Services Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 01692903

Services Limited

Filleted Unaudited Financial Statements

For the year ended

30 September 2020

Services Limited

Financial Statements

Year ended 30 September 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Services Limited

Officers and Professional Advisers

The board of directors	Professor A Bendell
	Mrs C Bendell

Registered office	10 Westgate
	Southwell
	Nottinghamshire
	NG25 0JH

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	HSBC
	6 Victoria Street
	Nottingham
	NG1 1BL

Services Limited

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	4	2,000	4,000
Tangible assets	5	406	1,343
		-------	-------
		2,406	5,343

Current assets

Debtors	6	7,156	27,049
Cash at bank and in hand		152,385	154,153
		---------	---------
		159,541	181,202

Creditors: amounts falling due within one year	7	30,326		54,334
		---------		---------
Net current assets			129,215	126,868
			---------	---------
Total assets less current liabilities			131,621	132,211

Provisions

Taxation including deferred tax	77	255
	---------	---------
Net assets	131,544	131,956
	---------	---------

Capital and reserves

Called up share capital	8	102	102
Profit and loss account		131,442	131,854
		---------	---------
Shareholders funds		131,544	131,956
		---------	---------

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 Section 1A of 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 income statement has not been delivered.

For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Services Limited

Statement of Financial Position (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 10 May 2021 , and are signed on behalf of the board by:

Professor A Bendell

Director

Company registration number: 01692903

Services Limited

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Westgate, Southwell, Nottinghamshire, NG25 0JH.

2. 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work undertaken during the year. It is the amount derived from ordinary activities, and stated after trade discounts, other sales tax and net of VAT.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

The intangible asset represents the purchase of the rights to a book. No amortisation has been applied in the first year of the asset being held.

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:

	Book rights	-	20% straight line

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 fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Fixtures & fittings	-	15% straight line
Equipment	-	33% straight line

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company contributes to the directors private pension schemes. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £Nil (2019: £40,000). The company also operates the auto enrolment pension scheme for its employees. The pension costs are shown in the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).

4. Intangible assets

	Book rights
	£
Cost
At 1 October 2019 and 30 September 2020	10,000
	--------
Amortisation
At 1 October 2019	6,000
Charge for the year	2,000
	--------
At 30 September 2020	8,000
	--------
Carrying amount
At 30 September 2020	2,000
	--------
At 30 September 2019	4,000
	--------

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 October 2019 and 30 September 2020	3,058	6,288	9,346
	-------	-------	-------
Depreciation
At 1 October 2019	2,565	5,438	8,003
Charge for the year	87	850	937
	-------	-------	-------
At 30 September 2020	2,652	6,288	8,940
	-------	-------	-------
Carrying amount
At 30 September 2020	406	–	406
	-------	-------	-------
At 30 September 2019	493	850	1,343
	-------	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	( 1,903)	23,731
Other debtors	9,059	3,318
	-------	--------
	7,156	27,049
	-------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,198	8,697
Corporation tax	–	16,887
Social security and other taxes	8,584	194
Other creditors	20,544	28,556
	--------	--------
	30,326	54,334
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 10 each	10	100	10	100
Ordinary B shares of £ 1 each	1	1	1	1
Ordinary C shares of £ 1 each	1	1	1	1
	----	----	----	----
	12	102	12	102
	----	----	----	----

The ordinary B and C shares are non voting and have rights to dividends only.

9. Directors' advances, credits and guarantees

The amount owed to the directors at the statement of financial position date was £17,640 (2019: £16,887). The directors loan is unsecured, interest free and repayable on demand.