August 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Tangible assets
561 
799 
Current assets
Debtors
234,780 
210,245 
Cash at bank and in hand
45,902 
10,674 
280,682 
220,919 
Creditors: amounts falling due within one year
(237,856)
(185,714)
Net current assets
42,826 
35,205 
Net assets
43,387 
36,004 
Capital and reserves
Called up share capital
67 
67 
Share premium
594 
594 
Capital redemption reserve
27 
27 
Profit and loss account
42,699 
35,316 
Shareholders' funds
43,387 
36,004 
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 29 March 2019.
Mr P D Witney Director Company Registration No. 03421358
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Centric Solutions (UK) Limited Notes to the Accounts for the year ended 31 August 2018
1
Statutory information
Centric Solutions (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 03421358. The registered office is Unit 2 Hurlands Business Centre, Hurlands Close, Farnham, Surrey, KT11 1PP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS102 Section 1A small entities. The date of transition is 31 August 2018. These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £. The following principal accounting policies have been applied:
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Company has transferred the significant risks and rewards of ownership to the buyer; - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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.
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Centric Solutions (UK) Limited Notes to the Accounts for the year ended 31 August 2018
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model 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 the straight-line method. Depreciation is provided on the following basis: Fixtures and fittings - 25% Computer equipment - 25% 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
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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Centric Solutions (UK) Limited Notes to the Accounts for the year ended 31 August 2018
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 September 2017
9,704 
14,592 
24,296 
At 31 August 2018
9,704 
14,592 
24,296 
Depreciation
At 1 September 2017
8,905 
14,592 
23,497 
Charge for the year
238 
- 
238 
At 31 August 2018
9,143 
14,592 
23,735 
Net book value
At 31 August 2018
561 
- 
561 
At 31 August 2017
799 
- 
799 
5
Debtors
2018 
2017 
£ 
£ 
Trade debtors
226,437 
202,797 
Accrued income and prepayments
3,424 
919 
Other debtors
4,919 
6,529 
234,780 
210,245 
6
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Trade creditors
174,772 
110,005 
Taxes and social security
32,947 
33,193 
Loans from directors
8,517 
- 
Accruals
21,620 
42,516 
237,856 
185,714 
7
Average number of employees
During the year the average number of employees was 13 (2017: 10).
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