Sero Consulting Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04857920 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2020

for

SERO CONSULTING LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mrs E Wallis

Mrs J Kay

I Wallis

REGISTERED OFFICE:

Sheffield Technology Parks

Cooper Buildings

Arundel Street

Sheffield

South Yorkshire

S1 2NS

REGISTERED NUMBER:

04857920 (England and Wales)

ACCOUNTANTS:

S Burgess & Co Ltd

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

The directors present their report with the financial statements of the company for the year ended 31 December 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of consulting and marketing services, related to education, skills and economic development.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

Mrs E Wallis

Mrs J Kay

I Wallis

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs E Wallis - Director

18 June 2021

TURNOVER

369,756

624,173

Cost of sales

186,259

349,654

GROSS PROFIT

183,497

274,519

Administrative expenses

248,312

190,952

(64,815

)

83,567

Other operating income

14,869

6,644

OPERATING (LOSS)/PROFIT

(49,946

)

90,211

Interest receivable and similar income

61

184

(LOSS)/PROFIT BEFORE TAXATION

(49,885

)

90,395

Tax on (loss)/profit

(1,376

)

1,813

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(48,509

)

88,582

FIXED ASSETS

Tangible assets

5

2,294

2,027

CURRENT ASSETS

Debtors

6

116,218

103,787

Cash at bank and in hand

37,433

172,610

153,651

276,397

CREDITORS

Amounts falling due within one year

7

48,952

91,273

NET CURRENT ASSETS

104,699

185,124

TOTAL ASSETS LESS CURRENT LIABILITIES

106,993

187,151

PROVISIONS FOR LIABILITIES

436

385

NET ASSETS

106,557

186,766

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

105,557

185,766

SHAREHOLDERS' FUNDS

106,557

186,766

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 profit or loss 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2021 and were signed on its behalf by:

Mrs E Wallis - Director

I Wallis - Director

1.	STATUTORY INFORMATION

Sero Consulting Limited is a private company, limited by shares , 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 the 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.

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

Turnover

Turnover comprises the invoiced value, under contract, of consulting services in relation to education, skills and economic development, excluding value added tax, and, also, grant income in furtherance of the company's objectives. Turnover is recognised in accordance with the contract or grant terms, with contracts ongoing over the year end treated in accordance with the accounting policy set out under the heading "work in progress".

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Government grants

Grants toward revenue expenditure are credited to the profit and loss account as the related expenditure is incurred.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress

Income on work in progress contracts is recognised by reference to the valuation of the time spent on each contract at the year end.

Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to reflect fairly the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover, and the related costs.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income within administrative expenses.

Impairment

At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 9 ) .

4.

DIVIDENDS

31.12.20

31.12.19

£

£

A Ordinary shares of £1 each

Interim

31,700

30,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

7,467

39,965

47,432

Additions

-

1,919

1,919

At 31 December 2020

7,467

41,884

49,351

DEPRECIATION

At 1 January 2020

7,467

37,938

45,405

Charge for year

-

1,652

1,652

At 31 December 2020

7,467

39,590

47,057

NET BOOK VALUE

At 31 December 2020

-

2,294

2,294

At 31 December 2019

-

2,027

2,027

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

113,795

102,700

Other debtors

500

613

Tax

1,427

-

Prepayments

496

474

116,218

103,787

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

18,362

51,137

Corporation tax

164

1,592

Social security and other taxes

3,613

2,848

VAT

18,593

28,010

Other creditors

5,193

4,988

Accruals & deferred income

3,027

2,698

48,952

91,273

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

500

A Ordinary

£1

500

500

500

B Ordinary

£1

500

500

1,000

1,000