Quantock Casualty Services Ltd Company accounts

Quantock Casualty Services Ltd Company accounts

QUANTOCK CASUALTY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5191458
Quantock Casualty Services Ltd
Company Limited by Guarantee
Unaudited Abridged Financial Statements
31 July 2017
Quantock Casualty Services Ltd
Company Limited by Guarantee
Abridged Financial Statements
Year ended 31 July 2017
Contents
Page
Director's report
1
Abridged statement of income and retained earnings
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
Quantock Casualty Services Ltd
Company Limited by Guarantee
Director's Report
Year ended 31 July 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 July 2017 .
Director
The director who served the company during the year was as follows:
Mr N H Gibbons
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 12 October 2017 and signed on behalf of the board by:
Mr N H Gibbons
Director
Registered office:
Silvermead
Weacombe Road
West Quantoxhead
Somerset
TA4 4EA
Quantock Casualty Services Ltd
Company Limited by Guarantee
Abridged Statement of Income and Retained Earnings
Year ended 31 July 2017
2017
2016
Note
£
£
Gross loss
4,696
( 3,406)
Administrative expenses
5,715
3,137
-------
-------
Operating loss
( 1,019)
( 6,543)
-------
-------
Loss before taxation
5
( 1,019)
( 6,543)
Tax on loss
–
–
-------
-------
Loss for the financial year and total comprehensive income
( 1,019)
( 6,543)
-------
-------
Retained losses at the start of the year
( 32,937)
( 26,394)
--------
--------
Retained losses at the end of the year
( 33,956)
( 32,937)
--------
--------
All the activities of the company are from continuing operations.
Quantock Casualty Services Ltd
Company Limited by Guarantee
Abridged Statement of Financial Position
31 July 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
585
781
Current assets
Debtors
1,955
3,886
Creditors: amounts falling due within one year
36,496
37,604
--------
--------
Net current liabilities
34,541
33,718
--------
--------
Total assets less current liabilities
( 33,956)
( 32,937)
--------
--------
Net liabilities
( 33,956)
( 32,937)
--------
--------
Capital and reserves
Profit and loss account
( 33,956)
( 32,937)
--------
--------
Members deficit
( 33,956)
( 32,937)
--------
--------
These abridged 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 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.
Quantock Casualty Services Ltd
Company Limited by Guarantee
Abridged Statement of Financial Position (continued)
31 July 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 12 October 2017 , and are signed on behalf of the board by:
Mr N H Gibbons
Director
Company registration number: 5191458
Quantock Casualty Services Ltd
Company Limited by Guarantee
Notes to the Abridged Financial Statements
Year ended 31 July 2017
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Silvermead, Weacombe Road, West Quantoxhead, Somerset, TA4 4EA.
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 abridged 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 abridged 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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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:
Motor vehicle
-
25% reducing balance
Equipment
-
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Company limited by guarantee
The Company is Limited by Guarantee. Every member of the Company undertakes to contribute such amount as may be required (not exceeding £1) to the Company's assets if it should be wound up while he or she is a member.
5. Profit before taxation
Loss before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
196
260
----
----
6. Tangible assets
£
Cost
At 1 August 2016 and 31 July 2017
3,965
-------
Depreciation
At 1 August 2016
3,184
Charge for the year
196
-------
At 31 July 2017
3,380
-------
Carrying amount
At 31 July 2017
585
-------
At 31 July 2016
781
-------
7. Related party transactions
The company was under the control of its director throughout the current and previous year. Mr Gibbins is now the sole director. The Directors have advanced sums to the company. The amounts outstanding at the year-end were £4,660 (2015: £9,820). These loans are interest free and have no fixed terms for repayment. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.