McNair Consulting Ltd Filleted accounts for Companies House (small and micro)

MCNAIR CONSULTING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10580975

McNair Consulting Ltd

Filleted Unaudited Financial Statements

31 January 2020

McNair Consulting Ltd

Financial Statements

Year ended 31 January 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

McNair Consulting Ltd

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		8,178	11,614

Current assets

Debtors	6	24,278	15,475
Cash at bank and in hand		889	11,883
		--------	--------
		25,167	27,358

Creditors: amounts falling due within one year	7	11,231		20,278
		--------		--------
Net current assets			13,936	7,080
			--------	--------
Total assets less current liabilities			22,114	18,694

Provisions

Taxation including deferred tax	1,554	2,207
	--------	--------
Net assets	20,560	16,487
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	20,460	16,387
	--------	--------
Shareholders funds	20,560	16,487
	--------	--------

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 Section 1A of 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.

For the year ending 31 January 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

McNair Consulting Ltd

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 17 November 2020 , and are signed on behalf of the board by:

Mr N J L Brown

Director

Company registration number: 10580975

McNair Consulting Ltd

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.

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.

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.

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:

Motor vehicles	-	20% straight line
Equipment	-	25% 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.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 February 2019	13,450	4,846	18,296
Additions	–	553	553
	--------	-------	--------
At 31 January 2020	13,450	5,399	18,849
	--------	-------	--------
Depreciation
At 1 February 2019	5,380	1,302	6,682
Charge for the year	2,690	1,299	3,989
	--------	-------	--------
At 31 January 2020	8,070	2,601	10,671
	--------	-------	--------
Carrying amount
At 31 January 2020	5,380	2,798	8,178
	--------	-------	--------
At 31 January 2019	8,070	3,544	11,614
	--------	-------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	201	15,475
Other debtors	24,077	–
	--------	--------
	24,278	15,475
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	10
Corporation tax	9,731	11,800
Social security and other taxes	–	5,961
Other creditors	1,500	2,507
	--------	--------
	11,231	20,278
	--------	--------

8. Directors' advances, credits and guarantees

At the year end, the directors owed the company £23,603 (2019: the company owed the directors £1,007). During the year advances of £74,430 (2019: £91,025) were made to the directors and repayments of £50,528 (2019: £95,418) were made by the directors. Interest of £708 (2019: £nil) was charged on the loan at a rate of 2.5%.

9. Related party transactions

During the year dividends of £32,330 (2019: £55,836) were paid to the Directors of the company.