Caledonian Independent Leasing Limited - Period Ending 2017-09-30
Caledonian Independent Leasing Limited - Period Ending 2017-09-30
Registration number:
Caledonian Independent Leasing Limited
for the Year Ended 30 September 2017
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY
Caledonian Independent Leasing Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Caledonian Independent Leasing Limited
Company Information
Director |
Mr G MacNicol |
Company secretary |
Mr G MacNicol |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Caledonian Independent Leasing Limited
for the Year Ended 30 September 2017
In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Caledonian Independent Leasing Limited for the year ended 30 September 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements.
This report is made solely to the Board of Directors of Caledonian Independent Leasing Limited, as a body, in accordance with the terms of our engagement letter dated 10 February 2012. Our work has been undertaken to enable us to prepare the financial statements of Caledonian Independent Leasing Limited on behalf of the Board of Directors and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caledonian Independent Leasing Limited and its Board of Directors as a body for our work or for this report.
You have acknowledged on the balance sheet your duty to ensure that Caledonian Independent Leasing Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that Caledonian Independent Leasing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the financial statements of Caledonian Independent Leasing Limited. 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 statutory accounts.
Chartered Accountants
Motherwell
Lanarkshire
ML1 3BY
Page 2 |
Caledonian Independent Leasing Limited
(Registration number: SC168296)
Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
35,924 |
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
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Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 September 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr G MacNicol
Director
Page 3 |
Caledonian Independent Leasing Limited
Statement of Changes in Equity for the Year Ended 30 September 2017
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2016 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2017 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2015 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2016 |
|
|
|
|
Page 4 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in Scotland. The company registration number is SC168296.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements have been presented in Sterling, which is the company's functional currency. All financial information is presented in Sterling and has been rounded to the nearest pound.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% Straight Line |
Motor vehicles |
25% Straight Line |
Office Equipment |
15% Reducing Balance |
Investments
Investments in shares and bonds are included at fair value
Page 5 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 October 2016 |
|
|
|
Additions |
|
- |
|
Disposals |
( |
- |
( |
At 30 September 2017 |
|
|
|
Depreciation |
|||
At 1 October 2016 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
- |
( |
At 30 September 2017 |
|
|
|
Carrying amount |
|||
At 30 September 2017 |
|
|
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At 30 September 2016 |
|
|
|
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
Fair value adjustments |
924 |
924 |
Additions |
35,000 |
35,000 |
At 30 September 2017 |
35,924 |
35,924 |
Impairment |
||
Carrying amount |
||
At 30 September 2017 |
|
35,924 |
Page 8 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Debtors |
2017 |
2016 |
|
Trade debtors |
|
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Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Taxation and social security |
|
|
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Other creditors |
|
|
|
|
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Dividends |
Interim dividends paid
2017 |
2016 |
|
Interim dividend of £ |
|
|
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2017 |
At 1 October 2016 |
Repayments by director |
At 30 September 2017 |
Mr G MacNicol |
|||
Loan repayable on demand with no interest charge |
3,411 |
( |
|
Page 9 |
Caledonian Independent Leasing Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
2016 |
At 1 October 2015 |
Advances to directors |
At 30 September 2016 |
Mr G MacNicol |
|||
Loan repayable on demand with no interest charge |
(20) |
|
|
Dividends paid to directors |
2017 |
2016 |
|||
Mr G MacNicol |
||||
Dividends |
24,000 |
32,400 |
||
Transition to FRS 102 |
Page 10 |