ACCOUNTS - Final Accounts

CUSTOMS ASSURED LTD - Company Information

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09423370

CUSTOMS ASSURED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2021

BALANCE SHEET

AS AT 31 MARCH 2021

CUSTOMS ASSURED LIMITED

		2021		2020
Note		£		£

Fixed assets
Tangible assets	5		2,265		3,362
Current assets
Debtors: amounts falling due within one year	6	61,909		39,354
Bank and cash balances		168,503		209,472
		230,412		248,826
Creditors: amounts falling due within one year	7	(77,199)		(76,505)
Net current assets			153,213		172,321

Net assets			155,478		175,683

Capital and reserves
Called up share capital	200	200
Profit and loss account	155,278	175,483
	155,478	175,683

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 statement of income and retained earnings 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:

P Ness

Director

Date: 21 September 2021

The notes on pages 2 to 5 form part of these financial statements.

Page 1

CUSTOMS ASSURED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Customs Assured Limited (the 'Company') is a limited company incorporated and domiciled in England.
The address of its registered office is Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS. Its principal place of business is 75 The Green, Ewell, Epsom, Surrey, KT17 3JX.

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.
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following statements have been presented in Pounds Sterling rounded to the nearest £1.
The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered the impact of the coronavirus (COVID-19) in preparing the financial statements. The directors have also adopted initiatives to mitigate the impact of the pandemic on the business. Having taken into account all available information about the company’s trading prospects for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.

2.3

Revenue recognition

Revenue is recognised upon completion of the services provided to customers on a daily basis and is measured at the fair value of the consideration received or receivable.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	20% reducing balance
				Office equipment	-	3 year straight line

2.5

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.

Page 2

CUSTOMS ASSURED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.7

Creditors

Short term 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.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Taxation

Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 3

CUSTOMS ASSURED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2020	5,210	4,260	9,470
Additions	-	67	67
At 31 March 2021	5,210	4,327	9,537
Depreciation
At 1 April 2020	3,610	2,498	6,108
Charge for the year on owned assets	320	844	1,164
At 31 March 2021	3,930	3,342	7,272
Net book value
At 31 March 2021	1,280	985	2,265
At 31 March 2020	1,600	1,762	3,362

6.	Debtors: amounts falling due within one year

					2021	2020
					£	£


Trade debtors	20,606	15,991
Other debtors	-	70
Accrued income	41,303	23,293
	61,909	39,354

Page 4

CUSTOMS ASSURED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7.	Creditors: amounts falling due within one year
		2021	2020
		£	£

Trade creditors	7,356	3,988
Corporation tax	15,375	33,025
Other taxation and social security	17,747	13,388
Obligations under finance lease and hire purchase contracts	-	792
Other creditors (incl directors loans)	32,571	21,242
Accruals and deferred income	4,150	4,070
	77,199	76,505

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £200 (2020 - £200).

Page 5