Balance Consultancy Limited - Period Ending 2022-05-31
Balance Consultancy Limited - Period Ending 2022-05-31
Registration number:
Balance Consultancy Limited
for the Year Ended 31 May 2022
Balance Consultancy Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Balance Consultancy Limited
Company Information
Director |
Mr S N Shah |
Registered office |
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Accountants |
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Balance Consultancy Limited
(Registration number: 08520930)
Balance Sheet as at 31 May 2022
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2022 |
2021 |
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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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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
Balance Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 May 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statement are presented in Pound Sterling, which is functional currency of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
i. The amount of revenue can be reliably measured;
ii. it is probable that future economic benefits will flow to the entity;
iii. and specific criteria have been met for each of the company's activities.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “Other operating income” within profit or loss in the same period as the related expenditure. The deferred element of grants, if any, is included in creditors as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Balance Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 May 2022
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% straight line basis |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Balance Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 May 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2021 |
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Additions |
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Disposals |
( |
( |
At 31 May 2022 |
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Depreciation |
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At 1 June 2021 |
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Charge for the year |
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Eliminated on disposal |
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( |
At 31 May 2022 |
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Carrying amount |
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At 31 May 2022 |
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At 31 May 2021 |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Balance Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 May 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Corporation tax |
6,768 |
4,701 |
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Directors' current accounts |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
14,359 |
14,277 |
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Related party transactions |
Other transactions with the director |
Mr S N Shah
(Director and Shareholder)
During the year a dividend of £29,750 was paid to Mr S N Shah.
At the balance sheet date amount due to Mr S N Shah is £39,600 (2021 - £46,259).