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Registration number: 07700587

Immigration Advice Service Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

 

Immigration Advice Service Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Immigration Advice Service Ltd

Company Information

Director

Mr O Okeregha

Registered office

Ashwood House
Ellen Street
Oldham
OL9 6QR

Accountants

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

 

Immigration Advice Service Ltd

(Registration number: 07700587)
Balance Sheet as at 31 July 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

695,212

686,294

Current assets

 

Stocks

5

62,903

75,799

Debtors

6

1,261,169

911,984

Cash at bank and in hand

 

1,009,885

666,055

 

2,333,957

1,653,838

Creditors: Amounts falling due within one year

7

(1,767,522)

(1,390,654)

Net current assets

 

566,435

263,184

Total assets less current liabilities

 

1,261,647

949,478

Creditors: Amounts falling due after more than one year

7

(527,051)

(409,018)

Provisions for liabilities

(28,524)

(28,244)

Net assets

 

706,072

512,216

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

705,972

512,116

Total equity

 

706,072

512,216

For the financial year ending 31 July 2018 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Immigration Advice Service Ltd

(Registration number: 07700587)
Balance Sheet as at 31 July 2018

Approved and authorised by the director on 30 April 2019
 

.........................................

Mr O Okeregha
Director

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

1

General information

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

The address of its registered office is:
Ashwood House
Ellen Street
Oldham
OL9 6QR

The company's registration number is: 07700587

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' 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.

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 sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in progress is calculated based on the unbilled legal aid work at the end of the year and a proportion of related costs incurred.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 63 (2017 - 44).

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2017

535,156

212,852

748,008

Additions

-

56,112

56,112

At 31 July 2018

535,156

268,964

804,120

Depreciation

At 1 August 2017

-

61,714

61,714

Charge for the year

-

47,194

47,194

At 31 July 2018

-

108,908

108,908

Carrying amount

At 31 July 2018

535,156

160,056

695,212

At 31 July 2017

535,156

151,138

686,294

5

Stocks

2018
£

2017
£

Work in progress

62,903

75,799

6

Debtors

2018
£

2017
£

Trade debtors

899,393

493,194

Prepayments

103,794

84,661

Other debtors

257,982

334,129

1,261,169

911,984

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

75,097

-

Trade creditors

 

160,323

541,956

Taxation and social security

 

69,514

24,019

Accruals and deferred income

 

481,169

309,110

Other creditors

 

981,419

515,569

 

1,767,522

1,390,654

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

527,051

409,018

2018
£

2017
£

Due after more than five years

After more than five years by instalments

260,076

409,018

-

-

Security on the loans is held by a charge on the property and a fixed and floating charge over the assets of the company.

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

527,051

409,018

2018
£

2017
£

Current loans and borrowings

Bank borrowings

75,097

-

Included in the loans and borrowings are the following amounts due after more than five years:

 

Immigration Advice Service Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

9

Related party transactions

Summary of transactions with other related parties

At the year end the company was owed £39,464 (2017 - £19,008) from two companies which have a common director and shareholder.