| Culworth Limited |
| Notes to the Accounts |
| for the year ended 28 February 2019 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services which is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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|
Plant and machinery |
25% Straight line |
|
Motor vehicles |
25% Straight line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. |
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| 2 |
Tangible fixed assets |
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|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 March 2018 |
5,089 |
|
8,200 |
|
13,289 |
|
Additions |
1,025 |
|
- |
|
1,025 |
|
At 28 February 2019 |
6,114 |
|
8,200 |
|
14,314 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2018 |
2,279 |
|
2,248 |
|
4,527 |
|
Charge for the year |
1,330 |
|
2,050 |
|
3,380 |
|
At 28 February 2019 |
3,609 |
|
4,298 |
|
7,907 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2019 |
2,505 |
|
3,902 |
|
6,407 |
|
At 28 February 2018 |
2,810 |
|
5,952 |
|
8,762 |
|
|
| 3 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
3,902 |
|
3,907 |
|
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| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Taxation and social security costs |
1,422 |
|
1,706 |
|
Directors loan |
30,167 |
|
26,938 |
|
Other creditors |
618 |
|
618 |
|
|
|
|
|
|
32,207 |
|
29,262 |
|
|
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|
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| 5 |
Transactions with the director |
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As at 28 February 2019 the director P Powell had loaned the company £30,167 (2018: £26,938) on an interest free basis with no set repayment date. This can be seen in creditors.
During the year the director and 100% shareholder P Powell received dividends of £7,200 (2018 - £7,000). |
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| 6 |
Controlling party |
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The ultimate controlling party is the director P Powell who holds 100% of the share capital. |
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| 7 |
Other information |
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Culworth Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
91 Abbeville Road |
|
London |
|
SW4 9JL |
