Charlie Mike Delta Ltd - Period Ending 2017-07-31

Registration number: 6865744

Charlie Mike Delta Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

[FRS 102 SECTION1A]
[FILLETED FOR FILING PURPOSES]

Tremaines Ltd
84a Victoria Road
Horley
Surrey
RH6 7AB

Charlie Mike Delta Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Charlie Mike Delta Ltd

Company Information

Directors

M Drew

Registered office

The Old Bakery 93 Blackheath Road Greenwich London SE10 8PD

Accountants

Tremaines Ltd 84a Victoria Road Horley Surrey RH6 7AB

Page 1

Charlie Mike Delta Ltd

(Registration number: 6865744)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	642	172
Current assets
Debtors	5	33,064	8,368
Cash at bank and in hand		8,801	1,759
		41,865	10,127
Creditors: Amounts falling due within one year	6	(26,774)	(9,932)
Net current assets		15,091	195
Net assets		15,733	367
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,633	267
Total equity		15,733	367

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.

Director's 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 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 director on 24 April 2018
 

.........................................

M Drew

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Charlie Mike Delta Ltd

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 UK.

The address of its registered office is:
The Old Bakery
93 Blackheath Road
Greenwich
London
SE10 8PD

These financial statements were authorised for issue by the director on 24 April 2018.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are initially recorded at the rate of exchange as at the date of the transaction. Year end balances are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Charlie Mike Delta Ltd

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

Deferred tax is recognised in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.

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	40% Reducing Balance

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Financial instruments

Classification
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. Advanced financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Financial instrument assets are included in other debtors and financial instrument liabilities are included in other creditors.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 4

Charlie Mike Delta Ltd

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

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2016	479	479
Additions	939	939
At 31 July 2017	1,418	1,418
Depreciation
At 1 August 2016	307	307
Charge for the year	469	469
At 31 July 2017	776	776
Carrying amount
At 31 July 2017	642	642
At 31 July 2016	172	172

5

Debtors

	2017 £	2016 £
Trade debtors	8,025	513
Other debtors	25,039	7,855
	33,064	8,368

Page 5

Charlie Mike Delta Ltd

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

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Trade creditors		5,093	-
Corporation tax		15,502	3,075
Other taxes and social security cost		24	24
Other creditors		6,155	6,833
		26,774	9,932

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	120	-

Page 6

Charlie Mike Delta Ltd

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

9	Related party transactions

Loans to related parties

2017	Key management £
At start of period	2,835
Repaid	(2,835)
At end of period	-

2016	Key management £
Advanced	2,835

Terms of loans to related parties

Loans to the director are unsecured, interest free and repayable on demand.
 

Loans from related parties

2017	Key management £
Advanced	120

2016	Key management £
At start of period	179
Advanced	(179)
At end of period	-

Terms of loans from related parties

Directors Loan Account
 

Page 7