ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

CRED ORIGINATIONS LIMITED - Company Information

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Caseware UK (AP4) 2018.0.196 2018.0.196 2018-12-312018-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-01-01 03012315 2018-01-01 2018-12-31 03012315 2017-01-01 2017-12-31 03012315 2018-12-31 03012315 2017-12-31 03012315 c:Director1 2018-01-01 2018-12-31 03012315 d:CurrentFinancialInstruments 2018-12-31 03012315 d:CurrentFinancialInstruments 2017-12-31 03012315 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 03012315 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 03012315 d:ShareCapital 2018-12-31 03012315 d:ShareCapital 2017-12-31 03012315 d:RetainedEarningsAccumulatedLosses 2018-12-31 03012315 d:RetainedEarningsAccumulatedLosses 2017-12-31 03012315 c:FRS102 2018-01-01 2018-12-31 03012315 c:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 03012315 c:FullAccounts 2018-01-01 2018-12-31 03012315 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 iso4217:GBP xbrli:pure

Registered number: 03012315









CAR LOAN ORIGINATIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018
 
CAR LOAN ORIGINATIONS LIMITED
REGISTERED NUMBER: 03012315

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018

2018
2017
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
18,291
29,164

Cash at bank and in hand
  
613
1,764

  
18,904
30,928

Creditors: amounts falling due within one year
 6 
(13,302)
(25,308)

Net current assets
  
 
 
5,602
 
 
5,620

Total assets less current liabilities
  
5,602
5,620

  

Net assets
  
5,602
5,620


Capital and reserves
  

Called up share capital 
 7 
409,002
395,002

Profit and loss account
  
(403,400)
(389,382)

  
5,602
5,620


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2019.




Dr R J Gewolb
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
CAR LOAN ORIGINATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1.


General information

Car Loan Originations Limited is a private company limited by shares and registered in England & Wales.  The address of its registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Revenue relates to interest receivable from the provision of loans to third parties. Interest is applied to the outstanding loan amount on a monthly basis in accordance with the terms of the loan agreement.

 
2.3

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.4

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2
 
CAR LOAN ORIGINATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

3.


Judgments in applying accounting policies 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 for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors.  When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.  


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 2).


5.


Debtors

2018
2017
£
£


Other debtors
12,646
26,516

Prepayments and accrued income
5,645
2,648

18,291
29,164



6.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
1,693
2,049

Other taxation and social security
4
181

Other creditors
8,205
21,078

Accruals and deferred income
3,400
2,000

13,302
25,308


Page 3
 
CAR LOAN ORIGINATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

7.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



409,002 (2017 - 395,002) Ordinary shares of £1.00 each
409,002
395,002


On 30 December 2018, the company issued 14,000, Ordinary shares of £1 each for cash at par.  


8.


Related party transactions

At the year end the company owed £8,205 (2017: £20,623) to the director, Dr R J Gewolb. The loan is interest free and is repayable on demand.
The company has not entered into any other transactions with related parties that are material and have not been conducted under normal market conditions

 
Page 4