Manchester Professional Services Ltd - Accounts

Registered number

01997391

Manchester Professional Services Ltd

Report and Financial Statements

31 March 2016

Manchester Professional Services Ltd
Registered number:				01997391
Directors' Report and Strategic Report
The Directors present their report and accounts for the year ended 31 March 2016.
Principal activities
The company's principal activity during the year continued to be the provision of company secretarial, legal and accountancy services.
Review of the business
The results for the year are set out on page 3. After the recharge from Council of the City of Manchester, there is no profit or loss, which is as intended. The Directors foreseee no major risks that the Company is exposed to. It is expected that the coming year will be similar to 2015/16. There are no events since the year end which need to be reported.
Future developmets & Strategic Report
No strategic changes are intended by the Company.
Directors
The following persons served as directors during the year:
	Sir H. Bernstein
	Carol Culley
	Cllr S. Murphy
None of the directors who held office at the end of the year had any disclosable interest in the shares of the company.
Shares
The whole of the issued capital is beneficially owned by the Council of the City of Manchester.
Results and Dividends
The net profit on ordinary activities after taxation amounts to £Nil (2015 £Nil), which is to be transferred to reserves. The Directors do not recommend the payment of a final dividend for the year.
Events since the balance sheet date
There are no events since the year-end to be reported.
Company Secretary
Ms E Treacy was appointed on 24 October 2014.
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare accounts for each financial year. Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 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 of 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 judgements and estimates that are reasonable and prudent;

●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

●	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 finanical 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.

Disclosure of information to auditors

Each person who was a Director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the Company's Auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's Auditor is aware of that information.

Auditors

A resolution proposing the reappointment of Messrs. Appleby & Wood as auditors to the Company will be agreed by the members of the Company. (The Council of the City of Manchester) by written procedure.

This report was approved by the board on 15 December 2016 and signed by its order .

E Treacy

Secretary

Manchester Professional Services Ltd

Independent auditors' report

to the shareholders of Manchester Professional Services Ltd

We have audited the financial statements of Manchester Professional Services Ltd for the year ended 31 March 2016 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

This report is made solely to the Company's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's Members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on th APB's website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the Company's affairs as at 31 March 2016 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.
Stephen Knowles BSc FCA
(Senior Statutory Auditor)		Evans Business Centre
for and on behalf of		Manchester Road
APPLEBY & WOOD		Bolton
Accountants and Statutory Auditors		Greater Manchester
16/12/2016		BL3 2NZ

Manchester Professional Services Ltd
Income Statement
for the year ended 31 March 2016
Notes						2016		2015
£							£
Turnover				2		66,785		57,104
Cost of sales						(53,093)		(43,131)
Gross profit						13,692		13,973
Administrative expenses						(13,692)		(14,172)
Operating loss				3		-		(199)
Interest receivable						-		199
Profit on ordinary activities before taxation						-		-
Tax on profit on ordinary activities				4		-		-
Profit for the financial year						-		-
Continuing operations
None of the company's activities were acquired or discontinued during the above two financial years.
The notes on pages 7 to 9 for part of these financial statements.

Manchester Professional Services Ltd
Statement of Financial Position
as at 31 March 2016
Notes				2016			2015
£					£
Current assets
Debtors	5		19,092			7,907
Cash at bank and in hand			48,922			42,856
			68,014			50,763
Creditors: amounts falling due within one year	6		(46,813)			(29,562)
Net current assets				21,201			21,201
Total assets less current liabilities				21,201			21,201
Creditors: amounts falling due after more than one year	7			(20,000)			(20,000)
Net assets				1,201			1,201
Capital and reserves
Called up share capital	8			100			100
Profit and loss account	9			1,101			1,101
Total Equity				1,201			1,201
Sir Howard Bernstein
Director
Approved by the board on 15 December 2016
The notes on pages 7 to 9 form part of these financial statements.
Statement of Changes in Equity for the year ended 31 March 2016
There has been no change in equity during the Financial years 2015 and 2016.

Manchester Professional Services Ltd
Statement of Cash Flows
for the year ended 31 March 2016
Notes			2016		2015
£				£
Operating activities
Operating profit			-		-
Increase in debtors			(11,185)		(3,323)
Increase in creditors			17,251		17,185
Net cash generated by operating activities			6,066		13,862
Net cash generated
Cash generated by operating activities			6,066		13,862
Net cash generated			6,066		13,862
Cash and cash equivalents at 1 April			42,856		28,994
Cash and cash equivalents at 31 March			48,922		42,856
Cash and cash equivalents comprise:
Cash at bank			48,922		42,856

Manchester Professional Services Ltd
Notes to the Accounts
for the year ended 31 March 2016
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. This basis has been adopted by the Board as a result of its forward review of the Company's activities for the next year. The Board believes this basis is acceptable for at least the next 12 months.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
	Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
	Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price).
	Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The loan shown in note 7 is from the parent body. Any discount would be immaterial and is not included.
	Taxation
	There is no charge for taxation based on the result for the year and taking into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
2	Analysis of turnover					2016		2015
£							£
	By activity:
	Admin & secretarial support					66,785		57,104
	By geographical market:
	UK					66,785		57,104
	Staff numbers and costs
	None of the Directors received any emoluments from the Company during the year. There are 3 (2015 3) Directors.
3	Operating profit					2016		2015
£							£
	This is stated after charging:
	Auditors' remuneration for audit services					1,885		1,885
	Auditors' remuneration for other services					240		280
	Auditors' remuneration for 2014					-		385
	In common with many other business's of our size and nature we use our auditors to prepare and submit returns to the tax authorities and provide tax and other advice.
4	Taxation					2016		2015
£							£
	Analysis of charge in period
	Tax on profit on ordinary activities					-		-
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2016		2015
£							£
	Profit on ordinary activities before tax					-		-
	Standard rate of corporation tax in the UK					20%		20%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					-		-
	Effects of:
	Current tax charge for period					-		-
5	Debtors					2016		2015
£							£
	Trade debtors					18,537		5,404
	VAT					-		1,746
	Prepayments and accrued income					555		757
						19,092		7,907
6	Creditors: amounts falling due within one year					2016		2015
£							£
	Amounts owed to group undertakings and undertakings in which the company has a participating interest(note 15)					42,650		26,012
	Accruals and deferred income (incl VAT £145)					4,163		3,550
						46,813		29,562
7	Creditors: amounts falling due after one year					2016		2015
£							£
	Loans					20,000		20,000
	Amounts represent a loan which is repayable to the Council of the City of Manchester and is interest free with no set date for repayment.
8	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100
	The whole of the issued share capital is beneficially owned by the Council of the City of Manchester.
9	Profit and loss account					2016		2,015
£								£
	At 1 April					1,101		1,101
	At 31 March					1,101		1,101
10	Presentation currency
	The financial statements are presented in Sterling.
11	Legal form of entity and country of incorporation
	Manchester Professional Services Limited is a limited company incorporated in England.
12	Principal place of business
	The address of the company's principal place of business and registered office is:
	Manchester Town Hall
	P O Box 532
	MANCHESTER M60 2LA
13	Reconciliations on adoption of FRS 102
	There are no adjustments to profit/loss or balance sheet as a result of the adoption of FRS 102.
14	Related party transactions
	The Directors have taken advantage of the exemption in Financial Reporting Standards, and have not disclosed related party transactions with parent and fellow subsidiary undertakings.
15	Ultimate controlling party
	The Company is a wholly owned subsidiary undertaking of the Council of the City of Manchester, which is regarded as the ultimate parent body.