Chelsea Cars International Limited Filleted accounts for Companies House (small and micro)
Chelsea Cars International Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04127682
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
21 September 2018
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
04127682
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Notes to the Abridged Financial Statements |
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 59-61 Armoury Way, London, SW18 1JZ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Foreign currencies
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
Over 11 years |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Leasehold property |
- |
Over 11 years |
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Motor vehicles |
- |
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Equipment |
- |
25% reducing balance |
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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.
Stocks
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2016:
5
).
5.
Intangible assets
£ |
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Cost |
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At 1 January 2017 and 31 December 2017 |
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Amortisation |
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At 1 January 2017 and 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
– |
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At 31 December 2016 |
– |
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6.
Tangible assets
£ |
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Cost |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
2,195 |
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At 31 December 2016 |
1,606 |
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7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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(
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(
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(
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(
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(
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2016 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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(
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(
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(
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8.
Related party transactions
The company was under the control of Mr M Fionda and
Mr R N Turner
throughout the current and previous year. Mr M Fionda is a director and shareholder. Mr R N Turner
is a director and shareholder. During the year dividends amounting to £36,000 (2016 - £34,800) were paid to the Mr M Fionda and dividends amounting to £36,000 (2016 - £34,800) were paid to the Mr R N Turner
.