Capstan Construction Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07928279 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Capstan Construction Limited

Page

Company Information

1

Report of the Directors

2

Profit and loss and Statement of Comprehensive
Income

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

DIRECTORS:

D W Osborne

A M R Osborne

J R W Osborne

H E R Osborne

SECRETARY:

J R W Osborne

REGISTERED OFFICE:

Flat 1

43 West Park

London

SE9 4RZ

REGISTERED NUMBER:

07928279 (England and Wales)

ACCOUNTANTS:

Sawin & Edwards LLP Chartered Accountants

52 Kingsway Place

Sans Walk

London

EC1R 0LU

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of

this report.

D W Osborne

A M R Osborne

J R W Osborne

H E R Osborne

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

A M R Osborne - Director

19 June 2020

INCOME

79,377

55,437

Cost of sales

(31,751

)

(49,310

)

GROSS PROFIT

47,626

6,127

Administrative expenses

(21,015

)

(31,213

)

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

26,611

(25,086

)

Tax on profit/(loss)

-

PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

26,611

(25,086

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

26,611

(25,086

)

CURRENT ASSETS

Debtors

4

1,238

490

Cash at bank

22,588

6,314

23,826

6,804

CREDITORS

Amounts falling due within one year

5

(27,000

)

(36,589

)

NET CURRENT LIABILITIES

(3,174

)

(29,785

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,174

)

(29,785

)

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

(3,176

)

(29,787

)

SHAREHOLDERS' FUNDS

(3,174

)

(29,785

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2020
and were signed on its behalf by:

D W Osborne - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2018

2

(4,701

)

(4,699

)

Changes in equity

Total comprehensive income

-

(25,086

)

(25,086

)

Balance at 31 March 2019

2

(29,787

)

(29,785

)

Changes in equity

Total comprehensive income

-

26,611

Balance at 31 March 2020

2

(3,176

)

(3,174

)

1.	STATUTORY INFORMATION

Capstan Construction 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements present information about the company as a single entity.

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.

Income

Rental income received from holiday lettings is recognised in the period in which the client occupies

the holiday accommodation.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like other debtors and creditors. Financial assets and liabilities are

recognised when the company becomes a party to the contractual provisions of the instruments.

Debtors and creditors

Basic financial assets and liabilities, including other debtors and creditors, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest. Such

assets and liabilities are subsequently carried at amortised cost using the effective interest method,

less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and at bank.

Taxation

The tax expense for the year comprises current tax.

Tax is recognised in profit or loss, except that a change attributable to an item of income and expense

recognised as other comprehensive income, or to an item recognised directly in equity is also

recognised in other comprehensive income or directly in equity, respectively.

Current tax is determined using tax rates and laws that have been enacted or substantively enacted by

the balance sheet date.

Going concern

The financial statements have been prepared on a going concern basis as the ultimate parent

company, Capstan Partners LLP, has indicated that the LLP would be prepared to advance additional

funds in the form of loans and defer repayment of those loans in favour of other creditors, whilst the

company has a deficit on its balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees including directors during the year was 4 (2018: 4).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

Prepayments and accrued income

1,236

488

Other debtors

2

1,238

490

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

Amounts owed to group undertakings

25,000

33,270

Other creditors

2,000

3,319

27,000

36,589

6.	RELATED PARTY DISCLOSURES

The directors, D W Osborne, H E R Osborne, J R W Osborne and A M R Osborne are designated

members of Capstan Partners LLP, the ultimate parent company of Capstan Construction Ltd.

During the year, management charges and rechargeable expenses amounting to £Nil (2019: £8,000)

and £Nil (2019: £15,270) respectively, were levied and recharged by Capstan Partners LLP to

Capstan Construction Limited. At the year ended, the balance owed by Capstan Construction Limited

to Capstan Partners LLP amounted to £Nil (2019: £23,270).

During the year, loans amounting to £20,000 (2019: £10,000) were made by Capstan Partners LLP to

Capstan Construction Limited. At the year ended, the balance owed by Capstan Construction Limited

to Capstan Partners LLP amounted to £25,000 (2019: £10,000). The loan is unsecured, interest free

and with no fixed repayment terms.

7.	FINANCIAL INSTRUMENTS

The company's financial instruments comprise cash and cash equivalents and various items such as

other debtors, trade and other creditors, that arise directly from its operations.

The main purpose of these financial instruments is to finance the company's operations.

The board regularly reviews and agrees policies for managing the level of risk arising from the

company's financial instruments. This is summarised below:

Liquidity risk

Liquidity risk is the risk the company will not be able to meet its financial obligations as they fall

due. The company's policy throughout the period has been to ensure that it has adequate liquidity to

meet its liabilities when due by careful management of its working capital.