Publishing Consultancy Services Ltd - Filleted accounts

PUBLISHING CONSULTANCY SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2016

Company Registration Number: 05201587

PUBLISHING CONSULTANCY SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 10

PUBLISHING CONSULTANCY SERVICES LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016
DIRECTOR
Mrs J E Pulford
SECRETARY
A Parker
REGISTERED OFFICE
52 Langdale Gate
Witney
Oxfordshire
OX28 6EY
COMPANY REGISTRATION NUMBER
05201587 England and Wales

PUBLISHING CONSULTANCY SERVICES LTD
BALANCE SHEET
AS AT 31 December 2016
			Notes		2016				2015
					£				£
FIXED ASSETS
Tangible assets			7				189				169
CURRENT ASSETS
Debtors			8		47,308				59,691
Cash at bank and in hand					3,987				4,943
					51,295				64,634
CREDITORS: Amounts falling due			9		93,755				102,827
within one year
NET CURRENT (LIABILITIES)							(42,460)				(38,193)
CURRENT LIABILITIES LESS TOTAL ASSETS							(42,271)				(38,024)
Provisions for liabilities and charges							38				34
NET (LIABILITIES)							(42,309)				(38,058)
CAPITAL AND RESERVES
Called up share capital							1,000				1,000
Distributable profit and loss account							(43,309)				(39,058)
SHAREHOLDERS' (DEFICIT)							(42,309)				(38,058)
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Mrs J E Pulford
Director
Date approved by the board: 28 September 2017

PUBLISHING CONSULTANCY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1	GENERAL INFORMATION
	Publishing Consultancy Services Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	52 Langdale Gate
	Witney
	Oxfordshire
	OX28 6EY
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern
	The accounts have been drawn up on the going concern basis. The company owes J E P Solutions Ltd £62,212. The company is therefore dependent upon the continued support of J E P Solutions Ltd.

	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of publishing consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Plant and machinery					Reducing balance basis at 20% per annum
	Computer equipment					Straight line basis at 33% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 11 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2016		2015
	Average number of employees								1		1
6	DIRECTOR'S REMUNERATION
									2016		2015
									£		£
	Remuneration paid to the director during the year was:								11,139		10,447
7	TANGIBLE ASSETS
							Plant and machinery		Computer equipment		Total
							£		£		£
	Cost
	At 1 January 2016						104		135		239
	Additions						-		108		108
	At 31 December 2016						104		243		347
	Accumulated depreciation
	At 1 January 2016						51		19		70
	Charge for year						11		77		88
	At 31 December 2016						62		96		158
	Net book value
	At 1 January 2016						53		116		169
	At 31 December 2016						42		147		189
8	DEBTORS
									2016		2015
									£		£
	Trade debtors								30,918		39,618
	Other debtors								16,390		20,073
									47,308		59,691
9	CREDITORS: Amounts falling due within one year
									2016		2015
									£		£
	Trade creditors								27,935		35,348
	Other taxation and social security								973		295
	Accruals and deferred income								18,426		20,926
	Other creditors								46,421		46,258
									93,755		102,827

Included in other creditors is an advance from a director (Note 10) of £421 (2015 = £258). This advance is interest free and has no fixed date of repayment.

	Included in other creditors is an advance from J E P Solutions Ltd (Note 10) of £46,000 (2015 = £46,000). The advance is interest free and is repayable on demand.
	Included in accruals and deferred income is a balance due to J E P Solution Ltd (Note 10) of £16,212 (2015 - £18,712).

10	RELATED PARTY TRANSACTIONS
	The maximum amount due to the company from the director during the year was as follows:
									2016		2015
									£		£
	Mrs J E Pulford								-		804
	The director made an advance to the company during the year. The following amount was due to the director at the year end:
									2016		2015
									£		£
	Mrs J E Pulford								421		258
	During the year, the following transactions with related parties took place:
	J E P Solutions Ltd
	A company of which Mrs J E Pulford is also a director								2016		2015
									£		£
	Accrued costs due to related party at 31 December 2016								(16,212)		(18,712)
	Amount due to related party at 31 December 2016								(46,000)		(46,000)
	A Parker
	Shareholder and former Director								2016		2015
									£		£
	Receiving of services								(6,554)		(8,500)
	Amount due from related party at 31 December 2016								-		2,671
11	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015.
	Profit and loss for the year ended 31 December 2015										£
	Loss for the year under former UK GAAP										(51,919)
	Loss for the year under FRS 102										(51,919)
	Balance sheet at 31 December 2015										£
	Equity under former UK GAAP										(38,058)
	Equity under FRS 102										(38,058)
	Balance sheet at 1 January 2015										£
	Equity under former UK GAAP										13,861
	Equity under FRS 102										13,861