Exquisite Carriage International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08885841 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Exquisite Carriage International Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

T Magiera

REGISTERED OFFICE:

Withy Grove

Chorlton Lane

Cuddington

Malpas

Cheshire

SY14 7EN

REGISTERED NUMBER:

08885841 (England and Wales)

FIXED ASSETS

Tangible assets

5

13,500

3,966

CURRENT ASSETS

Debtors

6

40,494

21,030

Cash at bank and in hand

5,534

3,349

46,028

24,379

CREDITORS

Amounts falling due within one year

7

57,842

27,122

NET CURRENT LIABILITIES

(11,814

)

(2,743

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,686

1,223

PROVISIONS FOR LIABILITIES

8

2,565

754

NET (LIABILITIES)/ASSETS

(879

)

469

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(979

)

369

(879

)

469

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 January 2022 and were signed by:

T Magiera - Director

1.	STATUTORY INFORMATION

Insight Medical Limited ('The Company') is primarily engaged in the provision of removal services.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and registered office is Withy Grove, Chorlton Lane, Cuddington, Malpas, Cheshire, SY14 7EN. The registered number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern

The company meets it's day to day working capital requirements through an overdraft facility and bank loan which are repayable on demand. The director considers that these facilities will continue to be made available within which the company will be able to operate. These views are based on the company's plans, financial projections and discussions with the company's bankers.

On this basis the director considers it appropriate to prepare the financial statements on a going concern basis.

No other material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director, other than those related to COVID-19 and its effect on the company and the economy in general.

Revenue recognition

Revenue (described as turnover) is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Computer equipment

- 33% on cost

Motor vehicles

- 25% on reducing balance

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date.

Government grants

Government grant income is recognised under the accrual model.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 Income and Retained Earnings.

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 statement of financial position date.

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.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2020

5,000

324

5,324

Additions

17,856

-

17,856

Disposals

(5,000

)

-

(5,000

)

At 30 April 2021

17,856

324

18,180

DEPRECIATION

At 1 May 2020

1,250

108

1,358

Charge for year

4,464

108

4,572

Eliminated on disposal

(1,250

)

-

(1,250

)

At 30 April 2021

4,464

216

4,680

NET BOOK VALUE

At 30 April 2021

13,392

108

13,500

At 30 April 2020

3,750

216

3,966

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35,568

13,155

Other debtors

150

-

Tax

2,292

-

Directors' loan accounts

-

5,788

Prepayments

2,484

2,087

40,494

21,030

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

4,984

7,506

Tax

4,063

4,063

Social security and other taxes

2,256

1,193

VAT

28,808

12,623

Other creditors

799

-

Directors' loan accounts

15,182

-

Accruals and deferred income

1,750

1,737

57,842

27,122

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

2,565

754

Deferred

tax

£

Balance at 1 May 2020

754

Provided during year

1,811

Balance at 30 April 2021

2,565

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2021 and 30 April 2020:

2021

2020

£

£

T Magiera

Balance outstanding at start of year

5,788

-

Amounts advanced

-

5,788

Amounts repaid

(5,788

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

5,788