The Channel Transport and Trading Company Limited Company Accounts

The Channel Transport and Trading Company Limited Company Accounts

CHANNEL TRANSPORT AND TRADING COMPANY LIMITED(THE) - Company Information

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COMPANY REGISTRATION NUMBER: 00566172
The Channel Transport and Trading Company Limited
Filleted Unaudited Financial Statements
31 May 2018
The Channel Transport and Trading Company Limited
Financial Statements
Year ended 31 May 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Channel Transport and Trading Company Limited
Statement of Financial Position
31 May 2018
2018
2017
Note
£
£
£
£
Fixed assets
Investments
4
–
2,500
Current assets
Debtors
5
3,931
–
Cash at bank and in hand
434,798
1,909
---------
-------
438,729
1,909
Creditors: amounts falling due within one year
6
( 211,080)
( 17,594)
---------
--------
Net current assets/(liabilities)
227,649
( 15,685)
---------
--------
Total assets less current liabilities
227,649
( 13,185)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
227,549
( 13,285)
---------
--------
Shareholders funds/(deficit)
227,649
( 13,185)
---------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 May 2018 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 .
The Channel Transport and Trading Company Limited
Statement of Financial Position (continued)
31 May 2018
These financial statements were approved by the board of directors and authorised for issue on 29 October 2018 , and are signed on behalf of the board by:
Mr P.F. Ashmead
Director
Company registration number: 00566172
The Channel Transport and Trading Company Limited
Notes to the Financial Statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18-22 Angel Crescent, Bridgwater, Somerset, TA6 3AL, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
4. Investments
Other investments other than loans
£
Cost
At 1 June 2017
2,500
Disposals
( 2,500)
-------
At 31 May 2018
–
-------
Impairment
At 1 June 2017 and 31 May 2018
–
-------
Carrying amount
At 31 May 2018
–
-------
At 31 May 2017
2,500
-------
5. Debtors
2018
2017
£
£
Other debtors
3,931
–
-------
----
6. Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
100,180
14,594
Other creditors
110,900
3,000
---------
--------
211,080
17,594
---------
--------
7. Related party transactions
At 31 May 2018 the company was indebted to the directors in the sum of £108,500 (2017: £nil). The loans are repayable on demand and interest free.