Culzean Consulting Ltd - Filleted accounts

Culzean Consulting Ltd - Filleted accounts


Registered number
SC405735
Culzean Consulting Ltd
Filleted Accounts
31 August 2017
Culzean Consulting Ltd
Registered number: SC405735
Balance Sheet
as at 31 August 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 21,043 28,058
Current assets
Debtors 3 710 -
Cash at bank and in hand 64,108 79,619
64,818 79,619
Creditors: amounts falling due within one year 4 (25,904) (38,510)
Net current assets 38,914 41,109
Net assets 59,957 69,167
Capital and reserves
Called up share capital 10 10
Profit and loss account 59,947 69,157
Shareholders' funds 59,957 69,167
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Kennedy
Director
Approved by the board on 26 September 2017
Culzean Consulting Ltd
Notes to the Accounts
for the year ended 31 August 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Fixtures and fittings over 4 years
Land and buildings over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Land and buildings Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 September 2016 8,180 894 26,934 36,008
At 31 August 2017 8,180 894 26,934 36,008
Depreciation
At 1 September 2016 2,045 518 5,387 7,950
Charge for the year 1,534 94 5,387 7,015
At 31 August 2017 3,579 612 10,774 14,965
Net book value
At 31 August 2017 4,601 282 16,160 21,043
At 31 August 2016 6,135 376 21,547 28,058
3 Debtors 2017 2016
£ £
Other debtors 710 -
4 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 18,160 24,621
Other taxes and social security costs 5,991 12,196
Accruals 1,753 1,693
25,904 38,510
5 Other information
Culzean Consulting Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Office 8
Hardengreen Business Park
Eskbank
EH22 3NX
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