Pringuer-James Consulting Engineers Limited Filleted accounts for Companies House (small and micro)

PRINGUER-JAMES CONSULTING ENGINEERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05260983

Pringuer-James Consulting Engineers Limited

Filleted Unaudited Abridged Financial Statements

30 March 2018

Pringuer-James Consulting Engineers Limited

Abridged Statement of Financial Position

30 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		49,407	4,906

Current assets

Debtors		536,788	360,149
Deferred tax	7	8,766	8,493
Cash at bank and in hand		304,268	339,084
		---------	---------
		849,822	707,726

Creditors: amounts falling due within one year	263,791		241,862
	---------		---------
Net current assets		586,031	465,864
		---------	---------
Total assets less current liabilities		635,438	470,770
		---------	---------
Net assets		635,438	470,770
		---------	---------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		635,338	470,670
		---------	---------
Shareholders funds		635,438	470,770
		---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 March 2018 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Pringuer-James Consulting Engineers Limited

Abridged Statement of Financial Position (continued)

30 March 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:

Mr S Pringuer-James
Director

Company registration number: 05260983

Pringuer-James Consulting Engineers Limited

Notes to the Abridged Financial Statements

Year ended 30 March 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Overseas House, Elm Grove, London, SW19 4HE.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

Operating leases

Rental costs under operating leases are charged to expenditure in equal amounts over the period of the lease.

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:

Office Refurbishments	-	20% straight line
Equipment	-	50% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

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 13 (2017: 16 ).

5. Tax on profit

Major components of tax (income)/expense

	2018	2017
	£	£

Current tax:

UK current tax expense	9,921	34,941
Adjustments in respect of prior periods	( 66,346)	–
	--------	--------
Total current tax	( 56,425)	34,941
	--------	--------

Deferred tax:

Origination and reversal of timing differences	( 725)	( 1,679)
	--------	--------
Tax on profit	( 57,150)	33,262
	--------	--------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2017: higher than) the standard rate of corporation tax in the UK of 19 % (2017: 20 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	178,518	159,449
	---------	---------
Profit on ordinary activities by rate of tax	33,918	31,890
Adjustment to tax charge in respect of prior periods	( 66,346)	–
Effect of expenses not deductible for tax purposes	1,629	900
Effect of capital allowances and depreciation	568	2,151
Effect of increase in bonus provision	1,900	–
Effect of Research & Development tax relief	( 28,094)	–
Effect of timing differences	(725)	( 1,679)
	---------	---------
Tax on profit	( 57,150)	33,262
	---------	---------

6. Tangible assets

	£
Cost
At 31 March 2017	176,196
Additions	66,221
	---------
At 30 March 2018	242,417
	---------
Depreciation
At 31 March 2017	171,290
Charge for the year	21,720
	---------
At 30 March 2018	193,010
	---------
Carrying amount
At 30 March 2018	49,407
	---------
At 30 March 2017	4,906
	---------

7. Deferred tax

	2018	2017
	£	£
Tax effect of timing differences in respect of accelerated capital allowances and a bonus provision	8,766	8,493
	-------	-------

8. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 0.10 each	1,000	100	1,000	100
	-------	----	-------	----

Share Options On 28 January 2016 the company granted Enterprise Management Incentives ("EMI") options over 66 "B" Ordinary shares of 10p each vesting immediately with an exercise price of £393.60 being the estimated market value at the time of the grant. These options become exercisable in the event of a flotation or takeover. If neither of these events happen, the options lapse on the tenth anniversary of the date of grants. No. of EMI share options Options outstanding at 1 April 2017 44 Options granted during the year - Options lapsed during the year - Options outstanding at 31 March 2018 44 Share options were held by 2 employees during the year and 2 employees at the year end.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	54,000	40,002
Later than 1 year and not later than 5 years	216,000	1,825
	---------	--------
	270,000	41,827
	---------	--------

The Company entered into a 5 year lease on 1 March 2018 .

10. Other financial commitments

On 30 October 2017, the Company entered into a Cross Guarantee and Debenture in favour of Barclays Bank plc in which it guaranteed the liabilities of Overseas Properties Limited, a company controlled by the shareholders. The Company had entered into an agreement with a Contractor to fit out the Offices at Elm Grove, in preparation for the office move in April 2018. At year end, further expenditure of £115,000 was anticipated.

11. Related party transactions

The company is under the control of Mr Sean Pringuer-James and Mrs Vanessa Pringuer-James. A dividend was paid to the director, Mr Sean Pringuer-James, amounting to £35,500 (2017: £15,000).