Cargoes Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 04740388
CARGOES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2017
CARGOES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
CARGOES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr M W Loft
Company secretary
Mr M Loft
Registered office
6 Hazelwood Road
Northampton
NN1 1LW
Accountants
Sawford Bullard
Accountants
6 Hazelwood Road
Northampton
NN1 1LW
Bankers
National Westminster
173 Watling Street West
Towcester
Northants
NN12 6FZ
CARGOES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
1,014
643
Current assets
Debtors
6
114,853
143,992
Cash at bank and in hand
47,316
132
---------
---------
162,169
144,124
Creditors: amounts falling due within one year
7
152,521
143,163
---------
---------
Net current assets
9,648
961
--------
-------
Total assets less current liabilities
10,662
1,604
--------
-------
Net assets
10,662
1,604
--------
-------
Capital and reserves
Called up share capital
8
20
20
Profit and loss account
10,642
1,584
--------
-------
Members funds
10,662
1,604
--------
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2017 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 .
CARGOES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2017
These financial statements were approved by the board of directors and authorised for issue on 10 July 2017 , and are signed on behalf of the board by:
Mr M W Loft
Director
Company registration number: 04740388
CARGOES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Hazelwood Road, Northampton, NN1 1LW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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, Fittings and Equipment
-
25% reducing balance
Computer Equipment
-
33% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 8 (2016: 7 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2016
6,863
4,785
11,648
Additions
112
764
876
-------
-------
--------
At 30 April 2017
6,975
5,549
12,524
-------
-------
--------
Depreciation
At 1 May 2016
6,302
4,703
11,005
Charge for the year
169
336
505
-------
-------
--------
At 30 April 2017
6,471
5,039
11,510
-------
-------
--------
Carrying amount
At 30 April 2017
504
510
1,014
-------
-------
--------
At 30 April 2016
561
82
643
-------
-------
--------
6. Debtors
2017
2016
£
£
Trade debtors
103,425
109,660
Other debtors
11,428
34,332
---------
---------
114,853
143,992
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
21,225
Trade creditors
57,954
53,370
Corporation tax
31,228
10,325
Social security and other taxes
47,764
48,464
Other creditors
15,575
9,779
---------
---------
152,521
143,163
---------
---------
8. Called up share capital
Authorised share capital
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
20
20
20
20
----
----
----
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M W Loft
28,111
112,592
( 140,764)
( 61)
--------
---------
---------
----
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M W Loft
34,660
50,706
( 57,255)
28,111
--------
--------
--------
--------
The loan is repayable on demand and interest is charged at 3.0%
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.