REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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CHRYSTAL CONSULTING LTD |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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CHRYSTAL CONSULTING LTD |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 15 |
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CHRYSTAL CONSULTING LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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1st Floor |
264 Manchester Road |
Warrington |
Cheshire |
WA1 3RB |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
Chrystal Consulting Ltd provides Vendor Neutral Managed Services to NHS Trusts throughout the United Kingdom. Chrystal has retained it's Lease Advisory Service to both NHS Trusts and Local Authority clients. |
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Chrystal continues to grow it's Managed Service contract portfolio which in 2019 saw an increase in turnover of 63%. The key areas of growth are noted to be within Pathology, Point of Care and Screening Services. Endoscopy, Radiology, Cath Labs and Endoscopy Decontamination are key disciplines which continue to deliver significant income to the business and where strategic focus is currently being placed. |
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ON BEHALF OF THE BOARD: |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of managed service and leasing consultancy. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 financial 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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AUDITORS |
The auditors, WatkinsonBlack, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHRYSTAL CONSULTING LTD |
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Opinion |
We have audited the financial statements of Chrystal Consulting Ltd (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 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. |
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Basis for 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 Auditors' 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. |
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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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHRYSTAL CONSULTING LTD |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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 financial statements 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHRYSTAL CONSULTING LTD |
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Use of our report |
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 a Report of the Auditors 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. |
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for and on behalf of
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1st Floor |
264 Manchester Road |
Warrington |
Cheshire |
WA1 3RB |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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1,494,945 | 743,862 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL
YEAR |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investments | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Net loans in year |
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Net cash from financing activities |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
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1,606,758 |
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Cash and cash equivalents at end of
year |
2 |
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1,310,337 |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.19 | 31.12.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 330,073 | 177,553 |
Finance income | (1,796 | ) | (758 | ) |
5,280,859 | 4,489,458 |
(Increase)/decrease in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 2,345,046 | 1,310,337 |
Bank overdrafts | ( |
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2,080,387 | 1,310,337 |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 1,310,337 | 1,606,758 |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1.1.19 | Cash flow | At 31.12.19 |
£ | £ | £ |
Net cash |
Cash at bank | 1,310,337 | 1,034,709 | 2,345,046 |
Bank overdrafts | - | (264,659 | ) | (264,659 | ) |
1,310,337 |
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2,080,387 |
Debt |
Debts falling due within 1 year | (2,547,048 | ) | 802,416 | (1,744,632 | ) |
Debts falling due after 1 year | (3,335,242 | ) | (1,953,157 | ) | (5,288,399 | ) |
(5,882,290 | ) | (1,150,741 | ) | (7,033,031 | ) |
Total | (4,571,953 | ) | (380,691 | ) | (4,952,644 | ) |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Chrystal Consulting Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Office equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
31.12.19 | 31.12.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.19 | 31.12.18 |
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Directors | 3 | 3 |
Employees | 8 | 7 |
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31.12.19 | 31.12.18 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.19 | 31.12.18 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.19 | 31.12.18 |
£ | £ |
Bank interest |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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7. | TANGIBLE FIXED ASSETS |
Managed | Operating | Fixtures |
service | lease | and | Office |
assets | assets | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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( |
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At 31 December 2018 |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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9. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Stocks |
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10. | DEBTORS |
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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VAT |
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Deferred tax asset |
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Accrued income |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Other loans (see note 13) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Bank of Scotland Credit Card | 442 | - |
Prepaid income | 743,420 | 1,102,829 |
Accrued expenses |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Other loans (see note 13) |
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13. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Other loan 1 | 874,059 | 1,405,653 |
Other loan 2 | 691,035 | 968,977 |
Other loan 3 | 179,538 | 172,418 |
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Amounts falling due between two and five years: |
Other loan 1 - 2-5 years |
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Other loan 2 - 2-5 years | 283,415 | 1,223,742 |
Other loan 3 - 2-5 years | 957,511 | 1,137,050 |
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CHRYSTAL CONSULTING LTD (REGISTERED NUMBER: 03438042) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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14. | DEFERRED TAX |
£ |
Balance at 1 January 2019 | ( |
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Utilised during year |
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Balance at 31 December 2019 | ( |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 300 | 300 |
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16. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Profit for the year |
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At 31 December 2019 |
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17. | RELATED PARTY TRANSACTIONS |
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During the year consultancy fees of £54,902 were paid to Waypoint Privacy Solutions Ltd, a company of which Ian Sinclair-Ford is also a director.These payments were made on normal commercial terms. |