CURTIS & CARDER SERVICES LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 AUGUST 2018 | |||||||||||
Company Registration Number: 05769244 | |||||||||||
CURTIS & CARDER SERVICES LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 11 | ||||||||||
CURTIS & CARDER SERVICES LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | |||||||||||
DIRECTOR | |||||||||||
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SECRETARY | |||||||||||
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resigned |
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The company no longer has an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
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COMPANY REGISTRATION NUMBER | |||||||||||
05769244 England and Wales | |||||||||||
CURTIS & CARDER SERVICES LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 August 2018 | |||||||||||
Notes | 2018 | 2017 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS | |||||||||||
Stock |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS: Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES) / ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 9 |
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Provisions for liabilities and charges |
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NET (LIABILITIES) / ASSETS | ( |
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CAPITAL AND RESERVES | |||||||||||
Called up share capital |
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Distributable profit and loss account | ( |
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SHAREHOLDER'S (DEFICIT) / FUNDS | ( |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
A J Carder | |||||||||||
Director | |||||||||||
Date approved by the board: |
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CURTIS & CARDER SERVICES LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Curtis & Carder Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is: | |||||||||||
Unit 1 Church Lane | |||||||||||
Hardwick | |||||||||||
Bicester | |||||||||||
Oxfordshire | |||||||||||
OX27 8SS | |||||||||||
The financial statements are presented in Sterling, which is the functional currency of the company. | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. At the year end the company had creditors of £908,206 including taxation and social security of £176,853. Also included within this balance are bank loans, overdrafts and loans from other lenders totalling £301,886. The company is therefore dependent upon the continued support of its creditors, bank, other lenders and its director. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover represents plumbing, heating, and air-conditioning installation and other construction installation, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Intangible fixed assets | |||||||||||
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be five years. | |||||||||||
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 expectations. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Fixtures and fittings |
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Motor vehicles |
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Computer equipment |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Financial Instruments | |||||||||||
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The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Work in progress | |||||||||||
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. | |||||||||||
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
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2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Leases | |||||||||||
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The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised. | |||||||||||
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease. | |||||||||||
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account. |
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Taxation | |||||||||||
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
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2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Pensions | |||||||||||
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3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2018 | 2017 | ||||||||||
Average number of employees |
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5 | INTANGIBLE FIXED ASSETS | ||||||||||
Goodwill | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 September 2017 |
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At 31 August 2018 |
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Accumulated amortisation | |||||||||||
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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Net book value | |||||||||||
At 1 September 2017 |
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At 31 August 2018 |
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6 | TANGIBLE ASSETS | ||||||||||
Fixtures and fittings | Motor vehicles | Computer equipment | Total | ||||||||
£ | £ | £ | £ | ||||||||
Cost | |||||||||||
At 1 September 2017 |
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Additions |
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Disposals | - | ( |
- | ( |
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At 31 August 2018 |
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Accumulated depreciation | |||||||||||
At 1 September 2017 |
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Charge for year |
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Disposals | - | ( |
- | ( |
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At 31 August 2018 |
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Net book value | |||||||||||
At 1 September 2017 |
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At 31 August 2018 |
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Included in the above are assets held under finance leases and hire purchase contracts as follows: | |||||||||||
Fixtures and fittings | Motor vehicles | Computer equipment | Total | ||||||||
£ | £ | £ | £ | ||||||||
Depreciation charge for year | - |
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Net book value | |||||||||||
At 1 September 2017 | - |
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At 31 August 2018 | - |
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The finance for assets held under finance leases is secured against the assets to which they relate. | |||||||||||
7 | DEBTORS | ||||||||||
2018 | 2017 | ||||||||||
£ | £ | ||||||||||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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525,070 | 575,100 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2018 | 2017 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Hire purchase contracts and finance leases |
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Accruals and deferred income |
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Other creditors |
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839,010 | 787,744 | ||||||||||
9 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2018 | 2017 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts |
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Hire purchase contracts and finance leases |
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69,196 | 1,823 | ||||||||||
10 | SECURED DEBTS | ||||||||||
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11 | CONTINGENCIES AND COMMITMENTS | ||||||||||
Other Commitments | |||||||||||
Amounts falling due under operating leases: | 2018 | 2017 | |||||||||
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In less than one year |
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In more than one but less than five years |
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In more than five years | - |
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190,428 | 139,664 | ||||||||||
12 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following director's advances, credits and guarantees took place during the year | |||||||||||
Balance at 1 September 2017 | Amounts advanced | Amounts repaid | Balance at 31 August 2018 | ||||||||
£ | £ | £ | £ | ||||||||
A J Carder |
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Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand. |