The Consultancy Home Counties Limited 28/08/2018 iXBRL

The Consultancy Home Counties Limited 28/08/2018 iXBRL

TCHC GROUP LIMITED - Company Information

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Company registration number: 05207503
The Consultancy Home Counties Limited
Filleted financial statements
28 August 2018
The Consultancy Home Counties Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
The Consultancy Home Counties Limited
Directors and other information
Directors D M P Morgan
B J Morgan
C J Grinham
M Williams
D Wade
Secretary S M Brzozowska
Company number 05207503
Registered office Chase Green House
42 Chase Side
Enfield
Middlesex
EN2 6NF
Business address 21 Station Road
Watford
WD17 1AP
Auditor Brian Paul Limited
Chase Green House
42 Chase Side
Enfield
Middlesex
EN2 6NF
Bankers Lloyds TSB
67 High Street
Watford
Hertfordshire
The Consultancy Home Counties Limited
Directors responsibilities statement
Period ended 28th August 2018
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. 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 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 then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- 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.
The Consultancy Home Counties Limited
Statement of financial position
28th August 2018
28/08/18 28/02/17
Note £ £ £ £
Fixed assets
Tangible assets 5 54,547 91,038
Investments 6 265,935 265,935
_______ _______
320,482 356,973
Current assets
Debtors 7 2,058,705 1,999,773
Cash at bank and in hand 232,012 295,107
_______ _______
2,290,717 2,294,880
Creditors: amounts falling due
within one year 8 ( 1,250,086) ( 1,268,234)
_______ _______
Net current assets 1,040,631 1,026,646
_______ _______
Total assets less current liabilities 1,361,113 1,383,619
Creditors: amounts falling due
after more than one year 9 ( 9,692) -
Provisions for liabilities ( 5,714) ( 5,387)
_______ _______
Net assets 1,345,707 1,378,232
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,335,707 1,368,232
_______ _______
Shareholders funds 1,345,707 1,378,232
_______ _______
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2018 , and are signed on behalf of the board by:
D M P Morgan
Director
Company registration number: 05207503
The Consultancy Home Counties Limited
Notes to the financial statements
Period ended 28th August 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom, England and Wales. The address of the registered office is Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF. The place of business is 21 Station Road, Watford, Hertfordshire WD17 1AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 arrangementconstitutes 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.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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 66 (2017: 55 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st March 2017 347,657 347,657
Additions 37,951 37,951
Disposals ( 19,000) ( 19,000)
_______ _______
At 28th August 2018 366,608 366,608
_______ _______
Depreciation
At 1st March 2017 256,619 256,619
Charge for the year 61,580 61,580
Disposals ( 6,138) ( 6,138)
_______ _______
At 28th August 2018 312,061 312,061
_______ _______
Carrying amount
At 28th August 2018 54,547 54,547
_______ _______
At 28th February 2017 91,038 91,038
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1st March 2017 and 28th August 2018 265,935 265,935
_______ _______
Impairment
At 1st March 2017 and 28th August 2018 - -
_______ _______
Carrying amount
At 28th August 2018 265,935 265,935
_______ _______
At 28th February 2017 265,935 265,935
_______ _______
7. Debtors
28/08/18 28/02/17
£ £
Trade debtors 394,896 271,597
Other debtors 1,663,809 1,728,176
_______ _______
2,058,705 1,999,773
_______ _______
8. Creditors: amounts falling due within one year
28/08/18 28/02/17
£ £
Bank loans and overdrafts 229,147 444,621
Trade creditors 123,994 140,021
Corporation tax 3,008 -
Social security and other taxes 87,279 80,182
Other creditors 806,658 603,410
_______ _______
1,250,086 1,268,234
_______ _______
9. Creditors: amounts falling due after more than one year
28/08/18 28/02/17
£ £
Other creditors 9,692 -
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 75,243 42,131
Later than 1 year and not later than 5 years 177,505 62,865
_______ _______
252,748 104,996
_______ _______
11. Summary audit opinion
The auditor's report for the period dated 28 November 2018 was unqualified.
The senior statutory auditor was Paul Phillips FCA for and on behalf of Brian Paul Limited
12. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 28/08/18
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D M P Morgan 309,685 ( 311,924) ( 2,239)
_______ _______ _______
Year ended 28/02/17
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
D M P Morgan ( 442) 310,127 309,685
_______ _______ _______
Other creditors includes amount payable to D Morgan of £2,109 (2017: owed £309,685) on the balance sheet date. This includes interest charged on overdrawn balance up to 5th June 2017 at 3% official rate of interest of £2,469 (2017: £9,379) when the loan was fully paid.
13. Related party transactions
During the period some directors received dividends of £30,000 (2017: £nil). Other debtors also includes an amount of £57,402 (2017: £155,530) receivable from All Trades Training Limited, a fully owned subsidiary.
14. Controlling party
The controlling party is D Morgan by virtue of his majority shareholding in the company.