Caledonian Independent Leasing Limited - Period Ending 2016-09-30

Registration number: SC168296

Caledonian Independent Leasing Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

Caledonian Independent Leasing Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Caledonian Independent Leasing Limited
for the Year Ended 30 September 2016

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Caledonian Independent Leasing Limited for the year ended 30 September 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements. .

This report is made solely to the Board of Directors of Caledonian Independent Leasing Limited, as a body, in accordance with the terms of our engagement letter dated 10 February 2012. Our work has been undertaken to enable us to prepare the financial statements of Caledonian Independent Leasing Limited on behalf of the Board of Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caledonian Independent Leasing Limited and its Board of Directors as a body for our work or for this report.

You have acknowledged on the balance sheet your duty to ensure that Caledonian Independent Leasing Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that Caledonian Independent Leasing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of Caledonian Independent Leasing 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.

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

12 May 2017

Page 1

Caledonian Independent Leasing Limited
(Registration number: SC168296)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					10,824			44,038
Current assets
Stocks					-			12,450
Debtors					35,372			17,620
Cash at bank and in hand					59,698			33,413
					95,070			63,483
Creditors: Amounts falling due within one year					(49,658)			(44,606)
Net current assets					45,412			18,877
Total assets less current liabilities					56,236			62,915
Creditors: Amounts falling due after more than one year					-			(20,099)
Net assets					56,236			42,816
Capital and reserves
Called up share capital		3			50			50
Capital redemption reserve					50			50
Profit and loss account					56,136			42,716
Shareholders' funds					56,236			42,816

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 12 May 2017

Mr G MacNicol
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Caledonian Independent Leasing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% Straight line
Office equipment	15% Reducing balance
Computer equipment	25% Straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Caledonian Independent Leasing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		75,988			75,988
Additions		1,312			1,312
Disposals		(51,399)			(51,399)
At 30 September 2016		25,901			25,901
Depreciation
At 1 October 2015		31,950			31,950
Charge for the year		5,319			5,319
Eliminated on disposals		(22,192)			(22,192)
At 30 September 2016		15,077			15,077
Net book value
At 30 September 2016		10,824			10,824
At 30 September 2015		44,038			44,038

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		50			50			50			50

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr G MacNicol
Loan balance brought forward	(20)	-	3,128	3,128
Advanced during year	3,430	-	-	-
Amount credited in year	-	-	(20)	-
	3,411	-	3,108	3,128

Page 4