Camargue Wealth Limited - Period Ending 2020-04-30

Camargue Wealth Limited - Period Ending 2020-04-30


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Registration number: 10145650

Camargue Wealth Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2020

 

Camargue Wealth Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Camargue Wealth Limited

Company Information

Director

Mr Peter Alan Ferns

Company secretary

Mr Peter Alan Ferns

Registered office

Pure Offices Ltd
Brooks Drive
Cheadle
Cheshire
SK8 3TD

Accountants

The Accountancy People
Phoenix House
2 Huddersfield Road
Stalybridge
Cheshire
SK15 2QA

 

Camargue Wealth Limited

(Registration number: 10145650)
Balance Sheet as at 30 April 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

2,448

1,925

Current assets

 

Debtors

5

-

41,733

Cash at bank and in hand

 

244,893

85,708

 

244,893

127,441

Creditors: Amounts falling due within one year

6

(145,688)

(111,538)

Net current assets

 

99,205

15,903

Total assets less current liabilities

 

101,653

17,828

Provisions for liabilities

(84,240)

-

Net assets

 

17,413

17,828

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

17,313

17,728

Total equity

 

17,413

17,828

For the financial year ending 30 April 2020 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Camargue Wealth Limited

(Registration number: 10145650)
Balance Sheet as at 30 April 2020

Approved and authorised by the director on 27 November 2020
 

.........................................

Mr Peter Alan Ferns
Company secretary and director

 

Camargue Wealth Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pure Offices Ltd
Brooks Drive
Cheadle
Cheshire
SK8 3TD

These financial statements were authorised for issue by the director on 27 November 2020.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Camargue Wealth Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line - 33.3%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Camargue Wealth Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

 

Camargue Wealth Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2019

1,925

1,925

Additions

795

795

At 30 April 2020

2,720

2,720

Depreciation

Charge for the year

272

272

At 30 April 2020

272

272

Carrying amount

At 30 April 2020

2,448

2,448

At 30 April 2019

1,925

1,925

5

Debtors

2020
£

2019
£

Trade debtors

-

41,733

-

41,733

6

Creditors

Creditors: amounts falling due within one year

2020
£

2019
£

Due within one year

Trade creditors

63,854

81,067

Accruals and deferred income

12,970

18,140

Other creditors

68,864

12,331

145,688

111,538

7

Share capital

Allotted, called up and fully paid shares

 

Camargue Wealth Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

 

2020

2019

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Dividends

   

2020

 

2019

   

£

 

£

 

 

Interim dividend of £Nil (2019 - £301.00) per ordinary share

 

55,000

 

30,100

   

55,000

 

30,100