ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

CARZO LTD. - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2020-09-302020-09-30truetrue22truedid not trade during the year.2019-10-01 06657950 2019-10-01 2020-09-30 06657950 2018-10-01 2019-09-30 06657950 2020-09-30 06657950 2019-09-30 06657950 c:Director2 2019-10-01 2020-09-30 06657950 d:CurrentFinancialInstruments 2020-09-30 06657950 d:CurrentFinancialInstruments 2019-09-30 06657950 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-30 06657950 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 06657950 d:ShareCapital 2020-09-30 06657950 d:ShareCapital 2019-09-30 06657950 d:RetainedEarningsAccumulatedLosses 2020-09-30 06657950 d:RetainedEarningsAccumulatedLosses 2019-09-30 06657950 c:FRS102 2019-10-01 2020-09-30 06657950 c:AuditExempt-NoAccountantsReport 2019-10-01 2020-09-30 06657950 c:FullAccounts 2019-10-01 2020-09-30 06657950 c:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 iso4217:GBP xbrli:pure

Registered number: 06657950









CARZO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2020
 
CARZO LIMITED
REGISTERED NUMBER: 06657950

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
-
83,186

Cash at bank and in hand
  
57,196
5,910

  
57,196
89,096

Creditors: amounts falling due within one year
 5 
(1,200)
(25,356)

Net current assets
  
 
 
55,996
 
 
63,740

Total assets less current liabilities
  
55,996
63,740

  

Net assets
  
55,996
63,740


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
55,896
63,640

  
55,996
63,740


Page 1
 
CARZO LIMITED
REGISTERED NUMBER: 06657950
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2020

For the year ended 30 September 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Preston
Director

Date: 25 November 2020

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
CARZO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales. The Registered Office address is 35 Ballards Lane, London N3 1XW. The Company did not trade during the year.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The Directors do not consider the company to be a going concern because the company is no longer trading and have therefore prepared the financial statements on a basis other than going concern. 
The Company made a loss for the year ended 30 September 2020 of £7,744 and as at 30 September 2020, it had net assets of £55,996. The directors intend the company to remain dormant.
Due to the inactivity of the company, there has been no effect regarding COVID-19.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.4

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related parties, 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 are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has
Page 3
 
CARZO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)


2.4
Financial instruments (continued)

the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2020
        2019
            No.
            No.







Directors
2
2


4.


Debtors

2020
2019
£
£


Other debtors
-
79,842

Corporation tax repayable
-
3,344

-
83,186


Page 4
 
CARZO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

5.


Creditors: Amounts falling due within one year

2020
2019
£
£

Other creditors
-
24,156

Accruals and deferred income
1,200
1,200

1,200
25,356



6.


Related party transactions

Included within creditors due within one year are amounts owed to the directors of £Nil (2019: £24,156). The balance owed at 30 September 2019 was unsecured and interest-free and was repaid in full during the year.
Included within other debtors are amounts of £Nil (2019: £79,842) owed by companies controlled by the directors. The balance owing to the company at 30 September 2019 was unsecured and interest-free and was received in full during the year.

 
Page 5