Heythorp Consultancy Limited - Period Ending 2017-08-31

Registration number: 09321052

Heythorp Consultancy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Michaelides Warner
102 Fulham Palace Road
London
W6 9PL

Heythorp Consultancy Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Heythorp Consultancy Limited

Company Information

Directors

Mrs Kyra A Von Schottenstein Mr Douglas Marshall Downie

Company secretary

Mr Douglas Marshall Downie

Registered office

127 Heythorp Street London SW18 5BT

Accountants

Michaelides Warner 102 Fulham Palace Road London W6 9PL

Page 1

Heythorp Consultancy Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Heythorp Consultancy Limited

(Registration number: 09321052)
Balance Sheet as at 31 August 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	291	577
Current assets
Debtors	5	28,262	16,568
Cash at bank and in hand		10,029	25,506
		38,291	42,074
Creditors: Amounts falling due within one year	6	(24,720)	(30,609)
Net current assets		13,571	11,465
Net assets		13,862	12,042
Capital and reserves
Called up share capital		100	100
Profit and loss account		13,762	11,942
Total equity		13,862	12,042

For the financial year ending 31 August 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.

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.

Approved and authorised by the Board on 30 May 2018 and signed on its behalf by:
 

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

Mr Douglas Marshall Downie

Company secretary and director

The notes on pages 4 to 7 form an integral part of these financial statements.

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Heythorp Consultancy Limited

Notes to the Financial Statements for the Year Ended 31 August 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:
127 Heythorp Street
London
SW18 5BT
United Kingdom

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.

Key sources of estimation uncertainty

The directors consider that there are no key judgements and key sources of estimation uncertainty that management have made in the process of applying the company's accounting policies, and that may have had a significant effect on the amounts recognised in the financial statements.

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.

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.

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Heythorp Consultancy Limited

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

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
Office equipment	Straight line basis over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 5

Heythorp Consultancy Limited

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other debtors and creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consideration expected to be paid or received.

3	Staff numbers

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

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	865	865
At 31 August 2017	865	865
Depreciation
At 1 September 2016	288	288
Charge for the year	286	286
At 31 August 2017	574	574
Carrying amount
At 31 August 2017	291	291
At 31 August 2016	577	577

5

Debtors

	2017 £	2016 £
Trade debtors	24,128	8,568
Other debtors	4,134	8,000
	28,262	16,568

Page 6

Heythorp Consultancy Limited

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

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	4,548	5,500
Taxation and social security	18,607	18,729
Accruals and deferred income	1,000	1,200
Other creditors	565	5,180
	24,720	30,609

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Transition to FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit and loss.

Page 7