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

REGISTERED NUMBER: 01358795 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

CARALDANE LIMITED

TRADING AS

LYONS ELECTRICAL

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Lyons

Mrs K Lyons

SECRETARY:

Mrs K Lyons

REGISTERED OFFICE:

7 Deacon Trading Estate

Knight Road

Strood

Rochester

Kent

ME2 2AU

REGISTERED NUMBER:

01358795 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

SITTINGBOURNE

Kent

ME10 4AE

BANKERS:

Barclays

High Street

Strood

Kent

FIXED ASSETS

Tangible assets

5

85,858

69,522

CURRENT ASSETS

Stocks

6

20,000

10,000

Debtors

7

667,289

759,064

Cash at bank and in hand

451,193

357,913

1,138,482

1,126,977

CREDITORS

Amounts falling due within one year

8

627,997

526,871

NET CURRENT ASSETS

510,485

600,106

TOTAL ASSETS LESS CURRENT LIABILITIES

596,343

669,628

CREDITORS

Amounts falling due after more than one year

9

(15,965

)

(24,669

)

PROVISIONS FOR LIABILITIES

(10,605

)

(10,198

)

NET ASSETS

569,773

634,761

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

568,773

633,761

SHAREHOLDERS' FUNDS

569,773

634,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 November 2018 and were signed on its behalf by:

Mr M Lyons - Director

1.	STATUTORY INFORMATION

Caraldane 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates

and assumptions about the carrying value of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that

are considered 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

to which the estimate is revised if the revision affects only that period or in the period of the revision and future

periods if the revision affects both current and future periods. The key sources of estimation uncertainty that

have a significant effect on the amounts recognised in the financial statements are the depreciation charges that

are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover represents the value, net of value added tax and discounts, of the sale of materials and labour relating

to electrical installation, after accounting for accrued income.

In accordance with accounting standards, income is accrued to reflect the fair value of the right of consideration

under contracts.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted

amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term

instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business

terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at

market rate, the financial asset is measured, initially and subsequently, at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to

determine whether there is an indication that an asset may be impaired. If there is an indication of possible

impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use

and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss

is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the

last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 28 ).

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2017

24,237

47,207

165,047

45,264

281,755

Additions

-

349

34,760

-

35,109

Disposals

-

-

(27,234

)

-

(27,234

)

At 31 July 2018

24,237

47,556

172,573

45,264

289,630

DEPRECIATION

At 1 August 2017

21,556

44,626

108,505

37,546

212,233

Charge for year

536

551

14,292

1,543

16,922

Eliminated on disposal

-

-

(25,383

)

-

(25,383

)

At 31 July 2018

22,092

45,177

97,414

39,089

203,772

NET BOOK VALUE

At 31 July 2018

2,145

2,379

75,159

6,175

85,858

At 31 July 2017

2,681

2,581

56,542

7,718

69,522

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

Motor

vehicles

£

COST

At 1 August 2017

and 31 July 2018

34,803

DEPRECIATION

At 1 August 2017

2,320

Charge for year

6,497

At 31 July 2018

8,817

NET BOOK VALUE

At 31 July 2018

25,986

At 31 July 2017

32,483

6.

STOCKS

31.7.18

31.7.17

£

£

Stocks

20,000

10,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Trade debtors

594,728

692,620

Other debtors

1,467

-

Directors' Current Accounts

63,500

63,500

Prepayments

7,594

2,944

667,289

759,064

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Hire purchase contracts

8,704

8,401

Trade creditors

519,386

309,081

Other creditors

732

388

Other taxes and PAYE

95,055

205,001

Accruals and deferred income

4,120

4,000

627,997

526,871

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Hire purchase contracts

15,965

24,669

10.	SECURED DEBTS

The bank holds a debenture over all the company's assets dated 10 November 1993, in relation to any amounts

outstanding between the company and the bank.

No such amounts were outstanding during any part of the current or previous year.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.18

31.7.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2018 and

31 July 2017:

31.7.18

31.7.17

£

£

Mr M Lyons

Balance outstanding at start of year

63,500

-

Amounts advanced

63,500

63,500

Amounts repaid

(63,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

63,500

63,500

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Lyons & Mrs K Lyons.