COMPAGNIE_DES_GARANTIES_L - Accounts

COMPAGNIE DES GARANTIES LIMITED - Company Information

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Company Registration No. 05479493 (England and Wales)

COMPAGNIE DES GARANTIES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2012

COMPAGNIE DES GARANTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

COMPAGNIE DES GARANTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2012

- 1 -

Year

Period

ended

31 December

2012

2011

Notes

Fixed assets

Tangible assets

252,556

256,987

Current assets

Debtors

339,853

348,333

Cash at bank and in hand

352,853

683,569

692,706

1,031,902

Creditors: amounts falling due within one year

(1,469,672)

(1,842,182)

Net current liabilities

(776,966)

(810,280)

Total assets less current liabilities

(524,410)

(553,293)

Capital and reserves

Called up share capital

2,271,357

Profit and loss account

(2,795,767)

(2,824,650)

Shareholders' funds

(524,410)

(553,293)

For the financial year ended 31 December 2012 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 6 September 2014

C S Mottola

Director

Company Registration No. 05479493

COMPAGNIE DES GARANTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2012

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

At the balance sheet date, the company had net liabilities totalling £524,410 (2011: £553,293). The company is dependent on the outcome of the payment on claims which have been provided for at the year end. The director has confirmed his continued support to the company in the event of any unforeseeable circumstances that will bring in to question the company's ability to continue as a going concern.

1.2

Turnover

Turnover represents amounts receivable for services. Income is recognised when the contracts are signed, which is a point when the company start provsion of insurance in accordance with a policy agreed.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% Straight Line

Motor vehicles

25% Reducing balance

1.4

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.5

Claims

Claims are based on the amounts settled in the year or estimated cost to settle the claim at the balance sheet date in respect of policies raised prior to the Balance Sheet date.

It includes a provision based on estimates of the ultimate cost of reported and unreported claims.

The provisions are included in the accounts at the best and reasonable estimates of the director's projections.

COMPAGNIE DES GARANTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2012

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 January 2012

261,009

Additions

538

At 31 December 2012

261,547

Depreciation

At 1 January 2012

4,022

Charge for the year

4,969

At 31 December 2012

8,991

Net book value

At 31 December 2012

252,556

At 31 December 2011

256,987

Share capital

2012

2011

Allotted, called up and fully paid

26,703 Ordinary shares of £85.06 each

2,271,357

Transactions with directors

During the year advances of £13,737 (2011: £23,904) were made to C S Mottola, a director of the company. During the year, C S Mottola paid business expenses personally totalling £6,622 (31 December 2011: £114,025) and loan repayments of £5,150l (2011: £2,900). At the year end, C S Mottola owed the company £23,397 (2011: £20,551). Interest of £881 (2011: £2,579) was charged on the balance at the official interest rate.