Cateron Limited Company accounts

Cateron Limited Company accounts

CATERON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10269565
Cateron Limited
Unaudited Financial Statements
31 July 2019
Cateron Limited
Financial Statements
Year ended 31 July 2019
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Cateron Limited
Director's Report
Year ended 31 July 2019
The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2019 .
Director
The director who served the company during the year was as follows:
Mr A Taskin
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 April 2020 and signed on behalf of the board by:
Mr A Taskin
Director
Registered office:
Brooks House
1 Albion Place
Maidstone
Kent
England
ME14 5DY
Cateron Limited
Statement of Income and Retained Earnings
Year ended 31 July 2019
2019
2018
Note
£
£
Turnover
83,325
79,376
Cost of sales
15,709
15,796
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--------
Gross profit
67,616
63,580
Administrative expenses
66,363
68,783
--------
--------
Operating profit/(loss)
1,253
( 5,203)
Other interest receivable and similar income
7
2
--------
--------
Profit/(loss) before taxation
5
1,260
( 5,201)
Tax on profit/(loss)
–
–
-------
-------
Profit/(loss) for the financial year and total comprehensive income
1,260
( 5,201)
-------
-------
All the activities of the company are from continuing operations.
Cateron Limited
Statement of Financial Position
31 July 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
6
1,675
1,267
Current assets
Stocks
1,702
1,601
Debtors
7
32
74
Cash at bank and in hand
10,955
5,016
--------
-------
12,689
6,691
Creditors: amounts falling due within one year
8
20,126
14,980
--------
--------
Net current liabilities
7,437
8,289
-------
-------
Total assets less current liabilities
( 5,762)
( 7,022)
-------
-------
Net liabilities
( 5,762)
( 7,022)
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 5,763)
( 7,023)
-------
-------
Shareholders deficit
( 5,762)
( 7,022)
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 April 2020 , and are signed on behalf of the board by:
Mr A Taskin
Director
Company registration number: 10269565
Cateron Limited
Notes to the Financial Statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooks House, 1 Albion Place, Maidstone, Kent, ME14 5DY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 5 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2019
2018
£
£
Depreciation of tangible assets
418
317
----
----
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2018
1,980
–
1,980
Additions
–
826
826
-------
----
-------
At 31 July 2019
1,980
826
2,806
-------
----
-------
Depreciation
At 1 August 2018
713
–
713
Charge for the year
253
165
418
-------
----
-------
At 31 July 2019
966
165
1,131
-------
----
-------
Carrying amount
At 31 July 2019
1,014
661
1,675
-------
----
-------
At 31 July 2018
1,267
–
1,267
-------
----
-------
7. Debtors
2019
2018
£
£
Other debtors
32
74
----
----
8. Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
20,126
14,980
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