Howard Burnett Consultants Ltd - Period Ending 2017-03-31

Registration number: 07747371

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Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Hele Kergozou Limited
Chartered Accountants
Lilac Cottage
The Street
Draycott
Cheddar
Somerset
BS27 3TH

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5 to 6
Notes to the Financial Statements	7 to 11

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Company Information

Directors

HJ Burnett M N Burnett

Registered office

Lilac Cottage The Street Draycott Cheddar Somerset BS27 3TH

Accountants

Hele Kergozou Limited Chartered Accountants Lilac Cottage The Street Draycott Cheddar Somerset BS27 3TH

Page 1

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Directors' Report for the Year Ended 31 March 2017

The directors present their report and the financial statements for the year ended 31 March 2017.

Directors of the company

The directors who held office during the year were as follows:

HJ Burnett

M N Burnett

Principal activity

The principal activity of the company is the provision of training and consultancy services in the UK and abroad

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 6 October 2017 and signed on its behalf by:

.........................................
M N Burnett
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Howard Burnett Consultants Ltd for the year ended 31 March 2017 as set out on pages 4 to 11 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Howard Burnett Consultants Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Howard Burnett Consultants Ltd and state those matters that we have agreed to state to the Board of Directors of Howard Burnett Consultants Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Howard Burnett Consultants Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Howard Burnett Consultants Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Howard Burnett Consultants Ltd. You consider that Howard Burnett Consultants Ltd 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 accounts of Howard Burnett Consultants Ltd. 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 accounts.

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

Hele Kergozou Limited
Chartered Accountants
Lilac Cottage
The Street
Draycott
Cheddar
Somerset
BS27 3TH

6 October 2017

Page 3

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Profit and Loss Account for the Year Ended 31 March 2017

	Note	Total 31 March 2017 £	Total 31 March 2016 £
Turnover		69,120	66,542
Cost of sales		(4,450)	(4,040)
Gross profit		64,670	62,502
Administrative expenses		(21,294)	(11,060)
Operating profit		43,376	51,442
Profit before tax		43,376	51,442
Taxation		(8,650)	(10,399)
Profit for the financial year		34,726	41,043

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 4

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

(Registration number: 07747371)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	1,165	1,041
Current assets
Debtors	4	11,697	12,766
Cash at bank and in hand		60,604	47,653
		72,301	60,419
Creditors: Amounts falling due within one year	5	(12,556)	(14,276)
Net current assets		59,745	46,143
Net assets		60,910	47,184
Capital and reserves
Called up share capital		120	120
Profit and loss account		60,790	47,064
Total equity		60,910	47,184

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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 5

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

(Registration number: 07747371)
Balance Sheet as at 31 March 2017

Approved and authorised by the Board on 6 October 2017 and signed on its behalf by:
 

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

HJ Burnett

Director

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

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

The address of its registered office is:
Lilac Cottage The Street
Draycott
Cheddar
Somerset
BS27 3TH

The principal place of business is:
Inchmirrin
High Street Wookey
Wells
Somerset
BA5 1JZ

These financial statements were authorised for issue by the Board on 6 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 7

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

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
Fixtures,Fittings and Equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 8

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 9

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	3,350	3,350
Additions	810	810
At 31 March 2017	4,160	4,160
Depreciation
At 1 April 2016	2,309	2,309
Charge for the year	686	686
At 31 March 2017	2,995	2,995
Carrying amount
At 31 March 2017	1,165	1,165
At 31 March 2016	1,041	1,041

4

Debtors

	2017 £	2016 £
Trade debtors	4,555	9,782
Other debtors	7,142	2,984
Total current trade and other debtors	11,697	12,766

5

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		3,497	3,496
Taxation and social security		(518)	(518)
Other creditors		9,577	11,298
		12,556	14,276

Page 10

Howard Burnett Consultants Ltd

trading as Howard Burnett Consultants Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Dividends

Final dividends paid

	2017 £	2016 £
Final dividend of £1,050 (2016 - £900) per each Ordinary C share	21,000	18,000

Page 11