DAF Consultancy Limited - Period Ending 2017-12-31

DAF Consultancy Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2017

Registration number: 05499891

DAF Consultancy Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 9

DAF Consultancy Limited

Balance Sheet

31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	668,746	670,528
Investments	6	60	60
		668,806	670,588
Current assets
Debtors	7	1,061,203	296,290
Cash at bank and in hand		68,268	68,401
		1,129,471	364,691
Creditors: Amounts falling due within one year	8	(1,029,577)	(352,423)
Net current assets		99,894	12,268
Total assets less current liabilities		768,700	682,856
Creditors: Amounts falling due after more than one year	8	(390,903)	(644,157)
Provisions for liabilities		(12,954)	(12,040)
Net assets		364,843	26,659
Capital and reserves
Called up share capital		1	1
Profit and loss account		364,842	26,658
Total equity		364,843	26,659

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 1

DAF Consultancy Limited

Balance Sheet

31 December 2017

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 July 2018
 

......................................... Mr D A Freeman Director

Company Registration Number: 05499891

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 2

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is:
9 The Crescent
Plymouth
Devon
PL1 3AB
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue is recognised at the point when a permanent placement commences or temporary contracts occur.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Freehold land	Not depreciated
Freehold property improvements	10% straight line
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Asset class	Amortisation method and rate
Goodwill	25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 228 (2016 - 128).

Page 5

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2017	7,001	7,001
Disposals	(3,500)	(3,500)
At 31 December 2017	3,501	3,501
Amortisation
At 1 January 2017	7,001	7,001
Amortisation eliminated on disposals	(3,500)	(3,500)
At 31 December 2017	3,501	3,501
Carrying amount
At 31 December 2017	-	-

Page 6

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

5	Tangible assets

	Freehold property £	Freehold property improvements  £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	668,852	2,286	53,706	724,844
Additions	-	-	14,770	14,770
At 31 December 2017	668,852	2,286	68,476	739,614
Depreciation
At 1 January 2017	18,575	577	35,164	54,316
Charge for the year	10,535	229	5,788	16,552
At 31 December 2017	29,110	806	40,952	70,868
Carrying amount
At 31 December 2017	639,742	1,480	27,524	668,746
At 31 December 2016	650,277	1,709	18,542	670,528

6	Investments

	2017 £	2016 £
Investments in subsidiaries	60	60

Subsidiaries	£
Cost or valuation
At 1 January 2017	60
Provision
Carrying amount
At 31 December 2017	60
At 31 December 2016	60

Page 7

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

7

Debtors

	Note	2017  £	2016  £
Trade debtors		904,291	862
Amounts due from group undertakings		70,825	10,404
Other debtors		72,439	283,494
Prepayments		13,648	1,530
		1,061,203	296,290

8

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	9	426,096	67,351
Trade creditors		49,640	13,787
Corporation tax		107,334	42,424
Social security and other taxes		359,215	187,813
Other creditors		62,557	37,765
Accrued expenses		24,735	3,283
		1,029,577	352,423
Due after one year
Loans and borrowings	9	390,903	644,157

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	9	390,903	644,157

Page 8

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2017

9	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Bank borrowings	299,128	502,496
Other borrowings	91,775	141,661
	390,903	644,157

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	209,264	17,465
Other borrowings	216,832	49,886
	426,096	67,351

10	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary A shares of £1 each	60	60	60	60
Ordinary B shares of £1 each	40	40	40	40
	100	100	100	100

Page 9