Cursitor Energy Services Limited Filleted accounts for Companies House (small and micro)

CURSITOR ENERGY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06410332

Cursitor Energy Services Limited

Filleted Unaudited Financial Statements

31 December 2017

Cursitor Energy Services Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		424,959	451,095

Current assets

Stocks		15,374	26,702
Debtors	6	22,846	34,465
Cash at bank and in hand		6,855	3,961
		--------	--------
		45,075	65,128

Creditors: amounts falling due within one year	7	261,498		271,114
		---------		---------
Net current liabilities			216,423	205,986
			---------	---------
Total assets less current liabilities			208,536	245,109

Creditors: amounts falling due after more than one year	8		23,063	53,646

Provisions

Taxation including deferred tax	26,902	29,488
	---------	---------
Net assets	158,571	161,975
	---------	---------

Capital and reserves

Called up share capital	12	250,000	250,000
Profit and loss account		( 91,429)	( 88,025)
		---------	---------
Shareholders funds		158,571	161,975
		---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 December 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 .

Cursitor Energy Services Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Sir N H P Bacon, Bt
Director

Company registration number: 06410332

Cursitor Energy Services Limited

Notes to the Financial Statements

Year ended 31 December 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 Estate Office, Raveningham, Norwich, Norfolk, NR14 6NS.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

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:

Property Improvements	-	5% straight line
Plant & Machinery	-	25% 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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tax on loss

Major components of tax (income)/expense

	2017	2016
	£	£

Deferred tax:

Origination and reversal of timing differences	( 2,586)	18,520
	-------	--------
Tax on loss	( 2,586)	18,520
	-------	--------

Reconciliation of tax (income)/expense

The tax assessed on the loss on ordinary activities for the year is lower than (2016: higher than) the standard rate of corporation tax in the UK of 19.25 % (2016: 20 %).

	2017	2016
	£	£
Loss on ordinary activities before taxation	( 5,990)	( 6,066)
	-------	-------
Loss on ordinary activities by rate of tax	( 1,153)	( 1,213)
Effect of expenses not deductible for tax purposes	83	88
Effect of capital allowances and depreciation	5,031	2,910
Utilisation of tax losses	( 3,563)	( 1,371)
Government grants	( 398)	( 414)
	-------	-------
Tax on loss	–	–
	-------	-------

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2017 and 31 December 2017	144,055	448,407	592,462
	---------	---------	---------
Depreciation
At 1 January 2017	18,075	123,292	141,367
Charge for the year	2,881	23,255	26,136
	---------	---------	---------
At 31 December 2017	20,956	146,547	167,503
	---------	---------	---------
Carrying amount
At 31 December 2017	123,099	301,860	424,959
	---------	---------	---------
At 31 December 2016	125,980	325,115	451,095
	---------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 December 2017	228,716
	---------
At 31 December 2016	243,594
	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	3,987	10,257
Other debtors	18,859	24,208
	--------	--------
	22,846	34,465
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	96,151	73,379
Other creditors	165,347	197,735
	---------	---------
	261,498	271,114
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	23,063	53,646
	--------	--------

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2017	2016
	£	£
Not later than 1 year	28,514	65,216
Later than 1 year and not later than 5 years	–	28,514
	--------	--------
	28,514	93,730
	--------	--------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	26,902	29,488
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	76,305	85,193
Unused tax losses	( 49,403)	( 55,705)
	--------	--------
	26,902	29,488
	--------	--------

11. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2017	2016
	£	£

Recognised in creditors:

Deferred government grants due after more than one year	23,063	25,132
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	250,000	250,000	250,000	250,000
	---------	---------	---------	---------

13. Related party transactions

The controlling party are the Trustees of Sir E C Bacon's No. 2 Settlement. At the year end the net balance owed by the company to Sir Nicholas Bacon, Bt, a director of the company, amounted to £131,799. The amount is interest free and repayable on demand .