ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.196 2018-08-312018-08-31false2017-09-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true 07027531 2017-09-01 2018-08-31 07027531 2016-09-01 2017-08-31 07027531 2018-08-31 07027531 2017-08-31 07027531 2016-09-01 07027531 c:Director1 2017-09-01 2018-08-31 07027531 d:CurrentFinancialInstruments 2018-08-31 07027531 d:CurrentFinancialInstruments 2017-08-31 07027531 d:CurrentFinancialInstruments d:WithinOneYear 2018-08-31 07027531 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 07027531 d:ShareCapital 2018-08-31 07027531 d:ShareCapital 2017-08-31 07027531 d:RetainedEarningsAccumulatedLosses 2018-08-31 07027531 d:RetainedEarningsAccumulatedLosses 2017-08-31 07027531 d:TaxLossesCarry-forwardsDeferredTax 2018-08-31 07027531 d:TaxLossesCarry-forwardsDeferredTax 2017-08-31 07027531 c:FRS102 2017-09-01 2018-08-31 07027531 c:AuditExempt-NoAccountantsReport 2017-09-01 2018-08-31 07027531 c:FullAccounts 2017-09-01 2018-08-31 07027531 c:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31 07027531 d:EntityControlledByKeyManagementPersonnel1 2017-09-01 2018-08-31 07027531 d:EntityControlledByKeyManagementPersonnel1 2018-08-31 07027531 d:EntityControlledByKeyManagementPersonnel1 2017-08-31 07027531 d:EntityControlledByKeyManagementPersonnel2 2017-09-01 2018-08-31 07027531 d:EntityControlledByKeyManagementPersonnel2 2017-08-31 iso4217:GBP xbrli:pure
Registered number: 07027531









24 X 7 (SOUTHEND) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

 
24 X 7 (SOUTHEND) LIMITED
REGISTERED NUMBER: 07027531

BALANCE SHEET
AS AT 31 AUGUST 2018

2018
2017
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
32,854
137,062

Cash at bank and in hand
  
41,252
31,045

  
74,106
168,107

Creditors: amounts falling due within one year
 5 
(10,015)
(43,564)

Net current assets
  
 
 
64,091
 
 
124,543

Total assets less current liabilities
  
64,091
124,543

  

Net assets
  
64,091
124,543


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
63,991
124,443

  
64,091
124,543


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2019.




A T Mahoney Esq
Director


The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
24 X 7 (SOUTHEND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

1.


General information

24 x 7 (Southend) Limited is a private Company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is Little Easton Manor, Park Road, Little Easton, Dunmow, Essex, CM6 2JN. The Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

 
2.2

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:

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.

 
2.3

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.

 
2.4

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.

Page 2

 
24 X 7 (SOUTHEND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.6

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.

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 3

 
24 X 7 (SOUTHEND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 83 (2017 - 99).


4.


Debtors

2018
2017
£
£


Other debtors
21,101
137,000

Deferred taxation
11,753
62

32,854
137,062


Page 4

 
24 X 7 (SOUTHEND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

5.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
173
79

Corporation tax
-
7,389

Other taxation and social security
7,342
2,091

Other creditors
-
31,705

Accruals and deferred income
2,500
2,300

10,015
43,564



6.


Deferred taxation




2018
2017


£

£






At beginning of year
62
-


Charged to profit or loss
11,691
62



At end of year
11,753
62

The deferred tax asset is made up as follows:

2018
2017
£
£


Tax losses carried forward
11,753
62

11,753
62


7.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



100 (2017 - 100) Ordinary shares of £1.00 each
100
100


Page 5

 
24 X 7 (SOUTHEND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

8.


Related party transactions

During the year the company recharged sales of £358,427 (2017 £354,022) to 24 x 7 Limited, a company under the control of the directors. 24 x 7 (Southend) Limited paid £220,183 (2017 £206,304) relating to management charges and vehicle rental to 24 x 7 Limited in the year. 24 x 7 (Southend) Limited also paid £181,412 (2017 £180,556) of wages on behalf of 24 x 7 Limited during the year.
The amount due from 24 x 7 Limited at the year end was £21,101 (2017 £119,000).
During the year 24 x 7 (Southend) Limited made sales of £NIL (2017 £18,000) to Daybreak Services Limited, a company under the control of the directors.
An amount of £18,000 was written off between 24 x 7 (Southend) limited and Daybreak Services Limited during the year.
The amount due from Daybreak Services Limited at the year end was £NIL (2017 £18,000).


Page 6