Waverley Management Consultants Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC228964 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Waverley Management Consultants Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

Dr A J M Wilson

REGISTERED OFFICE:

4/1 Leven Terrace

Edinburgh

Lothian

EH3 9LT

REGISTERED NUMBER:

SC228964 (Scotland)

ACCOUNTANTS:

Brown, Scott & Main

Chartered Accountants

91 West Savile Terrace

Edinburgh

EH9 3DP

BANKERS:

Bank of Scotland

8 Lochside Avenue

Edinburgh

EH12 9DJ

FIXED ASSETS

Tangible assets

4

2,823

2,053

CURRENT ASSETS

Debtors

5

10,159

8,022

Cash at bank

50,562

65,792

60,721

73,814

CREDITORS

Amounts falling due within one year

6

(10,078

)

(13,889

)

NET CURRENT ASSETS

50,643

59,925

TOTAL ASSETS LESS CURRENT LIABILITIES

53,466

61,978

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

7

53,464

61,976

SHAREHOLDERS' FUNDS

53,466

61,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18 December 2017 and were signed by:

Dr A J M Wilson - Director

1.	STATUTORY INFORMATION

Waverley Management Consultants Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total value, excluding value added tax, of the revenue earned during the year on consultancy

contracts and associated expense recoveries from clients. Turnover recognised in advance of the client being billed is

included in debtors under "other debtors".

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following rates in order to

write off the cost less residual value of each asset over its estimated useful life:

Computer equipment - 25% per annum on a straight line basis; and

Furniture - 25% per annum on a straight line basis.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual

provisions of the instrument.

Financial assets and liabilities are offset, with the amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and

settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, including debtors and bank balances, are initially measured at transaction price including transaction

costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a

financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market

value rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a

market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are

presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured

at amortised cost using the effective rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern

The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as

the company continues to trade profitably and to meet its day to day commitments from working capital as they fall due.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for

the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

2,827

Additions

1,690

At 31 March 2017

4,517

DEPRECIATION

At 1 April 2016

774

Charge for year

920

At 31 March 2017

1,694

NET BOOK VALUE

At 31 March 2017

2,823

At 31 March 2016

2,053

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

10,159

8,022

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

81

159

Taxation and social security

4,647

6,713

Other creditors

5,350

7,017

10,078

13,889

Included under other creditors is a balance of £1,851 (2016 £3,517) due to the company's director. See note 11 of the full

accounts and note 8 of the filleted accounts for further details.

7.

RESERVES

Retained

earnings

£

At 1 April 2016

61,976

Profit for the year

11,488

Dividends

(20,000

)

At 31 March 2017

53,464

8.	RELATED PARTY DISCLOSURES

A balance of £1,851 (2016 £3,517) due to the director at the year end is included in other creditors repayable within one

year at note 9 of the full accounts and note 6 of the filleted accounts.This balance is interest free.

9.	CONTROLLING PARTY

The controlling party is Dr A J M Wilson.

The following reproduces the text of the report prepared for the director and members in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance

Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Waverley Management Consultants Limited for the year ended 31 March 2017 which comprise the Income Statement,

Balance Sheet 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 Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the director of Waverley Management Consultants Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Waverley Management Consultants Limited and state those matters that we have agreed to state to the director of Waverley Management Consultants Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Waverley Management Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Waverley Management Consultants Limited. You consider that Waverley Management Consultants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Waverley Management Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Brown, Scott & Main

Chartered Accountants

91 West Savile Terrace

Edinburgh

EH9 3DP

18 December 2017