Intercash (Croydon) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04014736 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2017

FOR

INTERCASH (CROYDON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Kenneth Allen John Stent

Peter William Stent

SECRETARY:

Peter William Stent

REGISTERED OFFICE:

Lascombe House

Puttenham

Guildford

Surrey

GU3 1BB

REGISTERED NUMBER:

04014736 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

FIXED ASSETS

Tangible assets

6

16,667

33,596

CURRENT ASSETS

Debtors

7

308,864

174,624

Cash at bank and in hand

2,349,477

2,043,395

2,658,341

2,218,019

CREDITORS

Amounts falling due within one year

8

232,406

322,914

NET CURRENT ASSETS

2,425,935

1,895,105

TOTAL ASSETS LESS CURRENT LIABILITIES

2,442,602

1,928,701

PROVISIONS FOR LIABILITIES

1,929

5,006

NET ASSETS

2,440,673

1,923,695

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

2,440,573

1,923,595

SHAREHOLDERS' FUNDS

2,440,673

1,923,695

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 25th October 2017 and were signed on its behalf by:

Peter William Stent - Director

1.	STATUTORY INFORMATION

Intercash (Croydon) 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.

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.

Turnover and cost of sales

Turnover

Turnover represents sales of foreign currency, which is currency not denominated in Sterling, and travellers

cheques.

Turnover is measured at the fair value of the consideration received or receivable and represents the amount

receivable for services rendered, net of returns, discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably; it is probable that

future economic benefits will flow to the entity and when the specific criteria relating to the each of company’s

sales channels have been met, as described below.

Sale of foreign currency

Turnover is recognised on the sale of foreign currency at the point the currency translation takes place as this is

the point the risks and rewards of ownership have been transfered to the customer.

Cost of sales

Cost of sales represents the purchase of foreign currency, which is currency not denominated in Sterling, and

travellers cheques.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost and 25% on cost

Fixtures and fittings

-

25% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its

intended use, dismantling and restoration costs and borrowing costs capitalised.

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 taxation

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

At inception the company assesses agreements that transfer the right to use assets. The assessment considers

whether the arrangement is, or contains, a lease based on the substance of the arrangement.

Operating leased assets

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments

under operating leases are charged to the profit and loss account on a straight-line basis over the period of the

lease.

Short term employee benefits

Short term benefits, including non-monetary benefits, are recognised as an expense in the period in which the

service is received.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have been

paid the company has no further payment obligations. The contributions are recognised as an expense when

they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held

separately from the company in independently administered funds.

The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss

account when the company has a legal or constructive obligation to make payments under the plan as a result of

past events and a reliable estimate of the obligation can be made.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2016 - 17 ) .

5.	AUDITORS' REMUNERATION

2017

2016

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,240

4,455

Other non- audit services

1,344

3,095

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st February 2016

80,080

214,212

294,292

Additions

7,470

-

7,470

At 31st January 2017

87,550

214,212

301,762

DEPRECIATION

At 1st February 2016

76,069

184,627

260,696

Charge for year

6,060

18,339

24,399

At 31st January 2017

82,129

202,966

285,095

NET BOOK VALUE

At 31st January 2017

5,421

11,246

16,667

At 31st January 2016

4,011

29,585

33,596

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

122,170

24,952

Other debtors

186,694

149,672

308,864

174,624

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

29,483

61,070

Taxation and social security

143,365

104,304

Other creditors

59,558

157,540

232,406

322,914

9.

RESERVES

Retained

earnings

£

At 1st February 2016

1,923,595

Profit for the year

516,978

At 31st January 2017

2,440,573

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Cable BCom FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

11.	OTHER FINANCIAL COMMITMENTS

Total amount of commitments, guarantees and contingencies is £39,500 (2016: £60,500).

12.	RELATED PARTY DISCLOSURES

Transactions with owners and directors

During the year the company repaid amounts to the above category of related party totalling £100,000 (2016:

£51,078).

The amount owed by the company to the above category of related party totalled £ - (2016: £100,000).

13.	POST BALANCE SHEET EVENTS

New commitment

After the year end the company opened an additional location entering into a licensee agreement.

This is for a period of 3 years with a total commitment of £92,400 over the 3 years.