Clipper Contracts Limited 30/04/2018 iXBRL

Clipper Contracts Limited 30/04/2018 iXBRL

CLIPPER CONTRACTS LIMITED - Company Information

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Company registration number: 02225149
Clipper Contracts Limited
Financial statements
30 April 2018
Clipper Contracts Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Clipper Contracts Limited
Directors and other information
Director Mr K Rand
Company number 02225149
Registered office 227a West Street
Fareham
Hants
PO16 0HZ
Accountants Arthur Daniels & Company
227a West Street
Fareham
PO16 0HZ
Clipper Contracts Limited
Chartered accountants report to the director on the preparation of the
statutory financial statements of Clipper Contracts Limited
Year ended 30 April 2018
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2018 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Arthur Daniels & Company
Chartered Accountants
227a West Street
Fareham
PO16 0HZ
14 August 2018
Clipper Contracts Limited
Statement of financial position
30 April 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 5,003 6,374
_______ _______
5,003 6,374
Current assets
Stocks 5,000 -
Debtors 6 10,311 11,126
Cash at bank and in hand 36,854 98,013
_______ _______
52,165 109,139
Creditors: amounts falling due
within one year 7 ( 13,631) ( 10,536)
_______ _______
Net current assets 38,534 98,603
_______ _______
Total assets less current liabilities 43,537 104,977
_______ _______
Net assets 43,537 104,977
_______ _______
Capital and reserves
Called up share capital 500 500
Profit and loss account 43,037 104,477
_______ _______
Shareholders funds 43,537 104,977
_______ _______
For the year ending 30 April 2018 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 14 August 2018 , and are signed on behalf of the board by:
Mr K Rand
Director
Company registration number: 02225149
Clipper Contracts Limited
Statement of changes in equity
Year ended 30 April 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2016 500 103,627 104,127
(Loss)/profit for the year 10,850 10,850
_______ _______ _______
Total comprehensive income for the year - 10,850 10,850
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 30 April 2017 and 1 May 2017 500 104,477 104,977
(Loss)/profit for the year ( 1,440) ( 1,440)
_______ _______ _______
Total comprehensive income for the year - ( 1,440) ( 1,440)
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 30 April 2018 500 43,037 43,537
_______ _______ _______
Clipper Contracts Limited
Notes to the financial statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 227a West Street, Fareham, Hants, PO16 0HZ.
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.
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.
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 - 25 % reducing balance
Fittings fixtures and equipment - 25 % 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2017 and 30 April 2018 7,268 10,661 13,500 31,429
_______ _______ _______ _______
Depreciation
At 1 May 2017 7,056 8,923 9,076 25,055
Charge for the year 53 434 884 1,371
_______ _______ _______ _______
At 30 April 2018 7,109 9,357 9,960 26,426
_______ _______ _______ _______
Carrying amount
At 30 April 2018 159 1,304 3,540 5,003
_______ _______ _______ _______
At 30 April 2017 212 1,738 4,424 6,374
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 8,819 10,455
Other debtors 1,492 671
_______ _______
10,311 11,126
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 6,758 4,241
Corporation tax - 3,050
Social security and other taxes 2,889 648
Other creditors 3,984 2,597
_______ _______
13,631 10,536
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K Rand ( 585) ( 388) - ( 973)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K Rand ( 20,550) - 19,965 ( 585)
_______ _______ _______ _______
9. Controlling party
The Director and majority shareholder, Mr K Rand , is the ultimate controlling party.