Balance Consultancy Limited - Period Ending 2019-05-31

Registration number: 08520930

Balance Consultancy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2019

Flemmings Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

Balance Consultancy Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Balance Consultancy Limited

Company Information

Director

Mr S N Shah

Registered office

10 Hillbury Avenue Kenton Harrow Middlesex HA3 8EW

Accountants

Flemmings Chartered Accountants 76 Canterbury Road Croydon Surrey CR0 3HA

Page 1

Balance Consultancy Limited

(Registration number: 08520930)
Balance Sheet as at 31 May 2019

	Note	2019 £		2018 £
Fixed assets
Tangible assets	4		473		747
Current assets
Debtors	5	51,334		40,621
Cash at bank and in hand		44,087		22,974
		95,421		63,595
Creditors: Amounts falling due within one year	6	(95,383)		(62,836)
Net current assets			38		759
Total assets less current liabilities			511		1,506
Provisions for liabilities			(90)		(149)
Net assets			421		1,357
Capital and reserves
Called up share capital		100		100
Profit and loss account		321		1,257
Total equity			421		1,357

For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 November 2019
 

.........................................

Mr S N Shah
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Balance Consultancy Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Hillbury Avenue
Kenton
Harrow
Middlesex
HA3 8EW
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statement are presented in Pound Sterling, which is functional currency of the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% straight line basis

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Balance Consultancy Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2018 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2018	1,787	1,787
Additions	230	230
At 31 May 2019	2,017	2,017
Depreciation
At 1 June 2018	1,040	1,040
Charge for the year	504	504
At 31 May 2019	1,544	1,544
Carrying amount
At 31 May 2019	473	473
At 31 May 2018	747	747

Page 4

Balance Consultancy Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

5

Debtors

	2019 £	2018 £
Trade debtors	45,267	36,468
Other debtors	983	982
Prepayments and accrued income	5,084	3,171
	51,334	40,621

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Trade creditors		4,681	10,025
Corporation tax		8,661	6,292
Directors' current accounts	8	61,355	29,147
Taxation and social security		6,668	6,688
Other creditors		1,293	1
Accruals and deferred income		12,725	10,683
		95,383	62,836

7

Dividends

		2019		2018
		£		£
Interim dividend of £376.47 (2018 - £341.00) per ordinary share		37,647		34,100

Page 5

Balance Consultancy Limited

Notes to the Financial Statements for the Year Ended 31 May 2019

8	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	9,862	8,164
Contributions paid to money purchase schemes	10,000	15,000
	19,862	23,164

Other transactions with directors

Mr S N Shah
(Director and Shareholder)

During the year a dividend of £32,000 was paid to Mr S N Shah.

At the balance sheet date amount due to Mr S N Shah is £61,355 (2018 - £29,147).

Page 6