Contractor Taxation Services Ltd Company Accounts

CONTRACTOR TAXATION SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03522217

Contractor Taxation Services Ltd

Filleted Unaudited Financial Statements

31 May 2017

Contractor Taxation Services Ltd

Financial Statements

Year ended 31st May 2017

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	3

Contractor Taxation Services Ltd

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed Assets

Investments	5		176,502	152,642

Current Assets

Debtors	6	69,611	11,326
Investments	7	162,373	172,428
Cash at bank and in hand		22,490	41,323
		----------	----------
		254,474	225,077

Creditors: amounts falling due within one year	8	16,749		15,981
		----------		----------
Net Current Assets			237,725	209,096
			----------	----------
Total Assets Less Current Liabilities			414,227	361,738
			----------	----------

Capital and Reserves

Called up share capital	40	40
Profit and loss account	414,187	361,698
	----------	----------
Shareholders Funds	414,227	361,738
	----------	----------

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 31st May 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Contractor Taxation Services Ltd

Statement of Financial Position (continued)

31 May 2017

These financial statements were approved by the board of directors and authorised for issue on 7 February 2018 , and are signed on behalf of the board by:

Mr I. P. Stewart
Director

Company registration number: 03522217

Contractor Taxation Services Ltd

Notes to the Financial Statements

Year ended 31st May 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House North, Shrewsbury Business Park, Shrewsbury, SY2 6LG.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities 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 1st June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

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

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to Nil (2016: 1 ).

5. Investments

	Other investments other than loans
	£
Cost
At 1st June 2016	152,642
Other movements	23,860
	----------
At 31st May 2017	176,502
	----------
Impairment
At 1st June 2016 and 31st May 2017	–
	----------

Carrying amount
At 31st May 2017	176,502
	----------
At 31st May 2016	152,642
	----------

6. Debtors

	2017	2016
	£	£
Trade debtors	2,075	2,325
Other debtors	67,536	9,001
	---------	---------
	69,611	11,326
	---------	---------

7. Investments

	2017	2016
	£	£
Quoted shareholdings	162,373	172,428
	----------	----------

Quoted share portfolio is included at market value.

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	16,749	15,981
	---------	---------

9. Related Party Transactions

The company was under the control of Mr Ian Stewart throughout the year. Mr Stewart is the sole director. During the year the company paid dividends to Mr I Stewart £7,042 (2016 £12,075), Mrs D Stewart £4,360 (2016 £7,475) and R I Cooke £2,012 (2016 £3,450).

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.

Reconciliation of equity

	1st June 2015			31st May 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	95,027	–	95,027	152,642	–	152,642
Current assets	247,493	–	247,493	210,524	14,553	225,077
Creditors: amounts falling due within one year	( 13,252)	–	( 13,252)	( 15,981)	–	( 15,981)
	----------	----	----------	----------	---------	----------
Net current assets	234,241	–	234,241	194,543	14,553	209,096
	----------	----	----------	----------	---------	----------
Total assets less current liabilities	329,268	–	329,268	347,185	14,553	361,738

	----------	----	----------	----------	---------	----------
Net assets	329,268	–	329,268	347,185	14,553	361,738
	----------	----	----------	----------	---------	----------

	----------	----	----------	----------	---------	----------
Capital and reserves	329,268	–	329,268	347,185	14,553	361,738
	----------	----	----------	----------	---------	----------