Campbelltomato Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 May 2019
Company Registration No. 10190426 (England and Wales)
Campbelltomato Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Campbelltomato Limited
Balance Sheet
As at 31 May 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
787,511
787,511
Current assets
Debtors
3
2,743,131
1,874,381
Cash at bank and in hand
222,590
30,581
2,965,721
1,904,962
Creditors: amounts falling due within one year
4
(3,337,589)
(2,583,700)
Net current liabilities
(371,868)
(678,738)
Total assets less current liabilities
415,643
108,773
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
415,642
108,772
Total equity
415,643
108,773
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 12 February 2020
R. Campbell
Director
Company Registration No. 10190426
Campbelltomato Limited
Notes to the Financial Statements
For the year ended 31 May 2019
Page 2
1
Accounting policies
Company information
Campbelltomato Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services provided inclusive of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 are recoverable.
1.4
Tangible fixed assets
The company has a capitalisation policy to capitalise assets that exceed £1,500.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Campbelltomato Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
1
Accounting policies
(Continued)
Page 3
1.6
Cash and cash equivalents
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 only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.
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.
2
Fixed asset investments
2019
2018
£
£
Investments
110
110
Loans
787,401
787,401
787,511
787,511
Campbelltomato Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
2
Fixed asset investments
(Continued)
Page 4
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 June 2018 & 31 May 2019
110
787,401
787,511
Carrying amount
At 31 May 2019
110
787,401
787,511
At 31 May 2018
110
787,401
787,511
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
13,000
-
Amounts due from group undertakings and undertakings in which the company has a participating interest
2,632,680
1,839,930
Other debtors
97,451
34,451
2,743,131
1,874,381
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,860
6,720
Corporation tax
90,584
45,600
Other taxation and social security
8,542
-
Other creditors
3,233,603
2,531,380
3,337,589
2,583,700
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
Campbelltomato Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2019
Page 5
6
Related party transactions
Transactions with related parties
At the year end a balance of £2,632,680 (2018: £1,839,930) was owed from companies in which the director has a controlling interest.
At the year end a balance of £32,450 (2018: £27,450) was owed from a company with a common director.
Included within other creditors at the year end is an amount of £3,230,660 (2018: £2,528,370) owed to the director of the company.
7
Controlling party
The ultimate controlling party is R Campbell by virtue of his 100% share ownership.