Company Registration No. 10475862 (England and Wales)
D'ANGELIN & CO. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
D'ANGELIN & CO. LIMITED
COMPANY INFORMATION
Directors
Mr B M H H D'Angelin
Mr L Clarenbach
Secretary
Mr B M H H D'Angelin
Company number
10475862
Registered office
1 Love Lane
and business address
London
EC2V 7JN
Auditor
Silver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
D'ANGELIN & CO. LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
D'ANGELIN & CO. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present the strategic report for the year ended 31 December 2018.
Fair review of the business
We are pleased to report solid activity for 2018. We have developed a strong and diversified base of global blue chip clients worldwide (UK, Continental Europe and Middle East) with a well balanced distribution of income by clients. Our retainer based model is giving us very strong visibility, covering more than two times our recurring costs which further reinforces the objectivity and independence of our advice. Success fees amounted to around 60% of our total revenues.
Principal risks and uncertainties
The principal risk factors that could negatively affect our business would be a sharp deterioration in business sentiment or large macro-economic shocks. Uncertainties around the outcome of Brexit remains an important source of risk
Financial risk management
The Company’s operations expose it to a variety of financial risks that include foreign exchange risk and to a lesser extent credit risk. The policies set by the board of Directors are implemented by the Company’s finance department.
Foreign exchange risk
A large proportion of the Company’s revenue are denominated in foreign currencies, although noted that they are all part of major currency pairs and so subject to lower volatility. A combination of using the funds within existing denominations for payments and a rigorous hedging policy mean that the foreign exchange risk is considered manageable.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institution, as well as credit exposure customers. Due to the nature of the Company’s client base and the due diligence undertaken by the Company at the point of engagement it is deemed that credit risk to customers is minimal.
Development and performance
This year’s total revenues was £11,632,181. Our profit before bonus, but after one off starting costs, was £9,511,757, an increase of 81%, giving us a net profit of £8,164,901, an increase of 80%. Our cash balances during the year remained very high.
The current financial year has started very well and we expect strong results for the full year.
..............................
Mr B M H H D'Angelin
Director
.........................
D'ANGELIN & CO. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
D’Angelin & Co is a global advisory boutique offering exclusive, bespoke advice and high-end transaction execution services to global corporate clients at the CEO and board of directors level as well as family holdings and fast growing private companies.
The Company was registered in November 2016 and started to operate at full strength in the second quarter of 2017. The Company now has eight staff including two Directors and was granted its full FCA license in September 2017.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B M H H D'Angelin
Mr L Clarenbach
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £1,650,000.
The directors are considering payment of a final dividend.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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:
-
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.
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
D'ANGELIN & CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Auditor
Silver Levene (UK) Limited were re-appointed as auditor to the company during the year and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed again will be put at a General Meeting.
On behalf of the board
Mr B M H H D'Angelin
Director
26 March 2019
D'ANGELIN & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF D'ANGELIN & CO. LIMITED
- 4 -
Opinion
We have audited the financial statements of D'Angelin & Co. Limited (the 'company') for the year ended 31 December 2018 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2018 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.
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
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 our audit
:
-
the information given in the strategic report and the directors' r
eport 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.
D'ANGELIN & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF D'ANGELIN & CO. LIMITED
- 5 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor’s report 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
Robert Barry Perez (Senior Statutory Auditor)
for and on behalf of Silver Levene (UK) Limited
Chartered Certified Accountants
Statutory Auditor
37 Warren Street
London
W1T 6AD
26 March 2019
D'ANGELIN & CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
Year
Period
ended
ended
31 December
31 December
2018
2017
Notes
£
£
Turnover
2
11,632,181
10,199,583
Cost of sales
-
(2,804,757)
Gross profit
11,632,181
7,394,826
Administrative expenses
(3,383,556)
(2,863,392)
Operating profit
3
8,248,625
4,531,434
Interest receivable and similar income
6
19,974
-
Amounts written off investments
7
(103,698)
-
Profit before taxation
8,164,901
4,531,434
Tax on profit
8
(1,565,374)
(874,343)
Profit for the financial year
6,599,527
3,657,091
This statement has been prepared on the basis that all operations are continuing operations.
D'ANGELIN & CO. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
Company Registration No. 10475862
- 7 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
10
275,095
303,260
Investments
11
608,740
-
883,835
303,260
Current assets
Debtors
13
2,190,337
1,576,126
Cash at bank and in hand
8,951,825
5,032,231
11,142,162
6,608,357
Creditors: amounts falling due within one year
14
(1,919,378)
(1,754,525)
Net current assets
9,222,784
4,853,832
Total assets less current liabilities
10,106,619
5,157,092
Capital and reserves
Called up share capital
16
2
2
Share premium account
1,499,999
1,499,999
Profit and loss reserves
8,606,618
3,657,091
Total equity
10,106,619
5,157,092
The financial statements were approved by the board of directors and authorised for issue on 26 March 2019 and are signed on its behalf by:
Mr B M H H D'Angelin
Director
D'ANGELIN & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 14 November 2016
-
-
-
-
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
-
3,657,091
3,657,091
Issue of share capital
16
2
1,499,999
-
1,500,001
Balance at 31 December 2017
2
1,499,999
3,657,091
5,157,092
Period ended 31 December 2018:
Profit and total comprehensive income for the period
-
-
6,599,527
6,599,527
Dividends
9
-
-
(1,650,000)
(1,650,000)
Balance at 31 December 2018
2
1,499,999
8,606,618
10,106,619
D'ANGELIN & CO. LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
8,383,676
3,914,058
Taxes paid
(2,076,472)
-
Net cash inflow from operating activities
6,307,204
3,914,058
Investing activities
Purchase of tangible fixed assets
(25,669)
(344,003)
Purchase of fixed asset investments
(608,740)
-
Movement on non-trading investments and loans
(123,175)
(37,825)
Interest received
19,974
-
Net cash used in investing activities
(737,610)
(381,828)
Financing activities
Proceeds from issue of shares
-
1,500,001
Dividends paid
(1,650,000)
-
Net cash (used in)/generated from financing activities
(1,650,000)
1,500,001
Net increase in cash and cash equivalents
3,919,594
5,032,231
Cash and cash equivalents at beginning of year
5,032,231
-
Cash and cash equivalents at end of year
8,951,825
5,032,231
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 10 -
1
Accounting policies
Company information
D'Angelin & Co. Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Love Lane, London, EC2V 7JN.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents fees receivable for advisory services provided. It
is recognised at the fair value of the consideration received or receivable
i
n the normal course of business
and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
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
.
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 11 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts 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. A
m
ounts 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 14 -
1.13
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
Turnover and other revenue
2018
2017
£
£
Turnover analysed by class of business
Advisory
11,632,181
10,199,583
2018
2017
£
£
Other significant revenue
Interest income
19,974
-
2018
2017
£
£
Turnover analysed by geographical market
UK
11,632,181
10,199,583
3
Operating profit
2018
2017
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(36,210)
88,047
Fees payable to the company's auditor for the audit of the company's financial statements
17,050
5,875
Depreciation of owned tangible fixed assets
53,834
40,743
Operating lease charges
160,655
167,498
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £36,210 (2017 - £88,047).
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
Admin staff
8
5
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
4
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
1,997,460
1,300,749
Social security costs
263,874
166,014
Pension costs
28,527
60,142
2,289,861
1,526,905
5
Directors' remuneration
2018
2017
£
£
Remuneration for qualifying services
995,029
810,661
Company pension contributions to defined contribution schemes
7,500
60,142
1,002,529
870,803
6
Interest receivable and similar income
2018
2017
£
£
Interest income
Other interest income
19,974
-
7
Amounts written off investments
£
£
Fair value gains/(losses) on financial instruments
Amounts written off fair value through profit or loss
(103,698)
-
The above amount represents the difference arising due to the recognition of the forward exchange contracts at the exchange rate prevailing at the balance sheet date, and represents a fair value adjustment being recognised through the profit and loss account for the year.
8
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
1,565,374
874,343
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2018
2017
£
£
Profit before taxation
8,164,901
4,531,434
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.00%)
1,551,331
860,972
Tax effect of expenses that are not deductible in determining taxable profit
8,692
18,776
Effect of change in corporation tax rate
-
16,125
Deferred taxation provision not provided
1,634
(23,376)
Depreciation on assets not qualifying for tax allowances
3,717
1,846
Taxation charge for the period
1,565,374
874,343
9
Dividends
2018
2017
£
£
Interim paid
1,650,000
-
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2018
195,609
63,719
84,675
344,003
Additions
-
11,604
14,065
25,669
At 31 December 2018
195,609
75,323
98,740
369,672
Depreciation and impairment
At 1 January 2018
9,232
13,603
17,908
40,743
Depreciation charged in the year
19,561
14,593
19,680
53,834
At 31 December 2018
28,793
28,196
37,588
94,577
Carrying amount
At 31 December 2018
166,816
47,127
61,152
275,095
At 31 December 2017
186,377
50,116
66,767
303,260
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 17 -
11
Fixed asset investments
2018
2017
£
£
Unlisted investments
608,740
-
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018
-
Additions
608,740
At 31 December 2018
608,740
Carrying amount
At 31 December 2018
608,740
At 31 December 2017
-
12
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,892,933
1,382,867
Equity instruments measured at cost less impairment
608,740
-
Carrying amount of financial liabilities
Measured at amortised cost
1,522,757
851,558
13
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
933,656
1,068,665
Other debtors
67,295
326,911
Prepayments and accrued income
1,189,386
180,550
2,190,337
1,576,126
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 18 -
14
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
52,275
38,055
Corporation tax
363,245
874,343
Other taxation and social security
33,376
28,624
Other creditors
106,726
-
Accruals and deferred income
1,363,756
813,503
1,919,378
1,754,525
15
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,527
60,142
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Share capital
2018
2017
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2018
2017
£
£
Within one year
201,250
115,000
Between two and five years
920,000
920,000
In over five years
517,500
1,380,000
1,638,750
2,415,000
18
Related party transactions
There is no key management personal other than the directors of the company. See note 5 for disclosure of the directors' remuneration.
D'ANGELIN & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 19 -
19
Directors' transactions
Included in other debtors are amounts owed by Mr B D'Angelin of £57,303. This amount is interest free and repayable on demand.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr B M H H D'Angelin -
37,825
86,734
(67,256)
57,303
37,825
86,734
(67,256)
57,303
20
Controlling party
The company is under control of Mr B D'Angelin who holds 100% of the issued share capital.
21
Cash generated from operations
2018
2017
£
£
Profit for the year after tax
6,599,527
3,657,091
Adjustments for:
Taxation charged
1,565,374
874,343
Investment income
(19,974)
-
Depreciation and impairment of tangible fixed assets
53,834
40,743
Amounts written off investments
103,698
-
Movements in working capital:
(Increase) in debtors
(597,760)
(1,525,592)
Increase in creditors
678,977
867,473
Cash generated from operations
8,383,676
3,914,058
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