Custom Solar Ltd Filleted accounts for Companies House (small and micro)

Custom Solar Ltd Filleted accounts for Companies House (small and micro)

CUSTOM SOLAR LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07886213
Custom Solar Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2018
Custom Solar Ltd
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed Assets
Tangible assets
6
8,205
1,816
Current Assets
Debtors
474,383
241,016
Cash at bank and in hand
626,617
30,033
------------
---------
1,101,000
271,049
Creditors: amounts falling due within one year
580,179
145,787
------------
---------
Net Current Assets
520,821
125,262
---------
---------
Total Assets Less Current Liabilities
529,026
127,078
Provisions
Taxation including deferred tax
1,559
347
---------
---------
Net Assets
527,467
126,731
---------
---------
Capital and Reserves
Called up share capital
7
104
104
Profit and loss account
527,363
126,627
---------
---------
Shareholders Funds
527,467
126,731
---------
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Custom Solar Ltd
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 21 May 2018 , and are signed on behalf of the board by:
Mr M Brailsford
Director
Company registration number: 07886213
Custom Solar Ltd
Notes to the Abridged Financial Statements
Year Ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Custom Solar Limited, 6 Dunston Place, Dunston Road, Chesterfield, Derbyshire, S41 8NL.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively be reference to the stage of completion at the reporting date. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures & Fittings
-
33% reducing balance
Equipment
-
33% straight line
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
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2017: 5 ).
5. Intangible assets
£
Cost
At 1 April 2017 and 31 March 2018
30,000
--------
Amortisation
At 1 April 2017 and 31 March 2018
30,000
--------
Carrying amount
At 31 March 2018
–
--------
At 31 March 2017
–
--------
6. Tangible assets
£
Cost
At 1 April 2017
16,604
Additions
6,994
--------
At 31 March 2018
23,598
--------
Depreciation
At 1 April 2017
14,788
Charge for the year
605
--------
At 31 March 2018
15,393
--------
Carrying amount
At 31 March 2018
8,205
--------
At 31 March 2017
1,816
--------
7. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary Class A shares of £ 1 each
26
26
26
26
Ordinary Class B shares of £ 1 each
26
26
26
26
Ordinary Class C shares of £ 1 each
26
26
26
26
Ordinary Class D shares of £ 1 each
26
26
26
26
----
----
----
----
104
104
104
104
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
4,641
10,747
Later than 1 year and not later than 5 years
10,222
2,155
--------
--------
14,863
12,902
--------
--------