Carey Business Services Ltd - Period Ending 2017-03-31

Carey Business Services Ltd - Period Ending 2017-03-31


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Registration number: 8433280

Carey Business Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

 

Carey Business Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Carey Business Services Ltd

Company Information

Director

Mr Paul Carey

Registered office

9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

Accountants

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

 

Carey Business Services Ltd

(Registration number: 8433280)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

526

1,781

Current assets

 

Debtors

4

42,259

3,245

Cash at bank and in hand

 

93

13,224

 

42,352

16,469

Creditors: Amounts falling due within one year

5

(42,347)

(17,850)

Net current assets/(liabilities)

 

5

(1,381)

Net assets

 

531

400

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

530

399

Total equity

 

531

400

For the financial year ending 31 March 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 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.

Approved and authorised by the director on 20 December 2017
 

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

Mr Paul Carey

Director

 

Carey Business Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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:
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW
Great Britain

The principal place of business is:
9 Bridle Close
Surbiton Rd
Kingston upon Thames
Surrey
KT1 2JW

These financial statements were authorised for issue by the director on 20 December 2017.

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.

 

Carey Business Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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

33.3% per annum straight line

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.

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.

 

Carey Business Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

5,703

5,703

Additions

566

566

At 31 March 2017

6,269

6,269

Depreciation

At 1 April 2016

3,922

3,922

Charge for the year

1,821

1,821

At 31 March 2017

5,743

5,743

Carrying amount

At 31 March 2017

526

526

At 31 March 2016

1,781

1,781

4

Debtors

2017
£

2016
£

Trade debtors

4,200

-

Other debtors

38,059

3,245

42,259

3,245

5

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Trade creditors

480

-

Taxation and social security

3,320

-

Accruals and deferred income

1,200

900

Other creditors

37,347

16,950

42,347

17,850

 

Carey Business Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

7

Dividends

   

2017

 

2016

   

£

 

£

Interim dividend of £148,000.00 (2016 - £65,500.00) per ordinary share

 

148,000

 

65,500

8

Transition to FRS 102

Carey Business Services Ltd presents its first financial statements that comply with FRS 102 for the year ended 31 March 2017. The date of transition to FRS 102 for Carey Business Services Ltd is 1 April 2015. For Carey Business Services Ltd the transition to FRS 102 has resulted in only a small number of changes in accounting policies compared to those used previously. These changes were not material and as such no adjustments on tansition to FRS 102 have been presented.