Company Registration No. 04777858 (England and Wales)
D CARTER PLASTERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
D CARTER PLASTERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
D CARTER PLASTERING LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,163
23,429
Investments
5
21,546
21,546
51,709
44,975
Current assets
Stocks
2,200
2,000
Debtors
6
262,739
294,710
Cash at bank and in hand
28,129
16,229
293,068
312,939
Creditors: amounts falling due within one year
7
(115,839)
(133,076)
Net current assets
177,229
179,863
Total assets less current liabilities
228,938
224,838
Creditors: amounts falling due after more than one year
8
(19,468)
(5,796)
Net assets
209,470
219,042
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
209,469
219,041
Total equity
209,470
219,042
D CARTER PLASTERING LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 and signed by the director and authorised for issue on 26 February 2018
Mr D A Carter
Director
Company Registration No. 04777858
D CARTER PLASTERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2015
1
267,174
267,175
Year ended 31 May 2016:
Profit and total comprehensive income for the year
-
116,867
116,867
Dividends
-
(165,000)
(165,000)
Balance at 31 May 2016
1
219,041
219,042
Year ended 31 May 2017:
Profit and total comprehensive income for the year
-
157,428
157,428
Dividends
-
(167,000)
(167,000)
Balance at 31 May 2017
1
209,469
209,470
D CARTER PLASTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
1
Accounting policies
Company information
D Carter Plastering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
264 Banbury Road, Oxford, OX2 7DY.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of D Carter Plastering Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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 machinery
20% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
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
.
D CARTER PLASTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
D CARTER PLASTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 6).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2016 and 31 May 2017
60,000
Amortisation and impairment
At 1 June 2016 and 31 May 2017
60,000
Carrying amount
At 31 May 2017
-
At 31 May 2016
-
D CARTER PLASTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2016
85,611
Additions
22,887
Disposals
(20,624)
At 31 May 2017
87,874
Depreciation and impairment
At 1 June 2016
62,183
Depreciation charged in the year
9,538
Eliminated in respect of disposals
(14,010)
At 31 May 2017
57,711
Carrying amount
At 31 May 2017
30,163
At 31 May 2016
23,429
The net book value of tangible fixed assets includes £
16,916
(201
6
:
£
0
) in respect of assets held under
finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted t
o
£
5,639
(201
6
:
£3,981) for the year.
5
Fixed asset investments
2017
2016
£
£
Investments
21,546
21,546
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
156,931
237,520
Other debtors
105,808
57,190
262,739
294,710
D CARTER PLASTERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 8 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
21,220
37,783
Corporation tax
37,805
30,684
Other taxation and social security
7,667
8,005
Other creditors
49,147
56,604
115,839
133,076
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
19,468
5,796
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
10
Related party transactions
During the year, the director received dividends on Ordinary shares totalling £1
67,000
(201
6
:
£
165,0
00).
11
Directors' transactions
At the year end, the director owed the company £
22,340
(201
6
: £
26,921
).
Interest of £725 has been charged on this amount as at the official rate as determined by HM Revenue & Customs. There is no fixed date for repayment, however the loan is repayable on demand.