Charterglobe Ltd Filleted accounts for Companies House (small and micro)

Charterglobe Ltd Filleted accounts for Companies House (small and micro)

CHARTERGLOBE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07035581
Charterglobe Ltd
Filleted Unaudited Financial Statements
31 January 2019
Charterglobe Ltd
Statement of Financial Position
31 January 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
4
893
2,589
Investments
5
2,863,179
2,863,179
------------
------------
2,864,072
2,865,768
Current assets
Debtors
6
10,558
12,475
Cash at bank and in hand
20,009
46,715
--------
--------
30,567
59,190
Creditors: amounts falling due within one year
7
1,501,158
1,529,097
------------
------------
Net current liabilities
1,470,591
1,469,907
------------
------------
Total assets less current liabilities
1,393,481
1,395,861
Creditors: amounts falling due after more than one year
8
1,150,305
1,203,495
Provisions
Taxation including deferred tax
170
492
------------
------------
Net assets
243,006
191,874
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
242,906
191,774
---------
---------
Shareholders funds
243,006
191,874
---------
---------
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 income statement has not been delivered.
For the year ending 31 January 2019 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Charterglobe Ltd
Statement of Financial Position (continued)
31 January 2019
These financial statements were approved by the board of directors and authorised for issue on 2 October 2019 , and are signed on behalf of the board by:
Miss L D Pattinson
Director
Company registration number: 07035581
Charterglobe Ltd
Notes to the Financial Statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lion House, 400 Durham Road, Birtley, Co Durham, DH3 1LS.
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 represents rental income. Rental income is recognised on an accruals basis.
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.
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:
Fixtures and fittings
-
20% straight line
Computer equipment
-
50% straight line
Investment property
Investment property is shown at cost. The director does not believe that the market value is materially different to the value shown in the accounts.
4. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2018 and 31 January 2019
8,482
1,000
9,482
-------
-------
-------
Depreciation
At 1 February 2018
5,893
1,000
6,893
Charge for the year
1,696
–
1,696
-------
-------
-------
At 31 January 2019
7,589
1,000
8,589
-------
-------
-------
Carrying amount
At 31 January 2019
893
–
893
-------
-------
-------
At 31 January 2018
2,589
–
2,589
-------
-------
-------
5. Investments
Investment property
£
Cost
At 1 February 2018 and 31 January 2019
2,863,179
------------
Impairment
At 1 February 2018 and 31 January 2019
–
------------
Carrying amount
At 31 January 2019
2,863,179
------------
At 31 January 2018
2,863,179
------------
Investment property is shown at cost. The director does not believe that the market value is materially different to the value shown in the accounts.
6. Debtors
2019
2018
£
£
Other debtors
10,558
12,475
--------
--------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
52,992
52,992
Corporation tax
12,316
12,810
Other creditors
1,435,850
1,463,295
------------
------------
1,501,158
1,529,097
------------
------------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
1,150,305
1,203,495
------------
------------
Included within creditors due within 1 year and due within more than 1 year are the following secured debts: Bank Loans £1,256,487 (2017: £1,309,467) The bank loans and overdraft are secured by way of a mortgage debenture over the investment properties of the company.
9. Related party transactions
Included in creditors due within one year is £1,453,486 (2017: £1,495,980) owed to the company director and her close family members.