Castell Cars Limited - Filleted accounts

Castell Cars Limited - Filleted accounts

CASTELL CARS LIMITED - Company Information

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Castell Cars Limited
Registered number: 04424884
Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 75,000 75,000
Tangible assets 3 41,435 51,793
116,435 126,793
Current assets
Debtors 4 41,677 13,649
Cash at bank and in hand 72,357 95,612
114,034 109,261
Creditors: amounts falling due within one year 5 (161,004) (181,804)
Net current liabilities (46,970) (72,543)
Net assets 69,465 54,250
Capital and reserves
Called up share capital 2 2
Profit and loss account 69,463 54,248
Shareholders' funds 69,465 54,250
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A A Ismail
Director
Approved by the board on 7 April 2017
Castell Cars Limited
Notes to the Accounts
for the year ended 31 July 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
2 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2015 75,000
At 31 July 2016 75,000
Amortisation
At 31 July 2016 -
Net book value
At 31 July 2016 75,000
At 31 July 2015 75,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2015 117,097
At 31 July 2016 117,097
Depreciation
At 1 August 2015 65,304
Charge for the year 10,358
At 31 July 2016 75,662
Net book value
At 31 July 2016 41,435
At 31 July 2015 51,793
4 Debtors 2016 2015
£ £
Trade debtors 41,677 13,649
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 28,743 23,718
Corporation tax 11,287 5,657
Other taxes and social security costs 26,609 26,963
Other creditors 94,365 125,466
161,004 181,804
6 Other information
Castell Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
2a Bartlett Street
Caerphilly
CF83 2EU
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