Carson's Group Ltd Company accounts

CARSON'S GROUP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 9892735

Carson's Group Ltd

Unaudited Financial Statements

30 November 2016

Carson's Group Ltd

Financial Statements

Period from 27 November 2015 to 30 November 2016

Contents	Page

Director's report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	4

Statement of cash flows	5

Notes to the financial statements	6

Carson's Group Ltd

Director's Report

Period from 27 November 2015 to 30 November 2016

The director presents his report and the unaudited financial statements of the company for the period ended 30 November 2016 .

Director

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

Mr T Madzibanyika	(Appointed 27 November 2015)

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 24 August 2017 and signed on behalf of the board by:

Mr T Madzibanyika
Director

Registered office:

74 Bryngwyn Road

Newport

NP20 4JT

Carson's Group Ltd

Statement of Comprehensive Income

Period from 27 November 2015 to 30 November 2016

		Period from
		27 Nov 15 to
		30 Nov 16
Note		£
Turnover	4	219,604

Cost of sales	149,846
	---------
Gross profit	69,758

Administrative expenses	20,723
	--------
Operating profit	49,035

	--------
Profit on ordinary activities before taxation	49,035

Tax on profit on ordinary activities	5	9,807
		--------
Profit for the financial period and total comprehensive income		39,228
		--------

All the activities of the company are from continuing operations.

Carson's Group Ltd

Statement of Financial Position

30 November 2016

	30 Nov 16
Note	£

Current assets

Debtors	7	83,907
Cash at bank and in hand		334
		--------
		84,241

Creditors: amounts falling due within one year	8	84,012
		--------
Net current assets		229
		----
Total assets less current liabilities		229
		----
Net assets		229
		----

Capital and reserves

Called up share capital	9	1
Profit and loss account		228
		----
Member funds		229
		----

For the period ending 30 November 2016 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 period 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of directors and authorised for issue on 24 August 2017 , and are signed on behalf of the board by:

Mr T Madzibanyika
Director

Company registration number: 9892735

Carson's Group Ltd

Statement of Changes in Equity

Period from 27 November 2015 to 30 November 2016

		Called up share capital	Profit and loss account	Total
		£	£	£
At 27 November 2015		–	–	–

Profit for the period			39,228	39,228
		----	--------	--------
Total comprehensive income for the period		–	39,228	39,228

Issue of shares		1	–	1
Dividends paid and payable	6	–	( 39,000)	( 39,000)
		----	--------	--------
Total investments by and distributions to owners		1	( 39,000)	( 38,999)

		----	--------	--------
At 30 November 2016		1	228	229
		----	--------	--------

Carson's Group Ltd

Statement of Cash Flows

Period from 27 November 2015 to 30 November 2016

	30 Nov 16
	£

Cash flows from operating activities

Profit for the financial period	39,228

Adjustments for:
Tax on profit on ordinary activities	9,807
Accrued expenses	1,800

Changes in:
Trade and other debtors	( 83,907)
Trade and other creditors	71,576
	--------
Cash generated from operations	38,504
	--------
Net cash from operating activities	38,504
	--------

Cash flows from financing activities

Proceeds from issue of ordinary shares	1
Proceeds from borrowings	829
Dividends paid	( 39,000)
	--------
Net cash used in financing activities	( 38,170)
	--------

Net increase in cash and cash equivalents	334
Cash and cash equivalents at beginning of period	–
	----
Cash and cash equivalents at end of period	334
	----

Carson's Group Ltd

Notes to the Financial Statements

Period from 27 November 2015 to 30 November 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 74 Bryngwyn Road, Newport, NP20 4JT.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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. Turnover

Turnover arises from:

	Period from
	27 Nov 15 to
	30 Nov 16
	£
Rendering of services	219,604
	---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Tax on profit on ordinary activities

Major components of tax expense

	Period from
	27 Nov 15 to
	30 Nov 16
	£

Current tax:

UK current tax expense	9,807
	-------
Tax on profit on ordinary activities	9,807
	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the period is the same as the standard rate of corporation tax in the UK of 20 %.

	Period from
	27 Nov 15 to
	30 Nov 16
	£
Profit on ordinary activities before taxation	49,035
	--------
Profit on ordinary activities by rate of tax	9,807
	--------

6. Dividends

	30 Nov 16
	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	39,000
	--------

7. Debtors

	30 Nov 16
	£
Trade debtors	83,907
	--------

8. Creditors: amounts falling due within one year

	30 Nov 16
	£
Trade creditors	71,576
Corporation tax	9,807
Other creditors	2,629
	--------
	84,012
	--------

9. Called up share capital

Issued, called up and fully paid

	30 Nov 16
	No.	£
Ordinary shares of £ 1 each	1	1
	----	----

10. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	30 Nov 16
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr T Madzibanyika	–	38,171	( 39,000)	( 829)
	----	--------	--------	----

11. Related party transactions

The company was under the control of Mr Trevor Madzibanyika throughout the current period. Mr Madzibanyika is the managing director and owns 100% of the share capital of the company. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.