Charterglobe Ltd Company Accounts

Charterglobe Ltd Company Accounts

CHARTERGLOBE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07035581
Charterglobe Ltd
Filleted Unaudited Financial Statements
31 January 2017
Charterglobe Ltd
Financial Statements
Year ended 31 January 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
8
Charterglobe Ltd
Officers and Professional Advisers
Director
Miss L D Pattinson
Registered office
Lion House
400 Durham Road
Birtley
Co Durham
DH3 1LS
Accountants
Chuhan & Singh Partnership Ltd
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA
Charterglobe Ltd
Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
4,423
6,382
Investments
5
2,863,179
2,863,179
------------
------------
2,867,602
2,869,561
Current assets
Debtors
6
11,846
17,678
Cash at bank and in hand
90,635
16,838
---------
--------
102,481
34,516
Creditors: amounts falling due within one year
7
1,570,930
1,671,829
------------
------------
Net current liabilities
1,468,449
1,637,313
------------
------------
Total assets less current liabilities
1,399,153
1,232,248
Creditors: amounts falling due after more than one year
8
1,258,995
1,151,494
Provisions
Taxation including deferred tax
885
1,276
------------
------------
Net assets
139,273
79,478
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
139,173
79,378
---------
--------
Members funds
139,273
79,478
---------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 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 financial statements .
Charterglobe Ltd
Statement of Financial Position (continued)
31 January 2017
These financial statements were approved by the board of directors and authorised for issue on 25 October 2017 , and are signed on behalf of the board by:
Miss L D Pattinson
Director
Company registration number: 07035581
Charterglobe Ltd
Notes to the Financial Statements
Year ended 31 January 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lion House, 400 Durham Road, Birtley, Co Durham, DH3 1LS.
2. Statement of compliance
These 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 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 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 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover represents rental income. Rental income is recognised on an accruals basis.
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.
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:
Fixtures and fittings
-
20% straight line
Computer equipment
-
50% straight line
Investment property
Investment property is shown at cost. The director does not believe that the market value is materially different to the value shown in the accounts.
4. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2016 and 31 January 2017
8,482
1,000
9,482
-------
-------
-------
Depreciation
At 1 February 2016
2,975
125
3,100
Charge for the year
1,459
500
1,959
-------
-------
-------
At 31 January 2017
4,434
625
5,059
-------
-------
-------
Carrying amount
At 31 January 2017
4,048
375
4,423
-------
-------
-------
At 31 January 2016
5,507
875
6,382
-------
-------
-------
5. Investments
Investment property
£
Cost
At 1 February 2016 and 31 January 2017
2,863,179
------------
Impairment
At 1 February 2016 and 31 January 2017
–
------------
Carrying amount
At 31 January 2017
2,863,179
------------
6. Debtors
2017
2016
£
£
Other debtors
11,846
17,678
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
50,472
46,810
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
453,000
Corporation tax
15,341
13,879
Other creditors
1,505,117
1,158,140
------------
------------
1,570,930
1,671,829
------------
------------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,258,995
1,151,494
------------
------------
Included within creditors are the following secured debts: Bank Loans £1,309,467 (2016: £1,198,304) The bank loans and overdraft are secured by way of a mortgage debenture over the investment properties of the company.
9. Related party transactions
Included in creditors due within one year is £1,495,980 (2016: £1,600,376) owed to the company director and their close family members.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Charterglobe Ltd
Management Information
Year ended 31 January 2017
The following pages do not form part of the financial statements.
Charterglobe Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Charterglobe Ltd
Year ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charterglobe Ltd for the year ended 31 January 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Chuhan & Singh Partnership Ltd Chartered Accountants
81 Borough Road Middlesbrough TS1 3AA
25 October 2017