Corona Lighting Limited Filleted accounts for Companies House (small and micro)

Corona Lighting Limited Filleted accounts for Companies House (small and micro)

CORONA LIGHTING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 02560057
Corona Lighting Limited
Filleted Unaudited Financial Statements
30 June 2018
Corona Lighting Limited
Statement of Financial Position
30 June 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
8,292
9,648
Investments
6
100,000
100,000
---------
---------
108,292
109,648
Current assets
Stocks
4,101
4,732
Debtors
7
13,231
15,672
Cash at bank and in hand
31,469
30,133
--------
--------
48,801
50,537
Creditors: amounts falling due within one year
8
15,320
17,050
--------
--------
Net current assets
33,481
33,487
---------
---------
Total assets less current liabilities
141,773
143,135
Creditors: amounts falling due after more than one year
9
60,925
63,943
Provisions
Taxation including deferred tax
1,905
1,905
---------
---------
Net assets
78,943
77,287
---------
---------
Capital and reserves
Called up share capital
1,002
1,002
Revaluation reserve
74,248
74,248
Profit and loss account
3,693
2,037
--------
--------
Shareholders funds
78,943
77,287
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Corona Lighting Limited
Statement of Financial Position (continued)
30 June 2018
These financial statements were approved by the board of directors and authorised for issue on 27 March 2019 , and are signed on behalf of the board by:
Mr M A Day
Director
Company registration number: 02560057
Corona Lighting Limited
Notes to the Financial Statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4c, Palmersvale Business Centre, Palmerston, Barry, CF63 2XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made for deferred taxation using the liability method and is computed on the basis of the excess of tax allowances over depreciation using tax rates existing at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
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 estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Equipment
-
5% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Intangible assets
Goodwill
£
Cost
At 1 July 2017 and 30 June 2018
7,500
-------
Amortisation
At 1 July 2017 and 30 June 2018
7,500
-------
Carrying amount
At 30 June 2018
–
-------
At 30 June 2017
–
-------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2017 and 30 June 2018
18,063
10,364
8,053
36,480
--------
--------
-------
--------
Depreciation
At 1 July 2017
18,063
6,488
2,281
26,832
Charge for the year
–
953
403
1,356
--------
--------
-------
--------
At 30 June 2018
18,063
7,441
2,684
28,188
--------
--------
-------
--------
Carrying amount
At 30 June 2018
–
2,923
5,369
8,292
--------
--------
-------
--------
At 30 June 2017
–
3,876
5,772
9,648
--------
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2017 and 30 June 2018
100,000
---------
Impairment
At 1 July 2017 and 30 June 2018
–
---------
Carrying amount
At 30 June 2018
100,000
---------
At 30 June 2017
100,000
---------
The director valued the investment property for the purpose of these financial statements on the basis of his best estimate of its open market value for existing use.
7. Debtors
2018
2017
£
£
Trade debtors
11,231
12,668
Other debtors
2,000
3,004
--------
--------
13,231
15,672
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,818
2,618
Trade creditors
4,534
7,117
Corporation tax
4,459
5,235
Social security and other taxes
1,482
–
Other creditors
2,027
2,080
--------
--------
15,320
17,050
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
60,925
63,943
--------
--------
10. Related party transactions
There are no related party transactions that require disclosure.