Correct Contract Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06368614 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

CORRECT CONTRACT SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D L Gladwyn

Mr T S Dempsey

Mr A L Denney

SECRETARY:

Mr D L Gladwyn

REGISTERED OFFICE:

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

BUSINESS ADDRESS:

21b Hopkinson Way

West Portway Industrial Estate

Andover

Hampshire

SP10 3ZE

REGISTERED NUMBER:

06368614 (England and Wales)

FIXED ASSETS

Tangible assets

5

135,627

79,057

CURRENT ASSETS

Stocks

97,237

65,002

Debtors

6

447,101

367,818

Cash at bank and in hand

249,985

241,058

794,323

673,878

CREDITORS

Amounts falling due within one year

7

717,537

525,789

NET CURRENT ASSETS

76,786

148,089

TOTAL ASSETS LESS CURRENT LIABILITIES

212,413

227,146

CREDITORS

Amounts falling due after more than one year

8

(20,927

)

(427,838

)

PROVISIONS FOR LIABILITIES

(24,356

)

-

NET ASSETS/(LIABILITIES)

167,130

(200,692

)

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

166,130

(201,692

)

SHAREHOLDERS' FUNDS

167,130

(200,692

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 July 2017 and were signed on its behalf by:

Mr D L Gladwyn - Director

1.	STATUTORY INFORMATION

Correct Contract Services Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

This is the first year that the company has presented its financial statements under Section 1A "Small Entities" of

Financial Reporting Standard 102 (FRS 102 Section 1A) issued by the Financial Reporting Council. The last

financial statements, for the year ended 31 March 2016, were prepared under previous UK GAAP. The transition

date to FRS 102 Section 1A is therefore 1 April 2015.

Adopting FRS 102 Section 1A has not resulted in any changes to the company's existing accounting policies

which were being applied prior to transition. There was no change to the reported profit and loss account or

closing equity position of the business for the year ended 31 March 2016 as a result of the transition, nor to the

opening equity position at the date of transition.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done

in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% straight line

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% straight line

Motor vehicles

-

20% straight line

Equipment

-

Straight line over 3 years

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension scheme. Contributions payable to the pension

scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2016 - 22 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2016

5,279

5,278

12,285

Additions

480

-

675

At 31 March 2017

5,759

5,278

12,960

DEPRECIATION

At 1 April 2016

264

264

6,050

Charge for year

1,080

1,096

1,647

Eliminated on disposal

-

-

-

At 31 March 2017

1,344

1,360

7,697

NET BOOK VALUE

At 31 March 2017

4,415

3,918

5,263

At 31 March 2016

5,015

5,014

6,235

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1 April 2016

73,464

18,454

114,760

Additions

71,778

13,524

86,457

Disposals

(4,906

)

-

(4,906

)

At 31 March 2017

140,336

31,978

196,311

DEPRECIATION

At 1 April 2016

15,031

14,094

35,703

Charge for year

18,290

4,667

26,780

Eliminated on disposal

(1,799

)

-

(1,799

)

At 31 March 2017

31,522

18,761

60,684

NET BOOK VALUE

At 31 March 2017

108,814

13,217

135,627

At 31 March 2016

58,433

4,360

79,057

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

59,338

Additions

50,478

At 31 March 2017

109,816

DEPRECIATION

At 1 April 2016

4,503

Charge for year

14,669

At 31 March 2017

19,172

NET BOOK VALUE

At 31 March 2017

90,644

At 31 March 2016

54,835

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

401,770

322,706

Other debtors

45,331

45,112

447,101

367,818

Included in other debtors is £42,838 (2016: £42,619) in respect of prepayments and accrued income.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

43,087

17,977

Trade creditors

168,408

82,529

Taxation and social security

66,840

24,650

Other creditors

439,202

400,633

717,537

525,789

Included in other creditors is £63,475 (2016: £18,066) in respect of accruals and deferred income.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

20,927

11,811

Other creditors

-

416,027

20,927

427,838

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

64,014

29,788

Other creditors

240,493

143,643

304,507

173,431

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2017 and the year

ended 31 March 2016:

2017

2016

Mr D L Gladwyn

£

£

Balance outstanding at start of year

-

9,971

Amounts advanced

-

-

Amounts repaid

-

(9,971)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loan was unsecured and interest free with repayment date unspecified.