| Contango Markets Limited |
| Registered number: |
03878496 |
| Balance Sheet |
| as at 30 November 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
791 |
|
|
1,055 |
|
| Current assets |
| Debtors |
5 |
|
68,115 |
|
|
118,499 |
| Cash at bank and in hand |
|
|
1,324 |
|
|
2,443 |
|
|
|
69,439 |
|
|
120,942 |
|
| Creditors: amounts falling due within one year |
6 |
|
(87,120) |
|
|
(102,278) |
|
| Net current (liabilities)/assets |
|
|
|
(17,681) |
|
|
18,664 |
|
| Total assets less current liabilities |
|
|
|
(16,890) |
|
|
19,719 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(50,986) |
|
|
(38,196) |
|
| Provisions for liabilities |
|
|
|
(304) |
|
|
(304) |
|
|
| Net liabilities |
|
|
|
(68,180) |
|
|
(18,781) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
(68,182) |
|
|
(18,783) |
|
| Shareholders' funds |
|
|
|
(68,180) |
|
|
(18,781) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Clive Furness |
| Director |
| Approved by the board on 24 August 2020 |
|
| Contango Markets Limited |
| Notes to the Accounts |
| for the year ended 30 November 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
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 the rendering of services. Turnover from the rendering of services 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. |
|
|
Tangible fixed assets |
|
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: |
|
|
Plant and machinery |
25 % reducing balance |
|
|
Taxation |
|
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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Going Concern |
|
There was a net deficiency of assets of £68,180 at the balance sheet date. The director has confirmed continued support and considers that the company retains sufficient working capital to continue trading for the forseeable future. |
|
|
|
|
| 3 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 December 2018 |
32,909 |
|
At 30 November 2019 |
32,909 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2018 |
31,854 |
|
Charge for the year |
264 |
|
At 30 November 2019 |
32,118 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2019 |
791 |
|
At 30 November 2018 |
1,055 |
|
|
| 5 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
61,850 |
|
109,600 |
|
Other debtors |
6,265 |
|
8,899 |
|
|
|
|
|
|
68,115 |
|
118,499 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
16,241 |
|
18,511 |
|
Trade creditors |
23,796 |
|
23,043 |
|
Other taxes and social security costs |
17,898 |
|
39,044 |
|
Other creditors |
29,185 |
|
21,680 |
|
|
|
|
|
|
87,120 |
|
102,278 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Other creditors |
50,986 |
|
38,196 |
|
|
|
|
|
|
|
|
Included in other creditors is a loan as at 30 November 2019 of £43,277 (2017: £59,036). This loan is repayable by monthly installment over the next 22 months at an annual interest rate of 8.3% per annum.
Also included in other creditors is a loan as at 30 November 2019 of £15,500 (2018: nil). This loan is interest only at a rate of 6.5% per annum.
Also Included in other creditors are loans at 30 November 2019 of £15,000 (2018: nil). These loans are not interest bearing and have no repayment date. |
|
| 8 |
Controlling party |
|
|
Clive Furness, the director, is the ultimate controlling party. |
|
| 9 |
Other information |
|
|
Contango Markets Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Officers Mess |
|
Coldstream Road |
|
Caterham |
|
CR3 5QX |
