Registered number:
07077687
24 X 7 (INVESTMENT) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 AUGUST 2018
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24 X 7 (INVESTMENT) LIMITED
REGISTERED NUMBER:
07077687
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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24 X 7 (INVESTMENT) LIMITED
REGISTERED NUMBER:
07077687
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 AUGUST 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
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
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2019
.
The notes on pages 3 to 12 form part of these financial statements.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
24 x 7 (Investment) Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Little Easton Manor, Park Road, Little Easton, Dunmow, Essex, CM6 2JN. The Company is not part of a group.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's accounting period has been shorterned to 31 August 2018 so that it is in line with other companies under common control. This means that the 2018 figures are not entirely comparable with the prior year.
The following principal accounting policies have been applied:
The accounts have been prepared on the going concern basis which is considered appropriate, assuming the continued financial support of the directors and associated entities.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Depreciation is not provided on the freehold property, as is required. The freehold property has been brought up to standard during the period and is maintained in a continual state of sound repair and the directors consider the life of the property so long and the residual value, based upon current values, so high that depreciation is immaterial. The directors believe that this basis is appropriate and they do not consider the cost of a formal valuation of the property to be justified.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
2.
Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
2.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the period was
2
(2017 -
2
)
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The valuations were made by the directors at the period end on an open market, existing use basis.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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Investments in subsidiary companies
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Investments in associates
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The following were subsidiary undertakings of the Company:
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24 x 7 (Hertfordshire) Limited
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Transport for schools, special needs children and social care.
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Transport for schools, special needs children and social care.
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The aggregate of the share capital and reserves as at 31 August 2018 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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24 x 7 (Hertfordshire) Limited
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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The following was an associate of the Company:
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24 x 7 Vehicle Rentals Limited
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Renting and leasing of motor vehicles.
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The aggregate of the share capital and reserves as at 31 August 2018 and the profit or loss for the period ended on that date for the associates were as follows:
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Aggregate of share capital and reserves
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24 x 7 Vehicle Rentals Limited
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Finished goods and goods for resale
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Secured loans
The bank loan is secured by a fixed and floating charge over the assets of the company which is guaranteed by companies under the control of the directors. Loan repayments are payable until February 2023.
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Creditors: Amounts falling due after more than one year
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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AMOUNTS FALLING DUE 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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Allotted, called up and fully paid
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2
(2017 -
2
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Ordinary
shares of £
1.00
each
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Transactions with directors
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At 1 December 2017
A T Mahoney
, a Director, owed £NIL to the Company. During the year he made withdrawals of £
335,679
and repayments of £
340,000
, leaving a balance of £
4,321
due from the Company as at 31 August 2018. This loan was interest free and repayable on demand.
At 1 December 2017 A A Mahoney, a Director, owed £NIL to the Company. During the year he made withdrawals of £380,273 and repayments of £119,500, leaving a balance of £260,773 due to the Company as at 31 August 2018. This loan was interest free and repayable on demand.
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24 X 7 (INVESTMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
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Related party transactions
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As at the period end, the company had the following balances due from/(to) related parties, comprising of loan movements and other transactions during the year:
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Companies under common control
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The company recharged the following expenses to related parties during the year:
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Companies under common control
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The company was recharged the following expenses by related parties during the year:
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Companies under common control
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