Charter Projects Ltd
Charter Projects Ltd
Registered number: 05010986
Unaudited Financial Statements
For The Year Ended 31 January 2017
Craker Business Solutions LTD
Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Charter Projects Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—7 |
Charter Projects Ltd
Accountant's Report
For The Year Ended 31 January 2017
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Charter Projects Ltd For The Year Ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Charter Projects Ltd For The Year Ended 31 January 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member 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 icaew.com/membershandbook.
This report is made solely to the directors of Charter Projects Ltd , as a body, in accordance with the terms of our engagement letter dated 15 July 2016. Our work has been undertaken solely to prepare for your approval the accounts of Charter Projects Ltd and state those matters that we have agreed to state to the directors of Charter Projects Ltd , as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charter Projects Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Charter Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Charter Projects Ltd . You consider that Charter Projects Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Charter Projects Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
3 Rose Cottages
Lewes Road
Danehill
West Sussex
RH17 7ET
Page 1
Charter Projects Ltd
Balance Sheet
As at
31 January 2017
Balance Sheet
Registered number:
05010986
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.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 6 |
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| CURRENT ASSETS | |||||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | (127,781) | 152,431 | |||
Page 2
Charter Projects Ltd
Balance Sheet (continued)
As at
31 January 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 5 to 7 form part of these financial statements.
Page 3
Charter Projects Ltd
Statement of Changes in Equity
For The Year Ended 31 January 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 February 2015 |
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75,232 |
| Profit for the year and total comprehensive income | - |
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77,199 |
| As at 31 January 2016 and 1 February 2016 |
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152,431 |
| Loss for the year and total comprehensive income | - |
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(280,212) |
| As at |
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(127,781) |
Page 4
Charter Projects Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 January 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Accrued income is recognised where work has been performed before invoice is issued, measured at portion of work completed as a percentage of sales price.
Deferred income is recognised where invoice has been issued before work carried out, measured at portion of work not done as a percentage of sales price.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 5
Charter Projects Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
6.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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7.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - materials |
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8.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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Page 6
Charter Projects Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 January 2017
9.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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10.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
12.
Ultimate Controlling Party
The company's ultimate controlling party is L & F Baylis by virtue of their ownership of 100% of the issued share capital in the company.
13.
Directors Advances, Credits and Guarantees
The Directors lent the company £136,673 (2016: £9,281) being the balance on the Directors loan account at year end. The loan is charged at nil percent interest and is repayable on demand.
14.
Transition to FRS 102
This is the first year the company has transitioned to Financial Reporting Standard 102 . This has had nil impact on the previously reported financial performance.
15.
General Information
Charter Projects Ltd Registered number 05010986 is a limited by shares company incorporated in England & Wales. The Registered Office is 22-24 Ely Place, London, EC1N 6TE.
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