Catfoss Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04218973 (England and Wales)

Audited Financial Statements for the Year Ended 30 June 2018

for

Catfoss Finance Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J. C. Owen

G. M. Timmins

J. M. Tate

REGISTERED OFFICE:

Elite House

Spellowgate

Driffield

East Yorkshire

YO25 5UP

REGISTERED NUMBER:

04218973 (England and Wales)

AUDITORS:

Cameron Ferriby & Co.

Bridge House

41 Wincolmlee

Hull

HU2 8AG

FIXED ASSETS

Tangible assets

4

620,685

616,578

CURRENT ASSETS

Debtors

5

27,296,940

21,439,832

Cash at bank and in hand

130,932

398

27,427,872

21,440,230

CREDITORS

Amounts falling due within one year

6

10,599,036

9,582,244

NET CURRENT ASSETS

16,828,836

11,857,986

TOTAL ASSETS LESS CURRENT LIABILITIES

17,449,521

12,474,564

CREDITORS

Amounts falling due after more than one year

7

(13,307,644

)

(8,978,898

)

PROVISIONS FOR LIABILITIES

9

(157,531

)

(192,655

)

NET ASSETS

3,984,346

3,303,011

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

3,884,346

3,203,011

SHAREHOLDERS' FUNDS

3,984,346

3,303,011

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 February 2019 and were signed on its behalf by:

J. C. Owen - Director

G. M. Timmins - Director

1.	STATUTORY INFORMATION

Catfoss Finance Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts receivable during the year, excluding value added tax, for rentals and

associated services under leasing, hire purchase and loan agreements and commissions received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of initial rentals deferred that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of initial rentals in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

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 future taxable profits.

Finance lease and hire purchase receivables

Receivables consists of amounts outstanding under finance lease and hire purchase agreements, including

rentals not yet due at the year end, less adequate provisions for bad and doubtful debts based upon the

individual assessment of accounts.

Deferred revenue

Deferred revenue comprises the proportion of the gross revenue included in finance lease and hire purchase

receivables which is carried forward into future accounting periods. An initial amount of gross revenue is

credited to the profit and loss account, mainly to cover the costs associated with the setting up of the

transaction. The remaining amount carried forward is calculated to adequately cover future collecting and

financing costs and allow for an appropriate contribution to profits in subsequent accounting periods.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2017

589,555

32,331

12,623

91,474

725,983

Additions

-

10,100

2,153

6,836

19,089

At 30 June 2018

589,555

42,431

14,776

98,310

745,072

DEPRECIATION

At 1 July 2017

-

19,675

10,450

79,280

109,405

Charge for year

-

5,927

1,799

7,256

14,982

At 30 June 2018

-

25,602

12,249

86,536

124,387

NET BOOK VALUE

At 30 June 2018

589,555

16,829

2,527

11,774

620,685

At 30 June 2017

589,555

12,656

2,173

12,194

616,578

5.

DEBTORS

30.6.18

30.6.17

£

£

Amounts falling due within one year:

Trade debtors

217,474

219,874

Other debtors

95,000

73,507

Amounts receivable from hire purchase contracts

1,641,466

1,210,990

Amounts receivable from finance leases

7,172,003

6,408,264

Amounts receivable from loans

874,523

1,194,642

Amounts due from ultimate parent company

1,635,934

1,239,921

Other loans

546,845

651,444

Directors' current accounts

-

74,740

Tax

102,079

-

VAT

98,534

-

Prepayments

48,485

104,075

12,432,343

11,177,457

Amounts falling due after more than one year:

Amounts receivable from hire purchase contracts

2,360,745

1,290,974

Amounts receivable from finance leases

10,876,248

7,201,747

Amounts receivable from loans

1,627,604

1,769,654

14,864,597

10,262,375

Aggregate amounts

27,296,940

21,439,832

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans and overdrafts

17,470

228,746

Block loans

7,791,827

6,852,594

Other loan

580,680

623,472

Trade creditors

14,998

44,221

Taxation

-

102,079

Social security and other taxes

12,122

11,831

VAT

-

59,255

Other creditors

69,562

10,271

Directors' current accounts

3,610

-

Directors' loan accounts

63,792

63,792

Deferred income

1,942,334

1,479,206

Accrued expenses

102,641

106,777

10,599,036

9,582,244

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans - 1-2 years

18,230

17,510

Bank loans - 2-5 years

59,007

56,849

Bank loans more 5 yr by instal

119,527

139,223

Block loans

10,452,276

6,882,245

Other loans - 2-5 years

1,000,000

-

Directors' loan accounts

67,917

879,905

Deferred income

1,590,687

1,003,166

13,307,644

8,978,898

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

119,527

139,223

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.18

30.6.17

£

£

Bank overdraft

-

211,955

Block loans

18,244,103

13,733,932

Bank mortgage

214,234

230,373

18,458,337

14,176,260

The block loans are secured upon the amounts receivable from finance leases and hire purchase contracts.

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

The bank mortgage is secured by legal charge over the land at Spellowgate.

9.	PROVISIONS FOR LIABILITIES

30.6.18

30.6.17

£

£

Deferred tax

157,531

192,655

Deferred

tax

£

Balance at 1 July 2017

192,655

Movement in deferred tax

(35,124

)

provided on timing differences

on lease rental payments due

Balance at 30 June 2018

157,531

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr. R. A. Cameron senior statutory auditor

for and on behalf of Cameron Ferriby & Co.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end £35,142 (2017 £780,909) was owed to J.C. Owen, a director of the company, on his loan

account. The loan account is interest free and repayable on demand, however the loan is treated as a long

term investment in the company and the director does expect to take material amounts from this balance in

the short term.

At the year end G. T. Timmins, was owed by the company, £3,609 (2017 The company was owed by Mr.

Timmins £74,740) on his loan account. The loan account is interest free and repayable on demand.

At the year end £96,567 (2017 - £162,788) was due to directors J. C. Owen and G. M. Timmins on an interest

free joint loan account. The loan term had 18 months remaining.

12.	RELATED PARTY DISCLOSURES