Third Rock Management Consulting UK Limited
Third Rock Management Consulting UK Limited
Registered number: 12180782
Unaudited Financial Statements
For The Year Ended
31 August 2021
Third Rock Management Consulting UK Limited
Unaudited Financial Statements
For The Year Ended
31 August 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Third Rock Management Consulting UK Limited
Balance Sheet
As at
31 August 2021
Balance Sheet
Registered number:
12180782
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET (LIABILITIES)/ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (18,396) | 35 | |||
Third Rock Management Consulting UK Limited
Balance Sheet (continued)
As at
31 August 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Third Rock Management Consulting UK Limited
Notes to the Financial Statements
For The Year Ended
31 August 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Coronavirus
On 11 March 2020 the World Health Organisation declared the COVID-19 outbreak as a worldwide pandemic. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Government. The outbreak has had a significant impact on both people and industry across the world. Due to the nature of the outbreak and the ongoing affect it is having globally it is currently very difficult to fully predict the overall impact this situation will have on the company and the business going forward.
1.2.
Going Concern Disclosure
The directors have formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.5.
Government Grant
The company accounts for grants using the accrual method. The company received a government grant during the year of £14,051 which was in relation to the Corona-Virus Job retention Scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 2)
Third Rock Management Consulting UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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| Directors' loan accounts |
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5.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans more 5 yr |
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The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.
Amounts falling due in more than five years repayable by instalments:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 50,000 | 50,000 |
8.
Dividends
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| - | 45,300 | ||
Third Rock Management Consulting UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
9.
Related Party Transactions
During the period, total dividends of £nil (2020: £45,300) were paid to the directors.
At the year end, the directors owe the company an amount of £26,096 (2020: £15,252).
The ultimate controlling party is Andrew Digue and Jacolene Hermina Digue, the directors and shareholder of the company.
10.
General Information
Third Rock Management Consulting UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12180782
. The registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.