Manchester Professional Services Limited |
Registered number: |
01997391 |
Directors' Report |
and Strategic Report |
|
The directors present their report and financial statements for the year ended 31 March 2018. |
|
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 5. After the recharge from the Council of the City of Manchester, there is no profit or loss, which is as intended. The Directors foresee no major risks that the Company is exposed to. It is expected that the coming year will be similar to 2017/18. There are no events since the year end which need to be reported. |
|
Future developments & Strategic Report |
No strategic changes are intended by the Company. |
|
Directors |
The following persons served as directors during the year: |
|
Sir Howard Bernstein |
(Resigned 1 April 2017) |
|
Carol Culley |
|
Cllr. Sue Murphy |
None of the Directors who held office at the end of the year had any disclosable interest in the share 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 (2017 £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 resigned on 12th June 2018 |
|
Directors' responsibilities |
|
Basis of opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
● |
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
● |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
|
Other information |
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Manchester Professional Services Limited |
Notes to the Accounts |
for the year ended 31 March 2018 |
|
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 bacause of timing differences between the treatment of certain items for taxation and accounting purposes. |
|
|
|
2 |
Analysis of turnover |
2018 |
|
2017 |
£ |
£ |
|
|
Admin & Secretarial support |
75,896 |
|
73,050 |
|
|
|
|
|
|
75,896 |
|
73,050 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
UK |
75,896 |
|
73,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Staff numbers and costs |
|
None of the Directors received any emoluments from the Company during the year. There are 2 (2017 3) Directors. |
|
|
3 |
Operating profit |
2018 |
|
2017 |
£ |
£ |
|
This is stated after charging: |
|
|
Auditor's remuneration for audit services |
1,800 |
|
1,920 |
|
Auditor's remuneration for other services |
240 |
|
240 |
|
Auditor's remuneration for 2017 |
1,165 |
|
490 |
|
|
|
|
|
|
|
|
|
4 |
Taxation |
2018 |
|
2017 |
£ |
£ |
|
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: |
|
|
|
|
|
|
2018 |
|
2017 |
£ |
£ |
|
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 |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges |
|
There are no factors that may affect future tax charges. |
|
5 |
Debtors |
2018 |
|
2017 |
£ |
£ |
|
Trade debtors |
82,454 |
|
18,426 |
|
Other taxes and social security costs - VAT |
2,727 |
|
9,221 |
|
Prepayments and accrued income |
383 |
|
3,674 |
|
|
|
|
|
|
85,564 |
|
31,321 |
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest (Note 15) |
|
120,980 |
|
112,951 |
|
Accruals and deferred income |
2,040 |
|
3,170 |
|
|
|
|
|
|
123,020 |
|
116,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
£ |
£ |
|
|
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 |
|
2018 |
|
2018 |
|
2017 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
9 |
Profit and loss account |
2018 |
|
2017 |
£ |
£ |
|
|
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 private company limited by shares and incorporated in England. |
|
12 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: P O Box 532, Room 208 Town Hall, Albert Square, MANCHESTER M60 2LA. |
|
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. Most of the customers are related parties with Manchester City Council having a shareholding in them or significant influence . |
|
15 |
Ultimate controlling party |
|
The Company is a wholly owned subsidiary undertaking fo the Council of the City of Manchester, which is regarded as the ultimate parent body. |