Company Registration No. 06246721 (England and Wales)
MCAINSH CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
Abbey House
Hickleys Court
South Street
Farnham
GU9 7QQ
MCAINSH CONSULTING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MCAINSH CONSULTING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr I. Thomson
Mrs A. Hussain Thomson
Secretary
Mrs A. Hussain Thomson
Company number
06246721
Registered office
Rosemary Cottage
4 The Drove
Twyford
Winchester
Hampshire
SO21 1QL
Accountants
Taylorcocks
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
MCAINSH CONSULTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
149
172
Current assets
Debtors
5
31,830
42,206
Cash at bank and in hand
8,374
14,141
40,204
56,347
Creditors: amounts falling due within one year
6
(34,843)
(24,842)
Net current assets
5,361
31,505
Total assets less current liabilities
5,510
31,677
Provisions for liabilities
7
(28)
(33)
Net assets
5,482
31,644
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
5,472
31,634
Total equity
5,482
31,644
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
MCAINSH CONSULTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 3 -
For the financial year ended 31 March 2018 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 financial statements were approved by the board of directors and authorised for issue on 30 November 2018 and are signed on its behalf by:
Mr I. Thomson
Mrs A. Hussain Thomson
Director
Director
Company Registration No. 06246721
The notes on pages 4 to 9 form part of these financial statements
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
McAinsh Consulting Limited (06246721) is a private company limited by shares incorporated in England and Wales. The registered office is Rosemary Cottage, 4 The Drove, Twyford, Winchester, Hampshire, United Kingdom, SO21 1QL.
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 represents income from consultancy services provided, excluding Value Added Tax.
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:
Computer equipment
25% on cost
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 and intangible 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.
1.5
Cash at bank and in hand
Cash at bank and in hand 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.
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors 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 direct issue 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.
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
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.
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
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
14,668
17,527
Adjustments in respect of prior periods
1,500
-
Total current tax
16,168
17,527
Deferred tax
Origination and reversal of timing differences
(5)
(74)
Total tax charge
16,163
17,453
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2017
5,642
Additions
40
At 31 March 2018
5,682
Depreciation and impairment
At 1 April 2017
5,470
Depreciation charged in the year
63
At 31 March 2018
5,533
Carrying amount
At 31 March 2018
149
At 31 March 2017
172
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
6,203
4,199
Other debtors
25,627
38,007
31,830
42,206
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,344
-
Corporation tax
14,668
16,027
Other taxation and social security
5,478
6,509
Other creditors
9,558
511
Accruals and deferred income
1,795
1,795
34,843
24,842
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
28
33
2018
Movements in the year:
£
Liability at 1 April 2017
33
Credit to profit or loss
(5)
Liability at 31 March 2018
28
MCAINSH CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
-
10
5 Ordinary A shares of £1 each
5
-
5 Ordinary B shares of £1 each
5
-
10
10
During the year, the company re-designated the ordinary shares in to ordinary A and ordinary B shares.
9
Related party transactions
During the year, the company entered in to transactions with an entity under common directorship. The company supplied services to the related entity amounting to £33,250 (2017 - £35,167).
The company maintains a loan account with the same related entity. At the year end, the company owed the related party £nil (2017 - £511). This amount is shown within other creditors.
10
Directors' transactions
The directors maintain a loan account with the company. At the start of the year, the directors owed £38,007 to the company. During the year, a further £67,970 was advanced to them and repayments were received amounting to £86,962. Interest was charged on the balance at 2.5% which totalled £326. At the year end, the directors owed the company £19,341.
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