Corporate Supplies Limited - Accounts

Corporate Supplies Limited - Accounts

CORPORATE SUPPLIES LIMITED - Company Information

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Registered number
03787644
Corporate Supplies Limited
Report and Unaudited Accounts
31 January 2015
THOMAS DAVID
Chartered Accountants
Corporate Supplies Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Accountants' report 3
Profit and loss account 4
Balance sheet 5
Notes to the accounts 6
Corporate Supplies Limited
Company Information
Directors
T Bloomfield
M P Cook
Secretary
T Bloomfield
Accountants
Thomas David
6-7 Castle Gate
Castle Street
Hertford
Herts
SG14 1HD
Registered office
6-7 Castle Gate
Castle Street
Hertford
Herts
SG14 1HD
Registered number
03787644
Corporate Supplies Limited
Registered number: 03787644
Directors' Report
The directors present their report and accounts for the year ended 31 January 2015.
Principal activities
The company's principal activity during the year continued to be that of the manufacture of paper based labels.
Directors
The following persons served as directors during the year:
T Bloomfield
M P Cook
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 1 October 2015 and signed on its behalf.
T Bloomfield
Director
Corporate Supplies Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Corporate Supplies Limited for the year ended 31 January 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Corporate Supplies Limited for the year ended 31 January 2015 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Corporate Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Corporate Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Corporate Supplies Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corporate Supplies Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Corporate Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Corporate Supplies Limited. You consider that Corporate Supplies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Corporate Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Thomas David
Chartered Accountants
6-7 Castle Gate
Castle Street
Hertford
Herts
SG14 1HD
5 October 2015
Corporate Supplies Limited
Profit and Loss Account
for the year ended 31 January 2015
Notes 2015 2014
£ £
Turnover 175,509 219,889
Cost of sales (74,120) (108,307)
Gross profit 101,389 111,582
Administrative expenses (61,484) (68,495)
Operating profit 2 39,905 43,087
Interest payable 3 (105) (637)
Profit on ordinary activities before taxation 39,800 42,450
Tax on profit on ordinary activities 4 (12,544) (8,868)
Profit for the financial year 27,256 33,582
Corporate Supplies Limited
Balance Sheet
as at 31 January 2015
Notes 2015 2014
£ £
Fixed assets
Tangible assets 5 23,813 29,913
Current assets
Debtors 6 49,457 52,527
Cash at bank and in hand 3,276 13,931
52,733 66,458
Creditors: amounts falling due within one year 7 (48,705) (53,203)
Net current assets 4,028 13,255
Total assets less current liabilities 27,841 43,168
Creditors: amounts falling due after more than one year 8 (22,417) (32,000)
Provisions for liabilities 9 (4,324) (4,324)
Net assets 1,100 6,844
Capital and reserves
Called up share capital 10 1,000 1,000
Profit and loss account 11 100 5,844
Shareholder's funds 1,100 6,844
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
T Bloomfield
Director
Approved by the board on 1 October 2015
Corporate Supplies Limited
Notes to the Accounts
for the year ended 31 January 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% reducing balance
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
2 Operating profit 2015 2014
£ £
This is stated after charging:
Depreciation of owned fixed assets 6,100 9,726
Directors' remuneration 19,631 19,621
3 Interest payable 2015 2014
£ £
Interest payable 105 637
4 Taxation 2015 2014
£ £
UK corporation tax 12,544 9,212
Deferred tax - (344)
12,544 8,868
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2014 131,427
At 31 January 2015 131,427
Depreciation
At 1 February 2014 101,514
Charge for the year 6,100
At 31 January 2015 107,614
Net book value
At 31 January 2015 23,813
At 31 January 2014 29,913
6 Debtors 2015 2014
£ £
Trade debtors 34,766 52,527
Other debtors 14,691 -
49,457 52,527
7 Creditors: amounts falling due within one year 2015 2014
£ £
Bank loans and overdrafts 9,700 8,000
Obligations under finance lease and hire purchase contracts - 551
Trade creditors 17,955 28,544
Corporation tax 8,935 6,800
Other taxes and social security costs 5,060 3,079
Other creditors 7,055 6,229
48,705 53,203
8 Creditors: amounts falling due after one year 2015 2014
£ £
Bank loans 22,417 32,000
9 Provisions for liabilities
Deferred taxation: 2015 2014
£ £
Accelerated capital allowances 4,324 4,324
2015 2014
£ £
At 1 February 4,324 4,668
Deferred tax charge in profit and loss account - (344)
At 31 January 4,324 4,324
10 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 36,526 1,000 1,000
11 Profit and loss account 2015
£
At 1 February 2014 5,844
Profit for the year 27,256
Dividends (33,000)
At 31 January 2015 100
12 Dividends 2015 2014
£ £
Dividends for which the company became liable during the year:
Dividends paid 33,000 40,023
13 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
T Bloomfield
Directors loan - 3,500 - 3,500
M P Cook
Directors loan - 3,500 - 3,500
- 7,000 - 7,000
14 Related party transactions 2015 2014
£ £
Mr T Bloomfield
Director
Dividends received 16,500 25,334
Mr P Cook
Director
Dividends received 16,500 14,689
15 Ultimate controlling party
During the year, the company was controlled by Messrs Bloomfield and Cook with equal 50% shareholding.
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