Climate (Cardiff) Limited Company Accounts

CLIMATE (CARDIFF) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05458503

Climate (Cardiff) Limited

Filleted Unaudited Financial Statements

30 June 2017

Climate (Cardiff) Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4

Climate (Cardiff) Limited

Officers and Professional Advisers

Director	Mr D A Davies

Company secretary	Mrs S L Davies

Registered office	Climate House
	12 Tyn Y Coed Place
	Roath
	Cardiff
	CF24 4TX

Accountants	Roblins
	Chartered accountant
	3 Deryn Court
	Wharfedale Road
	Pentwyn
	Cardiff
	CF23 7HA

Climate (Cardiff) Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Climate (Cardiff) Limited

Year ended 30 June 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 30 June 2017, which comprise the 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.

Roblins Chartered accountant

3 Deryn Court Wharfedale Road Pentwyn Cardiff CF23 7HA

23 March 2018

Climate (Cardiff) Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		18,544	2,272

Current assets

Stocks		2,150	2,000
Debtors	7	47,552	48,168
Cash at bank and in hand		10,184	6,094
		--------	--------
		59,886	56,262

Creditors: amounts falling due within one year	8	56,459		57,836
		--------		--------
Net current assets/(liabilities)			3,427	( 1,574)
			--------	-------
Total assets less current liabilities			21,971	698

Creditors: amounts falling due after more than one year	9	18,484	–
		--------	----
Net assets		3,487	698
		--------	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,387	598
	-------	----
Shareholders funds	3,487	698
	-------	----

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 30 June 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 23 March 2018 , and are signed on behalf of the board by:

Mr D A Davies
Director

Company registration number: 05458503

Climate (Cardiff) Limited

Notes to the Financial Statements

Year ended 30 June 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 Climate House, 12 Tyn Y Coed Place, Roath, Cardiff, CF24 4TX.

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 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2016 and 30 June 2017	6,000
	-------
Amortisation
At 1 July 2016 and 30 June 2017	6,000
	-------
Carrying amount
At 30 June 2017	–
	-------
At 30 June 2016	–
	-------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 July 2016	2,699	8,240	10,939
Additions	–	22,453	22,453
	-------	--------	--------
At 30 June 2017	2,699	30,693	33,392
	-------	--------	--------
Depreciation
At 1 July 2016	2,382	6,285	8,667
Charge for the year	79	6,102	6,181
	-------	--------	--------
At 30 June 2017	2,461	12,387	14,848
	-------	--------	--------
Carrying amount
At 30 June 2017	238	18,306	18,544
	-------	--------	--------
At 30 June 2016	317	1,955	2,272
	-------	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	44,235	45,717
Other debtors	3,317	2,451
	--------	--------
	47,552	48,168
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	16,959	14,049
Social security and other taxes	14,035	12,491
Other creditors	25,465	31,296
	--------	--------
	56,459	57,836
	--------	--------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	18,484	–
	--------	----

10. Director's advances, credits and guarantees

The director was owed £24,211 by the company at the year end (2016:£27,637).

11. Transition to FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.