Company Registration No. 03820310 (England and Wales)
CAPITAL WASTE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
CAPITAL WASTE SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
CAPITAL WASTE SOLUTIONS LIMITED (REGISTERED NUMBER: 03820310)
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
47,413
34,702
Current assets
Trade and other receivables
4
287,819
368,567
Cash and cash equivalents
36,100
23,323
323,919
391,890
Current liabilities
5
(290,729)
(332,822)
Net current assets
33,190
59,068
Total assets less current liabilities
80,603
93,770
Provisions for liabilities
(7,522)
(6,168)
Net assets
73,081
87,602
Equity
Called up share capital
6
100
100
Retained earnings
72,981
87,502
Total equity
73,081
87,602
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
CAPITAL WASTE SOLUTIONS LIMITED (REGISTERED NUMBER: 03820310)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2018 and are signed on its behalf by:
Mr D Stealey
Director
CAPITAL WASTE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 3 -
1
Accounting policies
Company information
Capital Waste Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Perrys Chartered Accountants, The Square, Wrotham, Kent, TN15 7AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CAPITAL WASTE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 3 (2016 - 3
).
3
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2016
298,853
7,335
826
307,014
Additions
25,918
-
3,225
29,143
At 28 February 2018
324,771
7,335
4,051
336,157
Depreciation and impairment
At 1 September 2016
268,747
3,209
356
272,312
Depreciation charged in the period
14,006
1,031
1,395
16,432
At 28 February 2018
282,753
4,240
1,751
288,744
Carrying amount
At 28 February 2018
42,018
3,095
2,300
47,413
At 31 August 2016
30,107
4,126
469
34,702
CAPITAL WASTE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2018
- 5 -
4
Trade and other receivables
2018
2016
Amounts falling due within one year:
£
£
Trade receivables
287,719
368,467
Other receivables
100
100
287,819
368,567
5
Current liabilities
2018
2016
£
£
Trade payables
253,146
281,778
Corporation tax
18,024
36,034
Other taxation and social security
9,680
12,597
Other payables
9,879
2,413
290,729
332,822
6
Called up share capital
2018
2016
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary A of £1 each
25
25
25 Ordinary B of £1 each
25
25
50 Ordinary C of £1 each
50
50
100
100
7
Directors' transactions
Included within other creditors is a directors' loan balance of £7,678 (2016: 762).
During the year dividends of £101,500 (2016: £148,000) were paid to the directors.