Complete Estate Agents (Rugby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05326431

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

COMPLETE ESTATE AGENTS (RUGBY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H M Yemm

J L Yemm

B A Williams

SECRETARY:

J L Yemm

REGISTERED OFFICE:

Magma House

16 Davy Court

Castle Mound Way

Rugby

Warwickshire

CV23 0UZ

REGISTERED NUMBER:

05326431

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

5,296

3,600

CURRENT ASSETS

Debtors

5

339,725

357,376

Cash at bank

62,909

1,128

402,634

358,504

CREDITORS

Amounts falling due within one year

6

(165,032

)

(173,893

)

NET CURRENT ASSETS

237,602

184,611

TOTAL ASSETS LESS CURRENT LIABILITIES

242,898

188,211

CREDITORS

Amounts falling due after more than one year

7

(50,000

)

-

NET ASSETS

192,898

188,211

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

192,798

188,111

SHAREHOLDERS' FUNDS

192,898

188,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2022 and were signed on its behalf by:

H M Yemm - Director

1.	STATUTORY INFORMATION

Complete Estate Agents (Rugby) Limited is a private company, limited by share capital, incorporated in England and Wales, registration number 05326431. The address of the registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ.

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.

The presentational currency of the financial statements is the Pound Sterling and the figures have been rounded to the nearest Pound (£).

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets 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, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Land and Buildings

6.67% straight line method

Plant and Machinery

33% straight line method

The assets' residual values, useful lives and depreciation 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 amount and are recognised in profit or loss.

Grants

The company has received funding in the form of grants relating to the Coronavirus Job Retention Scheme (CJRS) and local government support grants. The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Financial instruments

(i)Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances 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 rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

45,253

63,162

108,415

Additions

-

5,397

5,397

At 31 March 2021

45,253

68,559

113,812

DEPRECIATION

At 1 April 2020

45,253

59,562

104,815

Charge for year

-

3,701

3,701

At 31 March 2021

45,253

63,263

108,516

NET BOOK VALUE

At 31 March 2021

-

5,296

5,296

At 31 March 2020

-

3,600

3,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

34,045

42,943

Other debtors

305,680

314,433

339,725

357,376

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans and overdrafts

-

54

Trade creditors

5,640

6,552

Taxation and social security

124,556

100,891

Other creditors

34,836

66,396

165,032

173,893

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans

50,000

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

31/3/21

31/3/20

£

£

H M Yemm

Balance outstanding at start of year

86,545

35,820

Amounts advanced

96,924

67,834

Amounts repaid

(95,412

)

(17,109

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

88,057

86,545

B A Williams

Balance outstanding at start of year

36,571

32,571

Amounts advanced

5,000

4,000

Amounts repaid

(36,576

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,995

36,571

9.	RELATED PARTY DISCLOSURES

At 31 March 2021 the company was owed £99,290 (2020: £88,926) from companies with common directorships.