Company Registration No. 03014555 (England and Wales)
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
634,088
39,650
Current assets
Debtors
5
525,854
180,594
Cash at bank and in hand
295,177
599,969
821,031
780,563
Creditors: amounts falling due within one year
6
(667,681)
(558,834)
Net current assets
153,350
221,729
Total assets less current liabilities
787,438
261,379
Creditors: amounts falling due after more than one year
7
(551,974)
-
Provisions for liabilities
(69,447)
-
Net assets
166,017
261,379
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
165,017
260,379
Total equity
166,017
261,379
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2019
28 February 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2019 and are signed on its behalf by:
W Tyler QC
Director
Company Registration No. 03014555
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 3 -
1
Accounting policies
Company information
The 36 Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Field Court, Grays Inn, London, WC1R 5EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Income is recognised in the period in which it is received, as is customary in this sector.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the unexpired term of the lease (to 31 December 2018)
Plant and machinery
33% per annum, reducing balance
Fixtures, fittings & equipment
15% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The company makes annual charges to the profit and loss account so that the cost of dilapidations incurred at the end of the lease are spread evenly over the period over which the company benefitted. This means that the dilapidations provision grows annually to equal the cost of the dilapidations at the end of the lease.
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Dilapidation provision
An estimate was required to determine the cost of bringing good any dilapidations. The calculations considered the current state and future use of the property, and was a prudent estimate of the amount considered to be payable.
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 28 (2018 - 25).
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 March 2018
72,962
94,514
98,701
266,177
Additions
602,900
5,249
16,132
624,281
Disposals
(72,962)
-
(98,701)
(171,663)
At 28 February 2019
602,900
99,763
16,132
718,795
Depreciation and impairment
At 1 March 2018
57,270
77,291
91,966
226,527
Depreciation charged in the year
15,692
7,416
-
23,108
Eliminated in respect of disposals
(72,962)
-
(91,966)
(164,928)
At 28 February 2019
-
84,707
-
84,707
Carrying amount
At 28 February 2019
602,900
15,056
16,132
634,088
At 28 February 2018
15,692
17,223
6,735
39,650
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
22,344
22,420
Other debtors
503,510
152,110
525,854
174,530
Deferred tax asset
-
6,064
525,854
180,594
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 8 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
179,400
163,357
Taxation and social security
48,016
182,435
Other creditors
440,265
213,042
667,681
558,834
Of the above creditors £275,987 is secured by way of hire purchase agreement. The liability is secured against the assets to which the finance relates.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
551,974
-
Of the above creditors £551,974 is secured by way of hire purchase agreement. The liability is secured against the assets to which the finance relates.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
1,747,410
120,565
THE 36 GROUP LIMITED
(PREVIOUSLY 36 BEDFORD ROW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 9 -
10
Related party transactions
Remuneration of key management personnel
2019
2018
£
£
Aggregate compensation
945,325
532,708
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent paid
2019
2018
£
£
Other related parties
121,978
136,500
The whole of the company's turnover is generated from barristers who are all shareholders in The 36 Group Limited. At the year end the company owed its shareholders £nil (2018 £nil) and shareholders owed the company £3,524 (2018 £12,942) is respect of recoverable expenses.
At the year end related parties owed the company £nil (2018 £1,250) included in trade debtor balances.
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