KEO Consulting Limited Filleted accounts for Companies House (small and micro)

KEO CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00580978

KEO Consulting Limited

Filleted Unaudited Abridged Financial Statements

31 March 2022

KEO Consulting Limited

Abridged Financial Statements

Year ended 31st March 2022

Contents	Pages

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2 to 3

Notes to the abridged financial statements	4 to 8

KEO Consulting Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of KEO Consulting Limited

Year ended 31st March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of KEO Consulting Limited for the year ended 31st March 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants

2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU

19 October 2022

KEO Consulting Limited

Abridged Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	222,346	173,695

Current assets

Debtors	21,033	68,019
Cash at bank and in hand	188,507	156,604
	---------	---------
	209,540	224,623

Creditors: amounts falling due within one year	90,580	90,180
	---------	---------
Net current assets	118,960	134,443
	---------	---------
Total assets less current liabilities	341,306	308,138

Provisions

Taxation including deferred tax	9,206	–
	---------	---------
Net assets	332,100	308,138
	---------	---------

Capital and reserves

Called up share capital	1,500	1,500
Share premium account	10,527	10,527
Profit and loss account	320,073	296,111
	---------	---------
Shareholders funds	332,100	308,138
	---------	---------

These abridged 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 income and retained earnings has not been delivered.

For the year ending 31st March 2022 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31st March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

KEO Consulting Limited

Abridged Statement of Financial Position (continued)

31 March 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 19 October 2022 , and are signed on behalf of the board by:

Mr D Ross

Director

Company registration number: 00580978

KEO Consulting Limited

Notes to the Abridged Financial Statements

Year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS81RU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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

Investment property

The investment property is shown at its open market value which is considered to be the fair value of the properties. The surplus or deficit arising from the annual revaluation is recognised in the statement of income and retained earnings for the year.

Depreciation is not charged on the property as required by the Companies Act and FRS102.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	15% reducing balance

Investment property

Investment property is shown at its open market value which is considered to be the fair value of the property. The surplus or deficit arising from the annual revaluation is recognised in the statement of income and retained earnings for the year.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. 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.

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 abridged 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 liabilities are classified according to the substance of the contractual arrangements, 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	£
Cost or valuation
At 1st April 2021	174,304
Additions	611
Revaluations	48,454
	---------
At 31st March 2022	223,369
	---------
Depreciation
At 1st April 2021	609
Charge for the year	414
	---------
At 31st March 2022	1,023
	---------
Carrying amount
At 31st March 2022	222,346
	---------
At 31st March 2021	173,695
	---------

Tangible assets held at valuation

Included in tangible assets is an investment property. The directors consider the open market value of this property at 31st March 2022 to be £220,000.

6. Defined benefit pension scheme

The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The scheme became paid up with effect from 1st July 2006.

Pension scheme liabilities are measured on an actuarial basis and are discounted to their present value. The method adopted by the actuary is to calculate the total sum of all future years projected benefit outgo into a single liability figure for the scheme balance sheet and to compare this with the current value of the scheme's assets. The total liability figure is a "discounted" value allowing for the fact, that in order to meet a specific benefit payment at some point in the future, a smaller amount is required to be invested immediately as it will accumulate with interest until the time the benefit payment has to be made.

The method used in the valuation is to calculate the technical provisions based on accrued liabilities projected to retirement, withdrawal or deaths, as appropriate. This funding method is termed the Defined Accrued Benefit Method. The assumptions made by the actuary include a 3.6% per annum rate of retail price inflation. 2.8% per annum rate of consumer price inflation, an increase in pensions in payment of 2.8% per annum for 2003-2005 pensions and 2.1% per annum for post 2005 pensions, and a 3% 3% discount rate. No allowance has been made for members taking transfer values form the Scheme, all members have been assumed to retire at their normal retirement date of 65, but with full allowance for the special terms available on early retirement arising from equal treatment provisions. No allowance has been made for members opting to commute pension for cash at retirement and no allowance has been made for pre retirement mortality. It was also assumed that mortality would be in line with appropriate mortality tables.

The latest full valuation of the scheme was conducted at 31st March 2020 and issued on 18th June 2021 by a professionally qualified actuary. The actuarial valuation of the scheme as at 31st March 2020 revealed a funding deficit (value of assets minus technical provisions) of £265,000. If the assets are not sufficient to cover the technical provisions then a recovery plan will be put in place, however because of the unusual circumstances at the time, the actuary carried out a funding update at 30th April 2021 which showed there was no longer a deficit, therefore it was concluded that deficit reduction contributions were not necessary.

The pension scheme meets the costs of management and administration expenses. The company is required to pay Pension Protection Fund levies on behalf of the pension scheme and the company may pay additional contributions to the scheme with the agreement of the trustees.

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Ross	6,070	( 6,575)	11,022	10,517
Mrs C M A Ross	6,069	( 6,575)	11,022	10,516
	--------	--------	--------	--------
	12,139	( 13,150)	22,044	21,033
	--------	--------	--------	--------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Ross	22,573	( 29,964)	13,460	6,069
Mrs C M A Ross	22,573	( 29,963)	13,460	6,070
	--------	--------	--------	--------
	45,146	( 59,927)	26,920	12,139
	--------	--------	--------	--------

Interest was payable on the loan during the year at the official rate as prescribed by HMRC of 2% for the 2021/22 year.