Castle Van Hire Limited Small abridged accounts

CASTLE VAN HIRE LTD. - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Castle Van Hire Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 09146584

Castle Van Hire Limited

Unaudited Abridged Financial Statements

31 March 2017

M A WHITE & CO

Accountants

2 Queen Victoria Road

Coventry

CV1 3JH

Castle Van Hire Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Accountants report to the director on the preparation of the unaudited statutory abridged financial statements	9

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

Castle Van Hire Limited

Director's Report

Year ended 31 March 2017

The director presents her report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

Mrs A Takhar

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 5 August 2017 and signed on behalf of the board by:

Mrs A Takhar	Amandeep Takhar
Director	Company Secretary

Registered office:

15 Regency Drive

Coventry

CV3 6QA

Castle Van Hire Limited

Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	199,308	108,797

Administrative expenses	93,812	74,869
	---------	---------
Operating profit	105,496	33,928

Interest payable and similar expenses		5,944	4,899
		---------	---------
Profit before taxation	5	99,552	29,029

Tax on profit	1,075	9,646
	--------	--------
Profit for the financial year and total comprehensive income	98,477	19,383
	--------	--------

Retained earnings at the start of the year	22,713	3,330
	---------	--------
Retained earnings at the end of the year	121,190	22,713
	---------	--------

All the activities of the company are from continuing operations.

Castle Van Hire Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		240,124	195,045

Current assets

Cash at bank and in hand	22,219		23,368

Creditors: amounts falling due within one year	46,340		63,057
	--------		--------
Net current liabilities		24,121	39,689
		---------	---------
Total assets less current liabilities		216,003	155,356

Creditors: amounts falling due after more than one year	94,811	132,641
	---------	---------
Net assets	121,192	22,715
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	121,190	22,713
	---------	--------
Members funds	121,192	22,715
	---------	--------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

These abridged financial statements were approved by the board of directors and authorised for issue on 5 August 2017 , and are signed on behalf of the board by:

Mrs A Takhar
Director

Company registration number: 09146584

Castle Van Hire Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Regency Drive, Coventry, CV3 6QA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vans	-	25% reducing balance
Equipment	-	15% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to Nil (2016: Nil).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	77,979	65,208
	--------	--------

6. Tangible assets

	£
Cost
At 1 April 2016	260,253
Additions	138,175
Disposals	( 20,156)
	---------
At 31 March 2017	378,272
	---------
Depreciation
At 1 April 2016	65,208
Charge for the year	77,979
Disposals	( 5,039)
	---------
At 31 March 2017	138,148
	---------
Carrying amount
At 31 March 2017	240,124
	---------
At 31 March 2016	195,045
	---------

7. Related party transactions

The company was under the control of Mrs A Takhar throughout the current and previous year. Mrs A Takhar is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Castle Van Hire Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

Castle Van Hire Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Castle Van Hire Limited

Year ended 31 March 2017

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

M A WHITE & CO Accountants

2 Queen Victoria Road Coventry CV1 3JH

5 August 2017

Castle Van Hire Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Turnover	319,039	187,740

Cost of sales

Purchases	106,614	78,943
(Gain)/loss on disposal of tangible assets	13,117	–
	---------	--------
	119,731	78,943

	---------	---------
Gross profit	199,308	108,797

Overheads

Administrative expenses	93,812	74,869

	---------	---------
Operating profit	105,496	33,928

Interest payable and similar expenses	5,944	4,899

	--------	--------
Profit before taxation	99,552	29,029
	--------	--------

Castle Van Hire Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Rent	4,100	1,940
Repairs and maintenance (allowable)	345	254
Motor expenses	3,474	757
Other motor and travel expenses	–	900
Telephone	975	411
Printing postage and stationery	492	640
Sundry expenses	247	104
Accountancy fees	2,375	1,900
Depreciation of tangible assets	77,979	65,208
Bank charges	3,825	2,755
	--------	--------
	93,812	74,869
	--------	--------

Interest payable and similar expenses

Interest on hire purchase and finance lease contracts	5,944	4,899
	-------	-------