Company Registration No. 05827483 (England and Wales)
CARMEL EXECUTIVE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
CARMEL EXECUTIVE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
CARMEL EXECUTIVE SERVICES LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
1,800
443
Cash at bank and in hand
53,299
147,644
55,099
148,087
Creditors: amounts falling due within one year
5
(187,576)
(271,652)
Net current liabilities
(132,477)
(123,565)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
(132,577)
(123,665)
Total equity
(132,477)
(123,565)
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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 3 February 2022
Mr A Korein
Director
Company Registration No. 05827483
CARMEL EXECUTIVE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2019
100
(124,050)
(123,950)
Year ended 31 May 2020:
Profit and total comprehensive income for the year
-
385
385
Balance at 31 May 2020
100
(123,665)
(123,565)
Year ended 31 May 2021:
Loss and total comprehensive income for the year
-
(8,912)
(8,912)
Balance at 31 May 2021
100
(132,577)
(132,477)
CARMEL EXECUTIVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Carmel Executive Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
14 Broadley Street, London, England, NW8 8AE.
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
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
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
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.
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
profit and loss account
, 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.
CARMEL EXECUTIVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
1.4
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,800
443
5
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
90
Other creditors
185,576
269,562
Accruals and deferred income
2,000
2,000
187,576
271,652
CARMEL EXECUTIVE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
7
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
(123,665)
(124,050)
(Loss)/profit for the year
(8,912)
385
At the end of the year
(132,577)
(123,665)
8
Related party transactions
Screen International Security Services Limited
A Company in which Mr Korein is a director and shareholder
The company owes Screen International Security Services Limited £16
5
,1
30
(2020: £249,116) at the year end.