The Customer Bureau Ltd 31/12/2021 iXBRL

The Customer Bureau Ltd 31/12/2021 iXBRL

THE CUSTOMER BUREAU LTD - Company Information

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Company registration number: NI657635
The Customer Bureau Ltd
Unaudited filleted financial statements
31 December 2021
The Customer Bureau Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Customer Bureau Ltd
Directors and other information
Directors Mr Niall Lavery
Mrs Una Lavery
Mr Alastair Grey
Company number NI657635
Registered office 23 High Street
Moneymore
Magherafelt
BT45 7PA
Accountants Weir & Co
23 High Street
Moneymore
Magherafelt
BT45 7PA
The Customer Bureau Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of The Customer Bureau Ltd
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Customer Bureau Ltd for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of The Customer Bureau Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Customer Bureau Ltd and state those matters that we have agreed to state to the board of directors of The Customer Bureau Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Customer Bureau Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Customer Bureau Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Customer Bureau Ltd. You consider that The Customer Bureau Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Customer Bureau Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Weir & Co
Chartered Accountants
23 High Street
Moneymore
Magherafelt
BT45 7PA
29 September 2022
The Customer Bureau Ltd
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 1,662 -
_______ _______
1,662 -
Current assets
Debtors 6 544,013 151,070
Cash at bank and in hand 101,353 17,960
_______ _______
645,366 169,030
Creditors: amounts falling due
within one year 7 ( 25,027) ( 8,024)
_______ _______
Net current assets 620,339 161,006
_______ _______
Total assets less current liabilities 622,001 161,006
_______ _______
Net assets 622,001 161,006
_______ _______
Capital and reserves
Called up share capital 125 125
Profit and loss account 621,876 160,881
_______ _______
Shareholders funds 622,001 161,006
_______ _______
For the year ending 31 December 2021 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2022 , and are signed on behalf of the board by:
Mr Niall Lavery
Director
Company registration number: NI657635
The Customer Bureau Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 23 High Street, Moneymore, Magherafelt, BT45 7PA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2020: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 - -
Additions 2,480 2,480
_______ _______
At 31 December 2021 2,480 2,480
_______ _______
Depreciation
At 1 January 2021 - -
Charge for the year 818 818
_______ _______
At 31 December 2021 818 818
_______ _______
Carrying amount
At 31 December 2021 1,662 1,662
_______ _______
At 31 December 2020 - -
_______ _______
6. Debtors
2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 520,153 144,794
Other debtors 23,860 6,276
_______ _______
544,013 151,070
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 1,126 -
Trade creditors 23,901 559
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 7,252
Social security and other taxes - 213
_______ _______
25,027 8,024
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Niall Lavery 4,117 - 4,117
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Niall Lavery ( 5,883) 10,000 4,117
_______ _______ _______
At the end of the period, Mr Niall Lavery had an overdrawn directors current account of £4,117. It is anticipated that the balance owed by Mr Niall Lavery will be cleared by dividend after the period end.
9. Controlling party
The company was under the control of Niall Lavery, Una Lavery & Alastair Grey throughout the current period.