Coloured Linen Hire Ltd 31/10/2018 iXBRL

Coloured Linen Hire Ltd 31/10/2018 iXBRL

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Company registration number: 03314705
Coloured Linen Hire Ltd
Unaudited filleted financial statements
31 October 2018
Coloured Linen Hire Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Coloured Linen Hire Ltd
Directors and other information
Director Mr Nicholas Peter Earle Higgin
Secretary Emma Hermione Higgin
Company number 03314705
Registered office 1, Rockfield Business Park
Old Station Drive
Cheltenham
Gloucestershire
GL53 0AN
Business address The Hough Granary
Malpas
Cheshire
SY14 7JJ
Accountants BPC Partners Limited
1 Rockfield Busienss Park
Old Station Drive
Cheltenham
GL53 0AN
Bankers Lloyds TSB
Regent Street
Wrexham
Wales
Coloured Linen Hire Ltd
Statement of financial position
31 October 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 75,621 51,108
_______ _______
75,621 51,108
Current assets
Debtors 6 61,156 51,287
Cash at bank and in hand 16,036 12,259
_______ _______
77,192 63,546
Creditors: amounts falling due
within one year 7 ( 21,951) ( 13,907)
_______ _______
Net current assets 55,241 49,639
_______ _______
Total assets less current liabilities 130,862 100,747
Creditors: amounts falling due
after more than one year 8 ( 13,764) -
Provisions for liabilities ( 10,504) ( 9,711)
_______ _______
Net assets 106,594 91,036
_______ _______
Capital and reserves
Called up share capital 630 630
Share premium account 81,032 81,032
Capital redemption reserve 370 370
Profit and loss account 24,562 9,004
_______ _______
Shareholders funds 106,594 91,036
_______ _______
For the year ending 31 October 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:
Mr Nicholas Peter Earle Higgin
Director
Company registration number: 03314705
Coloured Linen Hire Ltd
Statement of changes in equity
Year ended 31 October 2018
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 November 2016 630 81,032 370 ( 5,944) 76,088
Profit for the year 28,840 28,840
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 28,840 28,840
Dividends paid and payable ( 13,892) ( 13,892)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 13,892) ( 13,892)
_______ _______ _______ _______ _______
At 31 October 2017 and 1 November 2017 630 81,032 370 9,004 91,036
Profit for the year 27,538 27,538
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 27,538 27,538
Dividends paid and payable ( 11,980) ( 11,980)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 11,980) ( 11,980)
_______ _______ _______ _______ _______
At 31 October 2018 630 81,032 370 24,562 106,594
_______ _______ _______ _______ _______
Coloured Linen Hire Ltd
Notes to the financial statements
Year ended 31 October 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 1, Rockfield Business Park, Old Station Drive, Cheltenham, Gloucestershire, GL53 0AN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 % reducing balance
Motor vehicles - 15 % reducing balance
Linen - 25 % reducing balance
Office equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Linen Office Equipment Total
£ £ £ £ £
Cost
At 1 November 2017 12,632 - 388,323 3,182 404,137
Additions - 24,800 26,784 376 51,960
_______ _______ _______ _______ _______
At 31 October 2018 12,632 24,800 415,107 3,558 456,097
_______ _______ _______ _______ _______
Depreciation
At 1 November 2017 11,232 - 340,388 1,409 353,029
Charge for the year 243 3,720 22,594 890 27,447
_______ _______ _______ _______ _______
At 31 October 2018 11,475 3,720 362,982 2,299 380,476
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2018 1,157 21,080 52,125 1,259 75,621
_______ _______ _______ _______ _______
At 31 October 2017 1,400 - 47,935 1,773 51,108
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 15,128 12,018
Other debtors 46,028 39,269
_______ _______
61,156 51,287
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 9,469 7,169
Social security and other taxes 6,438 5,568
Other creditors 6,044 1,170
_______ _______
21,951 13,907
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 13,764 -
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Nicholas Peter Earle Higgin 30,065 760 - 30,825
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Nicholas Peter Earle Higgin 37,171 6,786 ( 13,892) 30,065
_______ _______ _______ _______
10. Controlling party
During the year ended 31 October 2018, Nicholas Higgin, the director, controlled the company by virtue of a controlling interest of 77.78% of the issued ordinary share capital.