Comitto Limited Company Accounts

Comitto Limited Company Accounts

COMITTO LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08737173
Comitto Limited
Unaudited Financial Statements
31 October 2017
Comitto Limited
Financial Statements
Year ended 31 October 2017
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Accountants report to the director on the preparation of the unaudited statutory financial statements
8
Detailed income statement
9
Notes to the detailed income statement
10
Comitto Limited
Director's Report
Year ended 31 October 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2017 .
Director
The director who served the company during the year was as follows:
Mr B S Purewal
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 February 2018 and signed on behalf of the board by:
Mr B S Purewal
Balbir Singh
Director
Company Secretary
Registered office:
26 Asthill Grove
Coventry
CV3 6HP
Comitto Limited
Statement of Income and Retained Earnings
Year ended 31 October 2017
2017
2016
Note
£
£
Turnover
48,090
47,659
--------
--------
Gross profit
48,090
47,659
Administrative expenses
13,351
4,963
--------
--------
Operating profit
34,739
42,696
Other interest receivable and similar income
102
169
--------
--------
Profit before taxation
4
34,841
42,865
Tax on profit
7,019
8,787
--------
--------
Profit for the financial year and total comprehensive income
27,822
34,078
--------
--------
Retained earnings at the start of the year
80,077
45,999
---------
--------
Retained earnings at the end of the year
107,899
80,077
---------
--------
All the activities of the company are from continuing operations.
Comitto Limited
Statement of Financial Position
31 October 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
901,830
899,695
Current assets
Cash at bank and in hand
217,411
189,749
Creditors: amounts falling due within one year
6
1,011,334
1,009,359
------------
------------
Net current liabilities
793,923
819,610
---------
---------
Total assets less current liabilities
107,907
80,085
---------
--------
Capital and reserves
Called up share capital
8
8
Profit and loss account
107,899
80,077
---------
--------
Shareholders funds
107,907
80,085
---------
--------
These financial statements have been prepared 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'.
For the year ending 31 October 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 .
These financial statements were approved by the board of directors and authorised for issue on 21 February 2018 , and are signed on behalf of the board by:
Mr B S Purewal
Director
Company registration number: 08737173
Comitto Limited
Notes to the Financial Statements
Year ended 31 October 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 26 Asthill Grove, Coventry, CV3 6HP.
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 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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
817
881
----
----
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 November 2016
896,173
6,257
902,430
Additions
2,388
564
2,952
---------
-------
---------
At 31 October 2017
898,561
6,821
905,382
---------
-------
---------
Depreciation
At 1 November 2016
–
2,735
2,735
Charge for the year
–
817
817
---------
-------
---------
At 31 October 2017
–
3,552
3,552
---------
-------
---------
Carrying amount
At 31 October 2017
898,561
3,269
901,830
---------
-------
---------
At 31 October 2016
896,173
3,522
899,695
---------
-------
---------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
4,086
500
Corporation tax
7,019
8,711
Other creditors
1,000,229
1,000,148
------------
------------
1,011,334
1,009,359
------------
------------
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B S Purewal
( 1,000,148)
( 81)
( 1,000,229)
------------
----
------------
2016
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B S Purewal
( 1,000,321)
173
( 1,000,148)
------------
----
------------
8. Related party transactions
The company was under the control of Mr B Purewal throughout the current and previous year. Mr B Purewal is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Comitto Limited
Management Information
Year ended 31 October 2017
The following pages do not form part of the financial statements.
Comitto Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Comitto Limited
Year ended 31 October 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 October 2017, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
M A WHITE & CO Accountants
2 Queen Victoria Road Coventry CV1 3JH
21 February 2018
Comitto Limited
Detailed Income Statement
Year ended 31 October 2017
2017
2016
£
£
Turnover
48,090
47,659
--------
--------
Gross profit
48,090
47,659
Overheads
Administrative expenses
13,351
4,963
--------
--------
Operating profit
34,739
42,696
Other interest receivable and similar income
102
169
--------
--------
Profit before taxation
34,841
42,865
--------
--------
Comitto Limited
Notes to the Detailed Income Statement
Year ended 31 October 2017
2017
2016
£
£
Administrative expenses
Rent rates and water
300
260
Insurance
–
659
Repairs and maintenance (allowable)
527
1,099
Motor expenses
9,124
1,007
Telephone
271
373
Printing postage and stationery
134
104
Sundry expenses
90
13
Accountancy fees
2,005
500
Depreciation of tangible assets
817
881
Bank charges
83
67
--------
-------
13,351
4,963
--------
-------
Other interest receivable and similar income
Interest on cash and cash equivalents
102
169
----
----