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Registration number: 09145462

Company Asset Finance Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Company Asset Finance Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 8

 

Company Asset Finance Limited

Company Information

Directors

Mrs TL Barnes

Mr TJ Barnes

Company secretary

Mr K Jackson

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Company Asset Finance Limited
for the Year Ended 31 July 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 July 2018, as set out on pages 3 to 8, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.














HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

21 September 2018

 

Company Asset Finance Limited

(Registration number: 09145462)
Balance Sheet as at 31 July 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

-

160

Current assets

 

Debtors

5

419

-

Cash at bank and in hand

 

5,437

5,832

 

5,856

5,832

Creditors: Amounts falling due within one year

6

(5,443)

(4,978)

Net current assets

 

413

854

Net assets

 

413

1,014

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

313

914

Total equity

 

413

1,014

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 September 2018 and signed on its behalf by:
 

.........................................

Mrs TL Barnes

Director

 

Company Asset Finance Limited

Statement of Changes in Equity for the Year Ended 31 July 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2017

100

914

1,014

Profit for the year

-

12,199

12,199

Total comprehensive income

-

12,199

12,199

Dividends

-

(12,800)

(12,800)

At 31 July 2018

100

313

413

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2016

100

173

273

Profit for the year

-

12,241

12,241

Total comprehensive income

-

12,241

12,241

Dividends

-

(11,500)

(11,500)

At 31 July 2017

100

914

1,014

 

Company Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

1

General information

The company registration number is: 09145462

The company is a private company limited by share capital incorporated in England and Wales.

The principal place of business is:
HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

These financial statements were authorised for issue by the Board on 21 September 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Company Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2017 - 2).

 

Company Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2017

500

500

At 31 July 2018

500

500

Depreciation

At 1 August 2017

340

340

Charge for the year

160

160

At 31 July 2018

500

500

Carrying amount

At 31 July 2018

-

-

At 31 July 2017

160

160

5

Debtors

2018
£

2017
£

Other debtors

419

-

6

Creditors

2018
£

2017
£

Due within one year

Directors' loan accounts

-

51

Other creditors

5,443

4,927

5,443

4,978

 

Company Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

 

2018
£

2017
£

Interim dividend of £128 (2017 - £115) per each Ordinary share

12,800

11,500

     

9

Related party transactions

Transactions with directors

2018

At 1 August 2017
£

Advances to directors
£

Repayments by director
£

At 31 July 2018
£

Mr TJ Barnes

Advanced/ repaid

(51)

9,190

(8,720)

419

         
       

 


During the year the company paid dividends totalling £12,800 (2017 - £11,500) to the directors. Also during the year the company made interest free, unsecured, repayable on demand loans to the directors through the provision of a facility that can be drawn against. At the balance sheet date the amount due to/ (from) the company was £419 (2017 - (£51)).