| Carey Consulting (NI) LTD |
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| Chartered Accountants' report to the directors |
| on the unaudited financial statements of Carey Consulting (NI) LTD |
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| In accordance with the terms of our engagement letter dated 30 November 2011 and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. |
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| This report is made to the company's board of directors in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's board of directors that we have done so and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carey Consulting (NI) LTD and its Board of Directors as a body for our work or for this report. |
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| We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements. |
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| You have acknowledged on the balance sheet for the year ended 31 August 2017 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under Companies Act 2006. You consider that the company is exempt from the statutory audit requirement for the year. |
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| We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
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| EM Accountants |
| Chartered Accountants |
| 42A - 44A New Row |
| Coleraine |
| Co Londonderry |
| BT52 1AF |
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| 26 March 2018 |
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| Carey Consulting (NI) LTD |
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| Balance Sheet (continued) |
| as at 31 August 2017 |
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
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| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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| 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. |
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| The accounts have been prepared and delivered 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. |
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| Brendan Carey |
| Director |
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| Registration number |
NI065774 |
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| Approved by the board on 26 March 2018 |
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| The notes on pages 4 to 8 form part of the financial statements |
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| Carey Consulting (NI) LTD |
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| Notes to the Accounts |
| for the year ended 31 August 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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 (as applied to small entities by section 1A of the standard). There have been no transitional adjustments made.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Property, plant and equipment |
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Property, plant and equipment is measured at cost (or deemed cost) or valuation less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all property, plant and equipment, 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: |
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Plant and equipment etc. |
25% Reducing balance/3 years straight line |
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Motor vehicles |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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The term 'cost' should be interpreted as meaning the total historical cost of bringing the relevant stock to its existing condition and location. |
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The net realisable value is the expected sale price of the relevant stock in the condition in which it is expected to be sold in the traders normal selling market. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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| 2 |
Adoption of FRS 102 |
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This is the first set of financial statements prepared by Carey Consulting (NI) LTD in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" ("FRS 102"). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at 1st August 2015. |
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| 3 |
Employees |
2017 |
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2016 |
| Number |
Number |
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Average number of persons employed by the company |
10 |
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11 |
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| 4 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 September 2016 |
120,000 |
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At 31 August 2017 |
120,000 |
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Amortisation |
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At 1 September 2016 |
54,000 |
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Provided during the year |
6,000 |
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At 31 August 2017 |
60,000 |
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Net book value |
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At 31 August 2017 |
60,000 |
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At 31 August 2016 |
66,000 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years. |
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| 5 |
Property, plant and equipment |
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Plant and equipment etc |
| £ |
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Cost |
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At 1 September 2016 |
22,006 |
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Additions |
1,962 |
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Disposals |
(4,790) |
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At 31 August 2017 |
19,178 |
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Depreciation |
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At 1 September 2016 |
20,383 |
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Charge for the year |
1,025 |
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On disposals |
(4,654) |
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At 31 August 2017 |
16,754 |
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Net book value |
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At 31 August 2017 |
2,424 |
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At 31 August 2016 |
1,623 |
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| 6 |
Investments |
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| Other |
| investments |
| £ |
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Cost |
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At 1 September 2016 |
74,812 |
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Additions |
1,458 |
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At 31 August 2017 |
76,270 |
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| 7 |
Debtors |
2017 |
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2016 |
| £ |
£ |
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Trade debtors |
61,644 |
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40,271 |
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Directors loan accounts |
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117,912 |
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97,598 |
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Other debtors |
122,736 |
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105,130 |
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302,292 |
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242,999 |
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| 8 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
| £ |
£ |
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Bank loans and overdrafts |
1,329 |
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420 |
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Trade creditors |
2,261 |
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2,940 |
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Corporation tax |
16,181 |
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1,955 |
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Other taxes and social security costs |
10,208 |
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8,720 |
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29,979 |
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14,035 |
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| 9 |
Share Capital |
2017 |
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2016 |
| £ |
£ |
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Allotted |
100 |
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100 |
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Called up and fully paid: |
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Ordinary Shares |
100 |
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100 |
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| 10 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Brendan Carey |
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Interest free loan payable on demand |
97,598 |
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20,314 |
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- |
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117,912 |
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97,598 |
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20,314 |
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- |
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117,912 |
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| 11 |
Other information |
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Carey Consulting (NI) LTD is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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25-27 New Row |
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Coleraine |
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BT52 1AD |
