Calafate Consulting Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 10199470 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

FOR

CALAFATE CONSULTING LTD

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

C D Hill

SECRETARY:

REGISTERED OFFICE:

Magnolia House

2 Court Drive

Shillingford

Oxfordshire

OX10 7ER

REGISTERED NUMBER:

10199470 (England and Wales)

ACCOUNTANTS:

Smith Taxation Consultants Limited

Airport House

Purley way

Croydon

Surrey

CR0 0XD

The director presents his report with the financial statements of the company for the year ended 31 May 2020.

DIRECTOR

C D Hill held office during the whole of the period from 1 June 2019 to the date of this report.

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:

C D Hill - Director

10 February 2021

TURNOVER

130,085

95,491

Administrative expenses

37,648

40,146

OPERATING PROFIT

4

92,437

55,345

Interest payable and similar expenses

-

1

PROFIT BEFORE TAXATION

92,437

55,344

Tax on profit

17,668

11,283

PROFIT FOR THE FINANCIAL YEAR

74,769

44,061

FIXED ASSETS

Tangible assets

5

1,659

2,212

CURRENT ASSETS

Debtors

6

14,218

15,610

Cash at bank

8,215

10,180

22,433

25,790

CREDITORS

Amounts falling due within one year

7

23,476

27,955

NET CURRENT LIABILITIES

(1,043

)

(2,165

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

616

47

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

615

46

616

47

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

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

The director acknowledges his 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 director and authorised for issue on 10 February 2021 and were signed by:

C D Hill - Director

1.	STATUTORY INFORMATION

Calafate Consulting Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Computer equipment

-

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 all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

Depreciation - owned assets

553

737

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2019

and 31 May 2020

3,815

DEPRECIATION

At 1 June 2019

1,603

Charge for year

553

At 31 May 2020

2,156

NET BOOK VALUE

At 31 May 2020

1,659

At 31 May 2019

2,212

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade debtors

77

3,564

Other debtors

14,141

12,046

14,218

15,610

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Taxation and social security

20,503

24,043

Other creditors

2,973

3,912

23,476

27,955