Professional H E Services Limited - Accounts to registrar (filleted) - small 18.2

Professional H E Services Limited - Accounts to registrar (filleted) - small 18.2

PROFESSIONAL H E SERVICES LIMITED - Company Information

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REGISTERED NUMBER: 08080702 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2020

for

Professional H E Services Limited
Professional H E Services Limited (Registered number: 08080702)






Contents of the Financial Statements
for the Year Ended 31 July 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Professional H E Services Limited

Company Information
for the Year Ended 31 July 2020







DIRECTORS: D G Fryer
G Ball
M Keen
K B Frost





SECRETARY: D G Fryer





REGISTERED OFFICE: 3 Holywell Drive
Loughborough
Leicestershire
LE11 3TU





REGISTERED NUMBER: 08080702 (England and Wales)





ACCOUNTANTS: Charnwood Accountants & Business Advisors LLP
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ
Page 1
Professional H E Services Limited (Registered number: 08080702)

Balance Sheet
31 July 2020

31.7.20 31.7.19
Notes £    £   
CURRENT ASSETS
Debtors 4 156,477 153,117
Cash at bank 1,864,839 1,479,568
2,021,316 1,632,685
CREDITORS
Amounts falling due within one year 5 986,612 184,264
NET CURRENT ASSETS 1,034,704 1,448,421
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,034,704
1,448,421

RESERVES
Other Reserves 6 1,020,586 1,020,586
Income and expenditure account 6 14,118 427,835
1,034,704 1,448,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 surplus or deficit 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2020 and were
signed on its behalf by:





D G Fryer - Director


The notes form part of these financial statements

Page 2
Professional H E Services Limited (Registered number: 08080702)

Notes to the Financial Statements
for the Year Ended 31 July 2020

1. STATUTORY INFORMATION

Professional H E Services Limited is a private company, limited by guarantee , registered in England and Wales.
The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102. "The
Financial Reporting Standard applicable in UK and Republic of Ireland" including the provisions of Section 1A
"Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical
cost convention.

These financial statements have been prepared in compliance with applicable legislation except that they have
departed from the Companies Act restriction of merger accounting to group reconstructions in order to achieve a
fair presentation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2019 - 20 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.20 31.7.19
£    £   
Trade debtors 14,775 29,141
Other debtors 141,702 123,976
156,477 153,117

Page 3 continued...
Professional H E Services Limited (Registered number: 08080702)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.20 31.7.19
£    £   
Trade creditors 6,870 57,004
Taxation and social security 22,842 46,074
Other creditors 956,900 81,186
986,612 184,264

6. RESERVES
Income
and
expenditure Other
account Reserves Totals
£    £    £   

At 1 August 2019 427,835 1,020,586 1,448,421
Deficit for the year (413,717 ) (413,717 )
At 31 July 2020 14,118 1,020,586 1,034,704

Other Reserves includes negative goodwill on the merger on 1st August 2019 with the Council of Higher
Education Internal Auditors ( CHEIA ) of £84,822.

7. MERGER

On 1st August 2019 Professional HE Services Limited ( PHES ) and the Council of Higher Education Internal
Auditors ( CHEIA ) merged. Under the Companies Act, the required accounting treatment for this is as a
business combination that is in substance a gift. However, as there is no change in the ultimate ownership of
CHEIA, it is the view of the Directors that this accounting treatment would not be consistent with a true and fair
presentation of the financial position and performance of PHES and have applied merger accounting. Therefore
2019 figures have been restated to include CHEIA for the full year and the position as at the balance sheet date
as at 31st July 2019.

Profit / (Loss) for the year ended 31st July 2020 :
Amount relating to PHES £(425,307)
Amount relating to CHEIA £ (14,159)
Total Loss for year £(439,466)

NET Assets as at 31st July 2019 :
Amount relating to PHES £1,363,599
Amount relating to CHEIA £84,822
Total NET Assets as at 31st July 2019 £1,448,421

Profit / (Loss) for the year ended 31st July 2019 :
Amount relating to PHES £285,544
Amount relating to CHEIA £1,889
Total Profit for year £287,433

Page 4