LIG Consulting Limited - Period Ending 2017-03-31

LIG Consulting Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 07605562

LIG Consulting Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

LIG Consulting Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,021	4,452
Investments	5	1,000	1,000
		3,021	5,452
Current assets
Debtors	6	60,645	41,699
Cash at bank and in hand		50,390	17,037
		111,035	58,736
Creditors: Amounts falling due within one year	7	(26,719)	(23,393)
Net current assets		84,316	35,343
Net assets		87,337	40,795
Capital and reserves
Called up share capital		100	100
Profit and loss account		87,237	40,695
Total equity		87,337	40,795

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

LIG Consulting Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 December 2017 and signed on its behalf by:
 

.........................................

Mr M Ansell

Director

Company Registration Number: 07605562

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

LIG Consulting Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA
United Kingdom

The principal place of business is:
Jubilee House
Cross Farm
Hatt
Saltash
Cornwall
PL12 6PL

These financial statements were authorised for issue by the Board on 20 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

LIG Consulting Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	33.3% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Page 4

LIG Consulting Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 5

LIG Consulting Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2016	10,587	10,587
Additions	975	975
Disposals	(3,366)	(3,366)
At 31 March 2017	8,196	8,196
Depreciation
At 1 April 2016	6,135	6,135
Charge for the year	2,555	2,555
Eliminated on disposal	(2,515)	(2,515)
At 31 March 2017	6,175	6,175
Carrying amount
At 31 March 2017	2,021	2,021
At 31 March 2016	4,452	4,452

5	Investments

	2017 £	2016 £
Investments in joint ventures	1,000	1,000

Joint ventures	£
Cost
At 1 April 2016	1,000
Provision
Carrying amount
At 31 March 2017	1,000
At 31 March 2016	1,000

Page 6

LIG Consulting Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Debtors

	Note	2017  £	2016  £
Trade debtors		11,121	40,984
Amounts due from group undertakings		49,337	-
Other debtors		-	400
Prepayments		187	315
		60,645	41,699

7

Creditors

	Note	2017  £	2016  £
Due within one year
Social security and other taxes		3,099	9,896
Other creditors		7,832	1,016
Accrued expenses		1,650	-
Corporation tax		14,138	12,481
		26,719	23,393

8	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.

Page 7