Company Registration No. 09423509 (England and Wales)
CAERUS (CHURCH ROAD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
CAERUS (CHURCH ROAD) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CAERUS (CHURCH ROAD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Current assets
Stocks
892,017
783,934
Debtors
2
2,161
2,143
Cash at bank and in hand
50
-
894,228
786,077
Creditors: amounts falling due within one year
3
(1,452,993)
(1,000,833)
Net current liabilities
(558,765)
(214,756)
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
(558,865)
(214,856)
Total equity
(558,765)
(214,756)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2018 and are signed on its behalf by:
Mr M McLean
Mr P Seaton
Director
Director
Company Registration No. 09423509
CAERUS (CHURCH ROAD) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2017:
Balance at 1 April 2016
100
1,572
1,672
As restated
100
1,572
1,672
Period ended 31 March 2017:
Loss and total comprehensive income for the period
-
(216,428)
(216,428)
Balance at 31 March 2017
100
(214,856)
(214,756)
Period ended 31 March 2018:
Loss and total comprehensive income for the period
-
(344,009)
(344,009)
Balance at 31 March 2018
100
(558,865)
(558,765)
CAERUS (CHURCH ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Caerus (Church Road) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 1 Valentine Place, London, SE1 8QH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its day to day working capital requirements through intercompany loans.

On the basis that the parent company will not call upon the loan until such time that the company has sufficient funds available to repay the loan, the directors consider it appropriate to prepare the accounts on the going concern basis.

The directors have considered the company's financial position and although it made net current liabilities of £558,765 at the balance sheet date, the value of stock is sufficient to generate positive cash flows.

1.3
Turnover

Turnover represents rental income received during the year and revenue from sale of properties, excluding value added tax, if applicable.

Revenue from sale of properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of sale), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can me measured reliably.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks

CAERUS (CHURCH ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CAERUS (CHURCH ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
2
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
2,161
2,143
3
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,548
194
Amounts due to group undertakings
1,448,195
998,789
Other creditors
2,250
1,850
1,452,993
1,000,833
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100
100
100
5
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2016
2017
Notes
£
£
Equity as previously reported
1,672
10,425
Adjustments to prior year
Management charge
-
(225,181)
Equity as adjusted
1,672
(214,756)
CAERUS (CHURCH ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
5
Prior period adjustment
(Continued)
- 6 -
Reconciliation of changes in profit/(loss) for the previous financial period
2017
Notes
£
Profit as previously reported
8,753
Adjustments to prior year
Management charge
(225,181)
Loss as adjusted
(216,428)
Notes to reconciliation

During the year the directors realised that management charges which were payable to the parent company for services undertaken by it on behalf of the company had not been charged in the previous accounting period. This has been corrected by way of prior year adjustment and the net effect on reserves was £225,181.

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