Cresst Installations UK Limited - Period Ending 2017-07-31

Registration number: 08599915

Prepared for the registrar

Cresst Installations UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Cresst Installations UK Limited

(Registration number: 08599915)
Balance Sheet as at 31 July 2017

	Note	2017  £	(As restated) 2016  £
Current assets
Debtors	4	-	17
Cash at bank and in hand		-	573
		-	590
Creditors: Amounts falling due within one year	5	(56,724)	(85,905)
Net liabilities		(56,724)	(85,315)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(56,725)	(85,316)
Total equity		(56,724)	(85,315)

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 Board on 4 April 2018 and signed on its behalf by:
 

S R Mitten

Director

S J Harrison

Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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Cresst Installations UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 3
Unit 2 Oakhill Court
Telford Way
Gloucester
GL2 2GA

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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
Motor vehicles	20% reducing balance

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Cresst Installations UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2017  No.	2016  No.
Average number of employees	2	2

4

Debtors

	2017  £	2016  £
Other debtors	-	17

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Cresst Installations UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

5

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	(As restated) 2016  £
Due within one year
Loans and borrowings	6	55,524	78,735
Amounts due to related parties	7	-	4,670
Accrued expenses		1,200	2,500
		56,724	85,905

6

Loans and borrowings

	2017 £	(As restated) 2016 £
Current loans and borrowings
Other borrowings	55,524	78,735

7

Related party transactions

Summary of transactions with other related parties

At 31 July 2017, the company owed £55,524 (2016: £83,405) to Business Efficiency Solutions Today UK Limited, a company under common control.
 

8

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 August 2015 to 31 July 2016 and the date of transition to FRS 102 was therefore 1 August 2015. There were no transitional adjustments are as a result of adopting FRS 102 for the first time.

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