| Compliancy Services Limited |
| Registered number: |
04954156 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
266,306 |
|
|
316,662 |
| Tangible assets |
4 |
|
|
29,306 |
|
|
32,576 |
| Investments |
|
|
|
25,125 |
|
|
25,125 |
|
|
|
|
320,737 |
|
|
374,363 |
|
| Current assets |
| Debtors |
5 |
|
389,452 |
|
|
319,785 |
| Cash at bank and in hand |
|
|
491,497 |
|
|
308,777 |
|
|
|
880,949 |
|
|
628,562 |
|
| Creditors: amounts falling due within one year |
6 |
|
(828,128) |
|
|
(749,095) |
|
| Net current assets/(liabilities) |
|
|
|
52,821 |
|
|
(120,533) |
|
| Total assets less current liabilities |
|
|
|
373,558 |
|
|
253,830 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(75,809) |
|
|
(89,975) |
|
|
|
| Net assets |
|
|
|
297,749 |
|
|
163,855 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
67 |
|
|
67 |
| Share premium |
|
|
|
31,774 |
|
|
31,774 |
| Capital Redemption Reserve |
|
|
|
34 |
|
|
34 |
| Profit and loss account |
|
|
|
265,874 |
|
|
131,980 |
|
| Shareholders' funds |
|
|
|
297,749 |
|
|
163,855 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| B Mason |
| Director |
| Approved by the board on 2 November 2017 |
|
| Compliancy Services Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes in respect of services provided to customers. |
|
|
Development expenditure |
|
Development expenditure Development expenditure is capitalised in accordance with the accounting policy given below. Initial capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. |
|
|
Goodwill and Intangible assets |
|
The Company establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. |
|
|
Goodwill |
|
Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life. The useful life of goodwill is deemed to be 4 years. |
|
|
Intangible assets |
|
Intangible assets, excluding development costs, created within the business are not capitalised and expenditure is charged against profits in the year in which it is incurred. Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment.
Intangible assets are amortised on a straight line basis over their estimated useful. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.
The useful economic lives of intangible assets are as follows:
Development costs - 10 years
If there are indicators that the residual value or useful life of an intangible asset has changed since the most recent annual reporting period previous estimates shall be reviewed and, if current expectations differ the residual value, amortisation method or useful life shall be amended. Changes in the expected useful life or the expected pattern of consumption of benefit shall be accounted for as a change in accounting estimate. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office Equipment |
25% reducing balance |
|
|
Investments |
|
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
|
|
|
|
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
29 |
|
30 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
|
Goodwill: |
Development expenditure |
|
Goodwill |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
- |
|
635,000 |
|
635,000 |
|
Additions |
121,370 |
|
- |
|
121,370 |
|
At 31 March 2017 |
121,370 |
|
635,000 |
|
756,370 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2016 |
- |
|
318,338 |
|
318,338 |
|
Provided during the year |
12,138 |
|
159,588 |
|
171,726 |
|
At 31 March 2017 |
12,138 |
|
477,926 |
|
490,064 |
|
|
|
|
|
|
|
|
- |
|
Net book value |
|
At 31 March 2017 |
109,232 |
|
157,074 |
|
266,306 |
|
At 31 March 2016 |
- |
|
316,662 |
|
316,662 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years. |
|
Development costs are amortised evenly over their useful lives of 10 years. Amortisation is included in administration expenses in the profit and loss account. |
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
At 1 April 2016 |
81,485 |
|
Additions |
4,561 |
|
At 31 March 2017 |
86,046 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
48,909 |
|
Charge for the year |
7,831 |
|
At 31 March 2017 |
56,740 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
29,306 |
|
At 31 March 2016 |
32,576 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
253,495 |
|
203,908 |
|
Other debtors |
135,957 |
|
115,877 |
|
|
|
|
|
|
389,452 |
|
319,785 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
13,500 |
|
13,500 |
|
Trade creditors |
157,668 |
|
90,177 |
|
Corporation tax |
61,172 |
|
20,696 |
|
Other taxes and social security costs |
142,049 |
|
148,219 |
|
Other creditors |
453,739 |
|
476,503 |
|
|
|
|
|
|
828,128 |
|
749,095 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
75,809 |
|
89,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
19,226 |
|
32,726 |
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Controlling party |
|
|
The company ultimate controlling party is Mr B Mason. |
|
|
| 10 |
Other information |
|
|
Compliancy Services Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
69 Hermitage Road |
|
Hitchin |
|
Hertfordshire |
|
SG5 1DB |
