Capsicum Leasing Limited - Accounts to registrar (filleted) - small 18.2
Capsicum Leasing Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31st October 2020 |
| for |
| CAPSICUM LEASING LIMITED |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Contents of the Financial Statements |
| for the year ended 31st October 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| CAPSICUM LEASING LIMITED |
| Company Information |
| for the year ended 31st October 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Suffolk House |
| George Street |
| Croydon |
| Surrey |
| CR0 0YN |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Statement of Financial Position |
| 31st October 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements |
| for the year ended 31st October 2020 |
| 1. | STATUTORY INFORMATION |
| The principal activity of the company continued to be that of leasing freehold property, motor sport cars and equipment to fellow group companies. |
| The company is a private company limited by shares and is registered in England and Wales. The address of its registered office is Suffolk House, George Street, Croydon, CR0 0YN. The address of its principal place of business is 7 Coxbridge Business Park, Alton Road, Farnham, Surrey, GU10 5EH. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A. ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking and not about its group. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'': |
| - the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
| - the requirements of Section 7 Statement of Cash Flows; |
| - the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
| - the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48(c); |
| - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
| - the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
| This information is included in the consolidated financial statements of Capsicum Motorsport Holdings Limited as at 31st October 2020, which may be obtained from the company's registered office. |
| Going concern |
| The accounts have been drawn up on a going concern basis as the beneficial owner of the company has indicated his intention to continue providing financial support to the company by the way of loans. |
| Turnover |
| Turnover represents rental lease income, excluding value added tax. Where sales invoices are raised during the year for periods subsequent to the balance sheet date, appropriate amounts are removed from turnover and included as deferred income in current liabilities. Where sales invoices are raised subsequent to the balance sheet date for services rendered during the financial year, appropriate amounts are added to turnover and included as accrued income in current assets. |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| At each reporting date the company assesses whether there is any indication of impairment. If such indiction exists, the recoverable amount of the asset is determined which is the higher of it's fair value less costs to see and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
| Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, on the following basis: |
| Freehold property | - 4% on cost |
| Motor racing cars | - at varying rates over the life of asset |
| Tractors and trailers | - at varying rates over the life of asset |
| Motor vehicles | - 33% on cost |
| The assets' residual value, useful lives and deprecation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the statement of comprehensive income. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. |
| For financial assets measured at cost less impairment, the impairment loss is measured at the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the statement of financial position date. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 statement of financial position date. |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currency translation |
| The company's functional and presentational currency is pound sterling. |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value is determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in administrative expenses within the statement of comprehensive income. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Motor |
| Freehold | racing | Plant and |
| property | cars | machinery |
| £ | £ | £ |
| COST |
| At 1st November 2019 |
| Disposals | ( |
) |
| At 31st October 2020 |
| DEPRECIATION |
| At 1st November 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st October 2020 |
| NET BOOK VALUE |
| At 31st October 2020 |
| At 31st October 2019 |
| Tractors |
| and | Motor |
| trailers | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1st November 2019 |
| Disposals | ( |
) |
| At 31st October 2020 |
| DEPRECIATION |
| At 1st November 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st October 2020 |
| NET BOOK VALUE |
| At 31st October 2020 |
| At 31st October 2019 |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1st November 2019 |
| and 31st October 2020 |
| NET BOOK VALUE |
| At 31st October 2020 |
| At 31st October 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| VAT | 1,308 | 2,620 |
| Directors' loan accounts | 6,299,367 | 6,299,367 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more than 5 years |
| by instalments |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years |
| by instalments | 754,482 | 903,166 |
| 754,482 | 903,166 |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank Loan and overdraft | 1,417,624 | 1,021,989 |
| The bank loan is repayable in instalments over 10 years from 31 October 2020. Interest is payable on the loans at 2.75% over base rate. |
| The bank borrowings are secured by fixed and floating charges on all assets held by the company. |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Deferred tax | 247,655 | 273,416 |
| Deferred |
| tax |
| £ |
| Balance at 1st November 2019 |
| Utilised during year | ( |
) |
| Balance at 31st October 2020 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 12. | AUDITORS' INFORMATION |
| The audit report provided to the members of Capsicum Leasing Limited on the financial statements for the year ended 31 October 2020 was not qualified. |
| The audit report was signed by Deborah Wilkes (Senior Statutory Auditor) for and on behalf of Simpson Wreford & Partners, Chartered Accountants and Statutory Auditor. |
| 13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| G D Chilton, a director, continued to provide finance to the company during the year. The total balance owed by the company at the year end was £6,299,367 (2019: £6,299,367). The loan is interest free and whilst technically repayable on demand, the director has confirmed he will not seek repayment until the company is in a position to do so. |
| CAPSICUM LEASING LIMITED (REGISTERED NUMBER: 07112783) |
| Notes to the Financial Statements - continued |
| for the year ended 31st October 2020 |
| 14. | RELATED PARTY DISCLOSURES |
| No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35 as the company itself ia a wholly owned subsidiary of Capsicum Motorsport Holdings Limited. Details of related party transactions not covered by this exemption are described below: |
| 15. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company is Capsicum Motorsport Holdings Limited, registered in England and Wales.Its registered office address is Suffolk House, George Street, Croydon, CR0 0YN. |
| The ultimate controlling party is G D Chilton, who owns 100% of the ultimate parent company. |
| Capsicum Motorsport Holdings Limited prepares consolidated financial statements and copies can be obtained from Suffolk House, George Street, Croydon, CR0 0YN. |