Intercash (Croydon) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04014736 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2018

FOR

INTERCASH (CROYDON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Kenneth Allen John Stent

Peter William Stent

SECRETARY:

Peter William Stent

REGISTERED OFFICE:

Lascombe House

Puttenham

Guildford

Surrey

GU3 1BB

REGISTERED NUMBER:

04014736 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

FIXED ASSETS

Tangible assets

6

38,822

16,667

CURRENT ASSETS

Debtors

7

143,807

308,864

Cash at bank and in hand

2,695,425

2,349,477

2,839,232

2,658,341

CREDITORS

Amounts falling due within one year

8

164,534

232,406

NET CURRENT ASSETS

2,674,698

2,425,935

TOTAL ASSETS LESS CURRENT LIABILITIES

2,713,520

2,442,602

PROVISIONS FOR LIABILITIES

6,282

1,929

NET ASSETS

2,707,238

2,440,673

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

2,707,138

2,440,573

SHAREHOLDERS' FUNDS

2,707,238

2,440,673

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26th October 2018 and were signed on its behalf by:

Peter William Stent - Director

1.	STATUTORY INFORMATION

Intercash (Croydon) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires the use of judgements, estimates and assumptions that affect

the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses

during the reporting period. These judgements, estimates and assumptions are based on management's

historical experience, knowledge and other factors including expectations of future events or actions that are

believed to be reasonable under the circumstances. Actual results may differ from those amounts estimated.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements:

Financial Instruments:

The directors have concluded that financial instruments are basic.

Acting as a principal:

The directors have concluded that the company is acting as a principal. Details of the company's turnover

accounting policy are below.

In preparing these financial statements, management do not believe that they have used any significant

estimates or assumptions.

Turnover and cost of sales

Turnover represents sales of foreign currency, which is currency not denominated in Sterling, and travellers

cheques.

Turnover is measured at the fair value of the consideration received or receivable and represents the amount

receivable for services rendered, net of returns, discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably; it is probable that

future economic benefits will flow to the entity and when the specific criteria relating to the each of company’s

sales channels have been met, as described below.

Sale of foreign currency is recognised on the sale of foreign currency at the point the currency translation takes

place as this is the point the risks and rewards of ownership have been transfered to the customer.

Cost of sales represents the purchase of foreign currency, which is currency not denominated in Sterling, and

travellers cheques.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost and 25% on cost

Fixtures and fittings

-

25% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its

intended use, dismantling and restoration costs and borrowing costs capitalised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Short term employee benefits

Short term benefits, including non-monetary benefits, are recognised as an expense in the period in which the

service is received.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have been

paid the company has no further payment obligations. The contributions are recognised as an expense when

they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held

separately from the company in independently administered funds.

The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss

account when the company has a legal or constructive obligation to make payments under the plan as a result of

past events and a reliable estimate of the obligation can be made.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2017 - 19 ) .

5.	AUDITORS' REMUNERATION

2018

2017

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,108

6,240

Auditors' remuneration for non audit work

5,100

-

Other non- audit services

-

1,344

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st February 2017

87,550

214,212

301,762

Additions

11,184

42,126

53,310

At 31st January 2018

98,734

256,338

355,072

DEPRECIATION

At 1st February 2017

82,129

202,966

285,095

Charge for year

9,377

21,778

31,155

At 31st January 2018

91,506

224,744

316,250

NET BOOK VALUE

At 31st January 2018

7,228

31,594

38,822

At 31st January 2017

5,421

11,246

16,667

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

3,530

122,170

Other debtors

140,277

186,694

143,807

308,864

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

16,308

29,483

Taxation and social security

70,329

143,365

Other creditors

77,897

59,558

164,534

232,406

9.

RESERVES

Retained

earnings

£

At 1st February 2017

2,440,573

Profit for the year

266,565

At 31st January 2018

2,707,138

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

J R Reilly ACCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

11.	OTHER FINANCIAL COMMITMENTS

Total amount of commitments, guarantees and contingencies is £159,205 (2017: £39,500).

12.	RELATED PARTY DISCLOSURES

Transactions with owners and directors

The amount owed by the company to the above category of related party totalled £Nil - (2017: £Nil).