Quantock Casualty Services Ltd Filleted accounts for Companies House (small and micro)

QUANTOCK CASUALTY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5191458

Quantock Casualty Services Ltd

Company Limited by Guarantee

Filleted Unaudited Abridged Financial Statements

31 July 2018

Quantock Casualty Services Ltd

Company Limited by Guarantee

Abridged Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		439	585

Current assets

Debtors	597	1,955
Cash at bank and in hand	877	–
	-------	-------
	1,474	1,955

Creditors: amounts falling due within one year	33,044		36,496
	--------		--------
Net current liabilities		31,570	34,541
		--------	--------
Total assets less current liabilities		( 31,131)	( 33,956)
		--------	--------
Net liabilities		( 31,131)	( 33,956)
		--------	--------

Capital and reserves

Profit and loss account	( 31,131)	( 33,956)
	--------	--------
Members deficit	( 31,131)	( 33,956)
	--------	--------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 July 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Quantock Casualty Services Ltd

Company Limited by Guarantee

Abridged Statement of Financial Position (continued)

31 July 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 16 October 2018 , and are signed on behalf of the board by:

Mr N H Gibbons
Director

Company registration number: 5191458

Quantock Casualty Services Ltd

Company Limited by Guarantee

Notes to the Abridged Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Silvermead, Weacombe Road, West Quantoxhead, Somerset, TA4 4EA.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

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:

Motor vehicle	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Company limited by guarantee

The Company is Limited by Guarantee. Every member of the Company undertakes to contribute such amount as may be required (not exceeding £1) to the Company's assets if it should be wound up while he or she is a member.

5. Tangible assets

	£

Cost
At 1 August 2017 and 31 July 2018	3,965
	-------
Depreciation
At 1 August 2017	3,380
Charge for the year	146
	-------
At 31 July 2018	3,526
	-------
Carrying amount
At 31 July 2018	439
	-------
At 31 July 2017	585
	-------

6. Related party transactions

The company was under the control of its director throughout the current and previous year. Mr Gibbins is the sole director. The Director has advanced sums to the company. The amounts outstanding at the year-end were £4,660 (2017: £4,660). This loans are interest free and has no fixed terms for repayment. No other transactions with related parties were undertaken such as are required to be disclosed.