Northern Link Traffic Data Consultancy Limited Company Accounts

Northern Link Traffic Data Consultancy Limited Company Accounts

NORTHERN LINK TRAFFIC DATA CONSULTANCY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04308608
Northern Link Traffic Data Consultancy Limited
Unaudited Financial Statements
31 December 2017
Northern Link Traffic Data Consultancy Limited
Financial Statements
Year ended 31 December 2017
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
12
Detailed income statement
13
Notes to the detailed income statement
14
Northern Link Traffic Data Consultancy Limited
Director's Report
Year ended 31 December 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2017 .
Director
The director who served the company during the year was as follows:
Mr P Cocker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 July 2018 and signed on behalf of the board by:
Mr P Cocker
Director
Registered office:
Unit 18
Petteril Side
Haarraby Green Business Park
Carlisle
Cumbria
CA1 2SQ
Northern Link Traffic Data Consultancy Limited
Statement of Comprehensive Income
Year ended 31 December 2017
2017
2016
Note
£
£
Turnover
225,578
191,521
Cost of sales
108,326
100,789
-----------
-----------
Gross profit
117,252
90,732
Administrative expenses
67,560
64,670
-----------
---------
Operating profit
49,692
26,062
Other interest receivable and similar income
4
3
Interest payable and similar expenses
1,141
1,712
-----------
---------
Profit before taxation
48,555
24,353
Tax on profit
9,500
1,714
---------
---------
Profit for the financial year and total comprehensive income
39,055
22,639
---------
---------
All the activities of the company are from continuing operations.
Northern Link Traffic Data Consultancy Limited
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
15,876
16,680
Current assets
Stocks
3,428
3,428
Debtors
6
31,054
11,048
Cash at bank and in hand
46,860
34,289
---------
---------
81,342
48,765
Creditors: amounts falling due within one year
7
( 42,663)
( 31,547)
---------
---------
Net current assets
38,679
17,218
---------
---------
Total assets less current liabilities
54,555
33,898
Creditors: amounts falling due after more than one year
8
( 5,404)
( 8,802)
---------
---------
Net assets
49,151
25,096
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
49,051
24,996
---------
---------
Shareholders funds
49,151
25,096
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Northern Link Traffic Data Consultancy Limited
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 26 July 2018 , and are signed on behalf of the board by:
Mr P Cocker
Director
Company registration number: 04308608
Northern Link Traffic Data Consultancy Limited
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 18, Petteril Side, Harraby Green Business Park, Carlisle, CA1 2SQ. The principal place of business is Unit D, Barron Way, Kingmoor Business Park, Carlisle, CA6 4SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2017
180,830
24,286
1,871
206,987
Additions
–
13,999
–
13,999
Disposals
–
( 24,286)
–
( 24,286)
-----------
---------
--------
-----------
At 31 December 2017
180,830
13,999
1,871
196,700
-----------
---------
--------
-----------
Depreciation
At 1 January 2017
174,899
14,039
1,369
190,307
Charge for the year
890
3,500
166
4,556
Disposals
–
( 14,039)
–
( 14,039)
-----------
---------
--------
-----------
At 31 December 2017
175,789
3,500
1,535
180,824
-----------
---------
--------
-----------
Carrying amount
At 31 December 2017
5,041
10,499
336
15,876
-----------
---------
--------
-----------
At 31 December 2016
5,931
10,247
502
16,680
-----------
---------
--------
-----------
6. Debtors
2017
2016
£
£
Trade debtors
30,307
10,301
Other debtors
747
747
---------
---------
31,054
11,048
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,197
4,461
Corporation tax
9,500
5,713
Social security and other taxes
11,165
7,089
Other creditors
15,801
14,284
---------
---------
42,663
31,547
---------
---------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
5,404
8,802
--------
--------
9. Director's advances, credits and guarantees
At the year end the company owed £10,587 (2016 £6,444) by its director. No interest is charged on this loan.
10. Related party transactions
No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.
Northern Link Traffic Data Consultancy Limited
Management Information
Year ended 31 December 2017
The following pages do not form part of the financial statements.
Northern Link Traffic Data Consultancy Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Northern Link Traffic Data Consultancy Limited
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northern Link Traffic Data Consultancy Limited for the year ended 31 December 2017, which comprise the statement of comprehensive income, statement of financial position 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Northern Link Traffic Data Consultancy Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Northern Link Traffic Data Consultancy Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northern Link Traffic Data Consultancy Limited and its director for our work or for this report.
It is your duty to ensure that Northern Link Traffic Data Consultancy 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 Northern Link Traffic Data Consultancy Limited. You consider that Northern Link Traffic Data Consultancy 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 Northern Link Traffic Data Consultancy 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.
SAINT AND CO Chartered accountant
4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
26 July 2018
Northern Link Traffic Data Consultancy Limited
Detailed Income Statement
Year ended 31 December 2017
2017
2016
£
£
Turnover
Sales
225,578
191,521
Cost of sales
Opening stock
3,428
25,732
Purchases
–
8,822
Consultancy services
19,981
38,722
Consumables
10,467
9,450
Subcontractor costs
77,878
21,491
-----------
-----------
111,754
104,217
Closing stock
3,428
3,428
-----------
-----------
108,326
100,789
-----------
-----------
Gross profit
117,252
90,732
Overheads
Administrative expenses
67,560
64,670
---------
---------
Operating profit
49,692
26,062
Other interest receivable and similar income
4
3
Interest payable and similar expenses
(1,141)
(1,712)
---------
---------
Profit before taxation
48,555
24,353
---------
---------
Northern Link Traffic Data Consultancy Limited
Notes to the Detailed Income Statement
Year ended 31 December 2017
2017
2016
£
£
Administrative expenses
Directors salaries
21,002
20,000
Directors pensions
6,350
3,087
Administrative staff salaries
–
3,430
Rent
2,640
3,127
Insurance
2,344
2,866
Repairs and maintenance
1,896
2,952
Motor expenses
15,760
13,253
Travel and subsistence
391
592
Telephone
4,037
3,572
Printing postage and stationery
287
737
Sundry expenses
995
670
Subscriptions
765
680
Advertising
1,200
214
Accountancy fees
1,998
1,918
Depreciation of tangible assets
4,556
4,712
(Gain)/loss on disposal of tangible assets
2,747
2,006
Bank charges
592
854
---------
---------
67,560
64,670
---------
---------
Other interest receivable and similar income
Interest on cash and cash equivalents
4
3
-----
-----
Interest payable and similar expenses
Interest on banks loans and overdrafts
81
101
Interest on hire purchase and finance lease contracts
1,060
1,611
--------
--------
1,141
1,712
--------
--------