Waverley Management Consultants Limited - Period Ending 2020-03-31
Waverley Management Consultants Limited - Period Ending 2020-03-31
Registration number:
Waverley Management Consultants Limited
for the Year Ended 31 March 2020
Waverley Management Consultants Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Waverley Management Consultants Limited
Company Information
Director |
Dr Alister Wilson |
Registered office |
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Accountants |
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Waverley Management Consultants Limited
(Registration number: SC228964)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
21,962 |
41,727 |
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Shareholders' funds |
21,964 |
41,729 |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
Waverley Management Consultants Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in Scotland, registered number SC228964.
The address of its registered office is:
Scotland
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.
The presentation currency is sterling.
Going concern
The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as the company continues to trade profitably and to meet its day to day commitments from working capital as they fall due. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue recognition
Turnover represents the total value, excluding value added tax, of the revenue earned during the year on consultancy contracts and associated expense recoveries from clients. Turnover recognised in advance of the client being billed is included in debtors.
Tax
The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Waverley Management Consultants Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% per annum straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank that is readily convertible to a known amount of cash and is subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tax charge |
2020 |
2019 |
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Corporation tax |
(11,940) |
(7,348) |
Waverley Management Consultants Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Waverley Management Consultants Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Dividends |
2020 |
2019 |
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£ |
£ |
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Interim dividend of £ |
70,000 |
65,000 |
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Related party transactions |
Loans to related parties
2020 |
Key management |
Total |
At start of period |
( |
( |
Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
( |
( |
2019 |
Key management |
Total |
At start of period |
( |
( |
Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
( |
( |
Terms of loans to related parties