Complete Estate Agents (Rugby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05326431

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

COMPLETE ESTATE AGENTS (RUGBY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H M Yemm

J L Yemm

B A Williams

SECRETARY:

J L Yemm

REGISTERED OFFICE:

Magma House

16 Davy Court

Castle Mound Way

Rugby

Warwickshire

CV23 0UZ

REGISTERED NUMBER:

05326431

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

5,489

6,390

CURRENT ASSETS

Debtors

5

205,069

161,025

Cash at bank and in hand

9,700

6,342

214,769

167,367

CREDITORS

Amounts falling due within one year

6

(116,374

)

(109,843

)

NET CURRENT ASSETS

98,395

57,524

TOTAL ASSETS LESS CURRENT LIABILITIES

103,884

63,914

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

103,784

63,814

SHAREHOLDERS' FUNDS

103,884

63,914

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

H M Yemm - Director

1.	STATUTORY INFORMATION

Complete Estate Agents (Rugby) Limited is a private company, limited by share capital, incorporated in England

and Wales, registration number 05326431. The address of the registered office is Magma House, 16 Davy

Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentational currency of the financial statements is sterling.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Land and Buildings

6.67% straight line method

Plant and Machinery

33% straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets that are measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Basic financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is

an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Non-basic financial instruments, including listed investments, are initially recognised at cost and are

subsequently revalued to their fair value. Changes in the fair value of listed investments are recognised in the

profit and loss account.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and deposits held at call with financial institutions.

Creditors

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at

amortised cost using the effective interest method, less any impairment.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

45,253

56,205

101,458

Additions

-

2,402

2,402

At 31 March 2018

45,253

58,607

103,860

DEPRECIATION

At 1 April 2017

38,958

56,110

95,068

Charge for year

3,017

286

3,303

At 31 March 2018

41,975

56,396

98,371

NET BOOK VALUE

At 31 March 2018

3,278

2,211

5,489

At 31 March 2017

6,295

95

6,390

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

5,514

4,020

Other debtors

199,555

157,005

205,069

161,025

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

54

54

Trade creditors

15,936

14,465

Taxation and social security

67,426

53,360

Other creditors

32,958

41,964

116,374

109,843

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

18,000

-

Between one and five years

-

36,000

18,000

36,000

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

H M Yemm

Balance outstanding at start of year

51,821

42,004

Amounts advanced

10,502

9,817

Amounts repaid

(10,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,323

51,821

B A Williams

Balance outstanding at start of year

-

-

Amounts advanced

13,265

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,265

-

Interest has been charged on overdrawn director's loan accounts at HMRC approved rates.

9.	RELATED PARTY DISCLOSURES

At 31 March 2018 the company was owed £104,167 from companies with common directorships.