ACCOUNTS - Final Accounts preparation

COLUMBUS ONE THOUSAND LIMITED - Company Information

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Registered number: 11831581

COLUMBUS ONE THOUSAND LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2021

COLUMBUS ONE THOUSAND LIMITED

REGISTERED NUMBER: 11831581

BALANCE SHEET

AS AT 28 FEBRUARY 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	72		66
Cash at bank and in hand	5	41,253		5,559
		41,325		5,625
Creditors: amounts falling due within one year	6	(12,718)		(4,159)
Net current assets			28,607		1,466
Total assets less current liabilities			28,607		1,466

Net assets			28,607		1,466

Capital and reserves
Called up share capital	100	100
Profit and loss account	28,507	1,366
	28,607	1,466

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2021.

A Gunn

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

COLUMBUS ONE THOUSAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

1.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

COLUMBUS ONE THOUSAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.Accounting policies (continued)

1.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	General information

Columbus One Thousand Limited is a private limited company incorporated in England and Wales on 18th February 2019. The Registered Office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex, SS0 9PE.

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COLUMBUS ONE THOUSAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Employees

The average monthly number of employees, including directors, during the year was 8 (2020 - 7).

Debtors

					2021	2020
					£	£


Prepayments and accrued income	72	66
	72	66

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	41,253	5,559
	41,253	5,559

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	6,290	3,830
Corporation tax	6,366	321
Other creditors	62	8
	12,718	4,159

7.	Pension commitments

The company contributes to money purchase pension schemes for certain employees. The schemes and their assets are held by independent managers. The pension charge includes contributions paid by the company which amounted to £3,988 (2020 £1,072). At 28 February 2021 there were pension contribution liabilities amounting to £936 included within trade creditors.

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