Ian Chick Contracts (South West) Limited 31/10/2017 iXBRL

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED - Company Information

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Company registration number: 03464922

Ian Chick Contracts (South West) Limited

Unaudited filleted financial statements

31 October 2017

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED

Contents

Statement of financial position

Notes to the financial statements

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED

STATEMENT OF FINANCIAL POSITION

31 OCTOBER 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	4,576		5,720
		_______		_______
			4,576		5,720

Current assets
Stocks		60,061		78,217
Debtors	6	36,779		25,550
Cash at bank and in hand		106		18,319
		_______		_______
		96,946		122,086
Creditors: amounts falling due
within one year	7	( 200,109)		( 264,473)
		_______		_______
Net current liabilities			( 103,163)		( 142,387)
			_______		_______
Total assets less current liabilities			( 98,587)		( 136,667)


Provisions for liabilities			-		( 565)

			_______		_______
Net liabilities			( 98,587)		( 137,232)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account	8		( 98,687)		( 137,332)
			_______		_______
Shareholders deficit			( 98,587)		( 137,232)
			_______		_______

For the year ending 31 October 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 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 financial statements.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 August 2018 , and are signed on behalf of the board by:

Mr I F Chick

Director

Company registration number: 03464922

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 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 Ian Chick Contracts (South West) Limited , Country House Estate, Strete Raleigh, Whimple, Exeter, Devon, EX5 2NL.

Principal activity

The principal activity of the company is that of building construction.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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	-	20% reducing balance
Fittings fixtures and equipment	-	20% reducing balance
Motor vehicles	-	20% reducing balance

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

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

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

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 November 2016 and 31 October 2017	3,696	3,111	41,377	48,184
	_______	_______	_______	_______
Depreciation
At 1 November 2016	3,172	2,937	36,355	42,464
Charge for the year	105	35	1,004	1,144
	_______	_______	_______	_______
At 31 October 2017	3,277	2,972	37,359	43,608
	_______	_______	_______	_______
Carrying amount
At 31 October 2017	419	139	4,018	4,576
	_______	_______	_______	_______
At 31 October 2016	524	174	5,022	5,720
	_______	_______	_______	_______

6. Debtors

	2017	2016
	£	£
Trade debtors	11,904	675
Other debtors	24,875	24,875
	_______	_______
	36,779	25,550
	_______	_______

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	2,669	-
Trade creditors	9,452	37,291
Accruals and deferred income	24,296	44,296
Social security and other taxes	1,338	12,299
Other creditors	162,354	170,587
	_______	_______
	200,109	264,473
	_______	_______

The bank overdraft is secured on the assets of the company.

8. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

9. Directors advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:


	Loans to / (from) directors at 1 November 2016	Loans to / (from) the directors	Amounts repaid	Balance at 31 October 2017
	£	£	£	£
Directors	( 112,744)	37,650	( 62)	( 75,156)
	_______	_______	_______	_______


	Loans to / (from) directors at 1 November 2015	Loans to / (from) the directors	Amounts repaid	Balance at 31 October 2016
	£	£	£	£
Directors	101,109	3,945	( 217,798)	( 112,744)
	_______	_______	_______	_______

Directors' loans are repayable on demand and overdrawn balances are subject to interest at the official rate.

10. Related party transactions

During the year the company operated a loan account with companies under common control and directorship. The loan is not subject to interest and has no fixed repayment date. The amount owed by the company at 31 October 2017 was £85,998 (2016: £36,227).

11. Transition to FRS 102

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

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.

12. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.