Symmons Madge Associates Limited Filleted accounts for Companies House (small and micro)

SYMMONS MADGE ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06576247

Symmons Madge Associates Limited

Filleted Unaudited Financial Statements

For the year ended

30 April 2019

Symmons Madge Associates Limited

Financial Statements

Year ended 30 April 2019

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Symmons Madge Associates Limited

Officers and Professional Advisers

Director	Mr P Symmons

Registered office	Vale Forge
	North Road
	Cowbridge
	Vale of Glamorgan
	CF71 7DF

Accountants	Clay Shaw Thomas Ltd
	Chartered accountants
	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	Barclays Bank Plc
	62 High Street
	Cowbridge
	South Glamorgan
	CF7 7YT

Symmons Madge Associates Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Symmons Madge Associates Limited

Year ended 30 April 2019

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2019, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Clay Shaw Thomas Ltd Chartered accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

24 January 2020

Symmons Madge Associates Limited

Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	124,360	145,916
Tangible assets	6	3,889	5,153
		---------	---------
		128,249	151,069

Current assets

Debtors	7	58,056	116,786
Cash at bank and in hand		151,192	160,192
		---------	---------
		209,248	276,978

Creditors: amounts falling due within one year	8	92,121		94,442
		---------		---------
Net current assets			117,127	182,536
			---------	---------
Total assets less current liabilities			245,376	333,605

Provisions

Taxation including deferred tax	( 2,908)	185
	---------	---------
Net assets	248,284	333,420
	---------	---------

Symmons Madge Associates Limited

Statement of Financial Position (continued)

30 April 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	10	100	100
Profit and loss account	11	248,184	333,320
		---------	---------
Shareholders funds		248,284	333,420
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 January 2020 , and are signed on behalf of the board by:

Mr P Symmons
Director

Company registration number: 06576247

Symmons Madge Associates Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vale Forge, North Road, Cowbridge, Vale of Glamorgan, CF71 7DF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of the property plant and equipment and for the useful economic lives for each class of assets. (ii) 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.

Revenue recognition

The turnover shown in the profit and loss account represent amounts invoiced during the year, exclusive of Value Added Tax for training, business development and e-commerce consultancy. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years from date of transition

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment	-	33% reducing balance
Fixtures & fittings	-	33% reducing balance
Office equipment	-	33 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2018: 10 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2018 and 30 April 2019	331,627
	---------
Amortisation
At 1 May 2018	185,711
Charge for the year	21,556
	---------
At 30 April 2019	207,267
	---------
Carrying amount
At 30 April 2019	124,360
	---------
At 30 April 2018	145,916
	---------

Goodwill was created on the acquisition of Symmons Madge Associates LLP on July 2008.

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 May 2018	31,023	2,684	8,263	41,970
Additions	–	464	–	464
	--------	-------	-------	--------
At 30 April 2019	31,023	3,148	8,263	42,434
	--------	-------	-------	--------
Depreciation
At 1 May 2018	26,140	2,599	8,078	36,817
Charge for the year	1,628	38	62	1,728
	--------	-------	-------	--------
At 30 April 2019	27,768	2,637	8,140	38,545
	--------	-------	-------	--------
Carrying amount
At 30 April 2019	3,255	511	123	3,889
	--------	-------	-------	--------
At 30 April 2018	4,883	85	185	5,153
	--------	-------	-------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	38,433	102,620
Other debtors	19,623	14,166
	--------	---------
	58,056	116,786
	--------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	21,824	13,717
Corporation tax	–	1,756
Social security and other taxes	32,046	31,761
Credit card	3,343	–
Other creditors	34,908	47,208
	--------	--------
	92,121	94,442
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	( 2,908)	185
	-------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	89	185
Unused tax losses	( 2,997)	–
	-------	----
	(2,908)	185
	-------	----

10. Called up share capital

Authorised share capital

	2019		2018
	No.	£	No.	£
A Ordinary £1 shares of £ 1 each	400	400	400	400
B Ordinary £1 shares of £ 1 each	400	400	400	400
C Ordinary £1 shares of £ 1 each	200	200	200	200
	-------	-------	-------	-------
	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
A Ordinary £1 shares of £ 1 each	50	50	50	50
B Ordinary £1 shares of £ 1 each	50	50	50	50
	----	----	----	----
	100	100	100	100
	----	----	----	----

11. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	17,500	9,225
	--------	-------

13. Director's advances, credits and guarantees

Included in other creditors, at the year end was a balance of £20,711 (2018 : £25,969) due to the director.

		2019
		£
	Balance as at 1 May 2018	(25,969)
	Advanced to the director	32,912
	Repaid by the director	(154)
	Dividends	(27,500)
		--------
	Balance as at 30 April 2019	(20,711)
		--------

There is no interest charged in respect of this balance and the balance is repayable on demand.

14. Ultimate controlling party

The company was under the control of the director Mr P Symmons throughout the current year. Mr P Symmons owns 100% of the issued share capital.