Charioteer Limited Filleted accounts for Companies House (small and micro)

CHARIOTEER LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-10-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP NI038821 2017-10-01 2018-09-30 NI038821 2018-09-30 NI038821 2017-09-30 NI038821 2016-10-01 2017-09-30 NI038821 2017-09-30 NI038821 core:LandBuildings core:OwnedOrFreeholdAssets 2017-10-01 2018-09-30 NI038821 core:FurnitureFittings 2017-10-01 2018-09-30 NI038821 bus:LeadAgentIfApplicable 2017-10-01 2018-09-30 NI038821 bus:Director1 2017-10-01 2018-09-30 NI038821 core:LandBuildings core:OwnedOrFreeholdAssets 2017-09-30 NI038821 core:FurnitureFittings 2017-09-30 NI038821 core:LandBuildings core:OwnedOrFreeholdAssets 2018-09-30 NI038821 core:FurnitureFittings 2018-09-30 NI038821 core:WithinOneYear 2018-09-30 NI038821 core:WithinOneYear 2017-09-30 NI038821 core:ShareCapital 2018-09-30 NI038821 core:ShareCapital 2017-09-30 NI038821 core:RetainedEarningsAccumulatedLosses 2018-09-30 NI038821 core:RetainedEarningsAccumulatedLosses 2017-09-30 NI038821 core:LandBuildings core:OwnedOrFreeholdAssets 2017-09-30 NI038821 core:FurnitureFittings 2017-09-30 NI038821 bus:Director1 2017-09-30 NI038821 bus:Director1 2018-09-30 NI038821 bus:Director1 2016-09-30 NI038821 bus:Director1 2017-09-30 NI038821 bus:Director1 2016-10-01 2017-09-30 NI038821 bus:SmallEntities 2017-10-01 2018-09-30 NI038821 bus:AuditExemptWithAccountantsReport 2017-10-01 2018-09-30 NI038821 bus:FullAccounts 2017-10-01 2018-09-30 NI038821 bus:SmallCompaniesRegimeForAccounts 2017-10-01 2018-09-30 NI038821 bus:PrivateLimitedCompanyLtd 2017-10-01 2018-09-30 NI038821 core:AllAssociates 2017-10-01 2018-09-30

COMPANY REGISTRATION NUMBER: NI038821

Charioteer Limited

Filleted Unaudited Financial Statements

30 September 2018

Charioteer Limited

Financial Statements

Year ended 30 September 2018

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Charioteer Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Charioteer Limited

Year ended 30 September 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charioteer Limited for the year ended 30 September 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Charioteer Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Charioteer Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charioteer Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Charioteer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charioteer Limited. You consider that Charioteer Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Charioteer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MANEELY Mc CANN Chartered accountant

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

Charioteer Limited

Statement of Financial Position

30 September 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	5,703,695	5,762,188

Current assets

Stocks		126,793	93,004
Debtors	6	811,062	268,611
Cash at bank and in hand		1,209,173	803,699
		------------	------------
		2,147,028	1,165,314

Creditors: amounts falling due within one year	7	4,683,227	4,088,641
		------------	------------
Net current liabilities		2,536,199	2,923,327
		------------	------------
Total assets less current liabilities		3,167,496	2,838,861

Provisions	407,392	111,663
	------------	------------
Net assets	2,760,104	2,727,198
	------------	------------

Capital and reserves

Called up share capital	6,983,368	6,983,368
Profit and loss account	( 4,223,264)	( 4,256,170)
	------------	------------
Shareholders funds	2,760,104	2,727,198
	------------	------------

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.

For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

Charioteer Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 25 March 2019 , and are signed on behalf of the board by:

Mr. P Mc Cormack

Director

Company registration number: NI038821

Charioteer Limited

Notes to the Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

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 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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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:

Freehold property	-	2% straight line
Fixtures and fittings	-	20% 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.

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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 30 (2017: 33 ).

5. Tangible assets

	Land and Buildings	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 October 2017	5,432,333	504,390	5,936,723
Additions	49,880	41,191	91,071
Disposals	( 24,147)	–	( 24,147)
	------------	---------	------------
At 30 September 2018	5,458,066	545,581	6,003,647
	------------	---------	------------
Depreciation
At 1 October 2017	42,647	131,888	174,535
Charge for the year	43,161	82,739	125,900
Disposals	( 483)	–	( 483)
	------------	---------	------------
At 30 September 2018	85,325	214,627	299,952
	------------	---------	------------
Carrying amount
At 30 September 2018	5,372,741	330,954	5,703,695
	------------	---------	------------
At 30 September 2017	5,389,686	372,502	5,762,188
	------------	---------	------------

6. Debtors

	2018	2017
	£	£
Trade debtors	7,738	10,525
Amounts owed by group undertakings and undertakings in which the company has a participating interest	636,480	–
Other debtors	166,844	258,086
	---------	---------
	811,062	268,611
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	271,794	375,826
Social security and other taxes	7,295	5,766
Amounts owed to related parties	4,154,034	3,305,033
Other creditors	250,104	402,016
	------------	------------
	4,683,227	4,088,641
	------------	------------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. P Mc Cormack	( 231,764)	216,070	( 15,694)
	---------	---------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. P Mc Cormack	( 197,510)	( 34,254)	( 231,764)
	---------	--------	---------

9. Related party transactions

Included within creditors are amounts owing to companies under common control. The total amount outstanding at the balance sheet date was £4,154,034 (2017:£3,305,033). These balances relate to general intercompany transactions and loans in the year.