Solution Cornwall Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06843472 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Solution Cornwall Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

Mr N C Robertson-Vousden

REGISTERED OFFICE:

Unit 1, Indian Queens Industrial Estate

Warren Road

Indian Queens

St. Columb

Cornwall

TR9 6TL

REGISTERED NUMBER:

06843472 (England and Wales)

ACCOUNTANTS:

Cornish Accounting Solutions Ltd

Chartered Accountants and Business Specialists

79 Higher Bore Street

Bodmin

Cornwall

PL31 1JT

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Solution Cornwall Limited for the year ended 31 March 2018 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Solution Cornwall Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Solution Cornwall Limited and state those matters that we have agreed to state to the director of Solution Cornwall Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solution Cornwall Limited and its director for our work or for this report.

It is your duty to ensure that Solution Cornwall Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Solution Cornwall Limited. You consider that Solution Cornwall Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Solution Cornwall Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cornish Accounting Solutions Ltd

Chartered Accountants and Business Specialists

79 Higher Bore Street

Bodmin

Cornwall

PL31 1JT

21 December 2018

FIXED ASSETS

Tangible assets

4

23,953

27,004

CURRENT ASSETS

Stocks

71,182

72,000

Debtors

5

83,644

79,780

Cash at bank

7,425

7,688

162,251

159,468

CREDITORS

Amounts falling due within one year

6

178,157

154,937

NET CURRENT (LIABILITIES)/ASSETS

(15,906

)

4,531

TOTAL ASSETS LESS CURRENT LIABILITIES

8,047

31,535

CREDITORS

Amounts falling due after more than one year

7

19,743

32,524

NET LIABILITIES

(11,696

)

(989

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(11,796

)

(1,089

)

(11,696

)

(989

)

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 21 December 2018 and were signed by:

Mr N C Robertson-Vousden - Director

1.	STATUTORY INFORMATION

Solution Cornwall 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.	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

Going concern

Total liabilities exceed current assets at the balance sheet date. The directors consider however, that the

company has sufficient liquid assets to meet its liabilities as and when they fall due, reliant on the support of its

creditors and the directors. Accordingly the directors consider therefore that it is appropriate to prepare the

accounts on a going concern basis, which presumes the realisation of assets and the discharge of liabilities in the

normal course of business for the foreseeable future.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Leasehold Imprvmts to prop

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 tax

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

Imprvmts

Plant and

and

to prop

machinery

fittings

£

£

£

COST

At 1 April 2017

3,647

13,845

18,793

Additions

-

6,972

-

Disposals

-

(4,075

)

(3,040

)

At 31 March 2018

3,647

16,742

15,753

DEPRECIATION

At 1 April 2017

730

6,501

6,507

Charge for year

730

3,356

1,695

Eliminated on disposal

-

(3,208

)

(1,670

)

Charge written back

(1

)

27

(385

)

At 31 March 2018

1,459

6,676

6,147

NET BOOK VALUE

At 31 March 2018

2,188

10,066

9,606

At 31 March 2017

2,917

7,344

12,286

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2017

2,100

16,389

54,774

Additions

-

-

6,972

Disposals

(2,100

)

-

(9,215

)

At 31 March 2018

-

16,389

52,531

DEPRECIATION

At 1 April 2017

525

13,507

27,770

Charge for year

-

1,466

7,247

Eliminated on disposal

(525

)

-

(5,403

)

Charge written back

-

(677

)

(1,036

)

At 31 March 2018

-

14,296

28,578

NET BOOK VALUE

At 31 March 2018

-

2,093

23,953

At 31 March 2017

1,575

2,882

27,004

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

17,814

4,401

Other debtors

65,830

75,379

83,644

79,780

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

35,490

41,758

Hire purchase contracts

1,654

1,654

Trade creditors

100,615

76,498

Taxation and social security

28,575

22,604

Other creditors

11,823

12,423

178,157

154,937

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

19,743

30,870

Hire purchase contracts

-

1,654

19,743

32,524

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 March 2017:

2018

2017

£

£

Mr N C Robertson-Vousden

Balance outstanding at start of year

43,563

8,416

Amounts advanced

33,104

35,355

Amounts repaid

(51,312

)

(208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

25,355

43,563

Interest has been charged on the closing loan balance at the official market rate, giving rise to a charge of £869

(2017 : £821) in the year.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section

1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions where they have occurred under normal market conditions.

10.	ULTIMATE CONTROLLING PARTY