Contrak Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05355171 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2018

for

Contrak Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P J Cookson

SECRETARY:

Miss V C Hewitt

REGISTERED OFFICE:

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

05355171 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

47,303

19,848

47,303

19,848

CURRENT ASSETS

Stocks

7

33,356

90,125

Debtors

8

193,369

78,915

Cash at bank and in hand

4,966

16,014

231,691

185,054

CREDITORS

Amounts falling due within one year

9

243,467

285,511

NET CURRENT LIABILITIES

(11,776

)

(100,457

)

TOTAL ASSETS LESS CURRENT LIABILITIES

35,527

(80,609

)

CREDITORS

Amounts falling due after more than one year

10

(7,586

)

-

PROVISIONS FOR LIABILITIES

(5,200

)

-

NET ASSETS/(LIABILITIES)

22,741

(80,609

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

22,641

(80,709

)

SHAREHOLDERS' FUNDS

22,741

(80,609

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 21 February 2019 and were signed by:

P J Cookson - Director

1.	STATUTORY INFORMATION

Contrak 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry on

business as a going concern, which the directors consider appropriate having regard to the company's

current and expected performance.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the the acquisition of a business in 2005, has been

amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

4.

EMPLOYEES

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

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2017

and 30 November 2018

70,000

AMORTISATION

At 1 December 2017

and 30 November 2018

70,000

NET BOOK VALUE

At 30 November 2018

-

At 30 November 2017

-

6.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 December 2017

19,848

-

19,848

Additions

-

29,170

29,170

At 30 November 2018

19,848

29,170

49,018

DEPRECIATION

Charge for year

-

1,715

1,715

At 30 November 2018

-

1,715

1,715

NET BOOK VALUE

At 30 November 2018

19,848

27,455

47,303

At 30 November 2017

19,848

-

19,848

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

14,450

At 30 November 2018

14,450

DEPRECIATION

Charge for year

723

At 30 November 2018

723

NET BOOK VALUE

At 30 November 2018

13,727

7.

STOCKS

2018

2017

£

£

Stocks

22,500

18,513

Work-in-progress

10,856

71,612

33,356

90,125

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

131,544

18,654

Amounts owed by group undertakings

61,289

56,177

Other debtors

536

4,084

193,369

78,915

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

24,309

25,240

Hire purchase contracts (see note 11)

4,335

-

Trade creditors

171,561

165,889

Taxation and social security

17,269

73,849

Other creditors

25,993

20,533

243,467

285,511

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 11)

7,586

-

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

4,335

-

Between one and five years

7,586

-

11,921

-

Non-cancellable

operating leases

2018

2017

£

£

Within one year

7,096

7,798

Between one and five years

6,327

7,297

13,423

15,095

12.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

24,309

25,240

Hire purchase contracts

11,921

-

36,230

25,240

The bank overdraft is secured by way of a director's personal guarantee.

Obligations under finance lease and hire purchase contracts are secured on the assets held under

contract.

13.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the

statement of financial position amount to £13,423 (2017 - £13,947).