Catfoss Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04218973 (England and Wales)

Audited Financial Statements for the Year Ended 30 June 2019

for

Catfoss Finance Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J. C. Owen

G. M. Timmins

J. M. Tate

REGISTERED OFFICE:

Elite House

Spellowgate

Driffield

East Yorkshire

YO25 5UP

REGISTERED NUMBER:

04218973 (England and Wales)

AUDITORS:

Cameron Ferriby & Co.

Bridge House

41 Wincolmlee

Hull

HU2 8AG

FIXED ASSETS

Tangible assets

4

668,548

620,685

CURRENT ASSETS

Debtors

5

38,867,403

27,296,940

Cash at bank and in hand

5,316

130,932

38,872,719

27,427,872

CREDITORS

Amounts falling due within one year

6

15,126,467

10,599,036

NET CURRENT ASSETS

23,746,252

16,828,836

TOTAL ASSETS LESS CURRENT LIABILITIES

24,414,800

17,449,521

CREDITORS

Amounts falling due after more than one year

7

(19,753,830

)

(13,307,644

)

PROVISIONS FOR LIABILITIES

9

(97,750

)

(157,531

)

NET ASSETS

4,563,220

3,984,346

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

4,463,220

3,884,346

SHAREHOLDERS' FUNDS

4,563,220

3,984,346

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 January 2020 and were signed on its behalf by:

J. C. Owen - Director

G. M. Timmins - Director

1.	STATUTORY INFORMATION

Catfoss Finance Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts receivable during the year, excluding value added tax, for rentals and

associated services under leasing, hire purchase and loan agreements and commissions received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of initial rentals deferred that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of initial rentals in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

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.

Finance lease and hire purchase receivables

Receivables consists of amounts outstanding under finance lease and hire purchase agreements, including

rentals not yet due at the year end, less adequate provisions for bad and doubtful debts based upon the

individual assessment of accounts.

Deferred revenue

Deferred revenue comprises the proportion of the gross revenue included in finance lease and hire purchase

receivables which is carried forward into future accounting periods. An initial amount of gross revenue is

credited to the profit and loss account, mainly to cover the costs associated with the setting up of the

transaction. The remaining amount carried forward is calculated to adequately cover future collecting and

financing costs and allow for an appropriate contribution to profits in subsequent accounting periods.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2018

589,555

42,431

14,776

98,310

745,072

Additions

23,500

-

5,582

44,865

73,947

At 30 June 2019

613,055

42,431

20,358

143,175

819,019

DEPRECIATION

At 1 July 2018

-

25,602

12,249

86,536

124,387

Charge for year

-

6,586

2,895

16,603

26,084

At 30 June 2019

-

32,188

15,144

103,139

150,471

NET BOOK VALUE

At 30 June 2019

613,055

10,243

5,214

40,036

668,548

At 30 June 2018

589,555

16,829

2,527

11,774

620,685

5.

DEBTORS

30.6.19

30.6.18

£

£

Amounts falling due within one year:

Trade debtors

261,693

217,474

Other debtors

10,000

95,000

Amounts receivable from hire purchase contracts

4,016,129

1,641,466

Amounts receivable from finance leases

7,801,549

7,172,003

Amounts receivable from loans

909,137

874,523

Amounts due from ultimate parent company

2,037,095

1,635,934

Other loans

1,077,437

546,845

Directors' current accounts

39,142

-

Tax

-

102,079

VAT

22,868

98,534

Prepayments

117,515

48,485

16,292,565

12,432,343

Amounts falling due after more than one year:

Amounts receivable from hire purchase contracts

7,958,696

2,360,745

Amounts receivable from finance leases

13,860,083

10,876,248

Amounts receivable from loans

756,059

1,627,604

22,574,838

14,864,597

Aggregate amounts

38,867,403

27,296,940

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

172,636

17,470

Block loans

10,820,671

7,791,827

Other loan

762,479

580,680

Trade creditors

131,181

14,998

Social security and other taxes

15,918

12,122

Other creditors

336,338

69,562

Directors' current accounts

-

3,610

Directors' loan accounts

27,459

63,792

Deferred income

2,746,977

1,942,334

Accrued expenses

112,808

102,641

15,126,467

10,599,036

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans - 1-2 years

18,950

18,230

Bank loans - 2-5 years

61,166

59,007

Bank loans more 5 yr by instal

99,421

119,527

Block loans

14,663,786

10,452,276

Other loans - 2-5 years

2,000,000

1,000,000

Directors' loan accounts

268,294

67,917

Deferred income

2,642,213

1,590,687

19,753,830

13,307,644

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

99,421

119,527

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Bank overdraft

154,406

-

Block loans

25,484,457

18,244,103

Bank mortgage

197,767

214,234

25,836,630

18,458,337

The block loans are secured upon the amounts receivable from finance leases and hire purchase contracts.

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

The bank mortgage is secured by legal charge over the land at Spellowgate.

9.	PROVISIONS FOR LIABILITIES

30.6.19

30.6.18

£

£

Deferred tax

97,750

157,531

Deferred

tax

£

Balance at 1 July 2018

157,531

Movement in deferred tax

(59,781

)

provided on timing differences

on lease rental payments due

Balance at 30 June 2019

97,750

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr. R. A. Cameron senior statutory auditor

for and on behalf of Cameron Ferriby & Co.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end £268,294 (2018 £35,142) was owed to J.C. Owen, a director of the company, on his loan

account. The loan account is interest free and repayable on demand, however the loan is treated as a long

term investment in the company and the director does expect to take material amounts from this balance in

the short term.

At the year end G. M. Timmins, owed the company, £39,142 (2018 The company owed Mr. Timmins £3,609)

on his loan account. The loan account is interest free and repayable on demand. The loan was paid in full

prior to nine months after the year end.

At the year end £27,459 (2018 - £95,567) was due to directors J. C. Owen and G. M. Timmins on an interest

free joint loan account. The loan term had 6 months remaining.

12.	RELATED PARTY DISCLOSURES

The company owns a 30% holding in Longbridge Veterinary Services Limited, a company registered in England

and Wales. Longbridge Veterinary Services Limited entered liquidation in June 2015, as such the cost of the

investment £52,245 was written off as at 30th June 2015. The company operated a cash loan on normal

commercial terms to Longbridge Veterinary Services Limited, despite the fact the Company has gone into

liquidation the director has given a personal guarantee for the loan amount, as such the full amount is still

shown as due and recoverable as at the balance sheet date. At the balance sheet date this stood at £142,541

(2018 - £142,541).

During the year the company loaned monies to JAG Co 001 Limited, a company with common directors. At

the year end date the balance due to the company was £26 (2018 - £26).