Company Registration No. 04054329 (England and Wales)
CARBON APPLICATION TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
CARBON APPLICATION TECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CARBON APPLICATION TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,720
59,806
Current assets
Debtors
5
85,850
85,828
Investments
6
41,133
40,341
Cash at bank and in hand
394
15,368
127,377
141,537
Creditors: amounts falling due within one year
7
(1,906)
(7,419)
Net current assets
125,471
134,118
Total assets less current liabilities
178,191
193,924
Capital and reserves
Called up share capital
8
220,000
220,000
Profit and loss reserves
(41,809)
(26,076)
Total equity
178,191
193,924
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 31 August 2019 and are signed on its behalf by:
Dr K Juma
Director
Company Registration No. 04054329
CARBON APPLICATION TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 2 -
1
Accounting policies
Company information
Carbon Application Technology Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit E Hixon Industrial Estate, Hixon, Staffordshire, ST18 0YP.
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 £.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
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 equipment
12.5% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CARBON APPLICATION TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018-2).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2018
306,088
7,559
1,248
314,895
Additions
167
849
-
1,016
At 31 January 2019
306,255
8,408
1,248
315,911
Depreciation and impairment
At 1 February 2018
251,872
2,489
728
255,089
Depreciation charged in the year
6,798
888
416
8,102
At 31 January 2019
258,670
3,377
1,144
263,191
Carrying amount
At 31 January 2019
47,585
5,031
104
52,720
At 31 January 2018
54,216
5,070
520
59,806
4
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
41,133
40,341
CARBON APPLICATION TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 4 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
13,427
Other debtors
85,850
72,401
85,850
85,828
6
Current asset investments
2019
2018
£
£
Other investments
41,133
40,341
7
Creditors: amounts falling due within one year
2019
2018
£
£
Taxation and social security
346
-
Other creditors
1,560
7,419
1,906
7,419
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary of £1 each
20,000
20,000
200,000 Ordinary A of £1 each
200,000
200,000
220,000
220,000