Registered number
05846031
Corporate and Asset Finance Limited
Filleted Accounts
31 March 2023
Corporate and Asset Finance Limited
Registered number: 05846031
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,636 5,794
Current assets
Debtors 4 13,363 18,214
Cash at bank and in hand 53,507 60,445
66,870 78,659
Creditors: amounts falling due within one year 5 (31,749) (32,228)
Net current assets 35,121 46,431
Total assets less current liabilities 39,757 52,225
Creditors: amounts falling due after more than one year 6 (24,947) (34,837)
Provisions for liabilities (852) (1,066)
Net assets 13,958 16,322
Capital and reserves
Called up share capital 42 42
Profit and loss account 13,916 16,280
Shareholders' funds 13,958 16,322
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A W Robinson
Director
Approved by the board on 20 November 2023
Corporate and Asset Finance Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 10% straight line
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 7,643 25,009 32,652
At 31 March 2023 7,643 25,009 32,652
Depreciation
At 1 April 2022 7,642 19,216 26,858
Charge for the year - 1,158 1,158
At 31 March 2023 7,642 20,374 28,016
Net book value
At 31 March 2023 1 4,635 4,636
At 31 March 2022 1 5,793 5,794
4 Debtors 2023 2022
£ £
Trade debtors 13,363 13,187
Other debtors - 5,027
13,363 18,214
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,070 8,852
Taxation and social security costs 20,370 22,668
Other creditors 2,309 708
31,749 32,228
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,947 34,837
7 Controlling party
The company is controlled by Mr A W Robinson and Mrs C Robinson who together own 100% of the ordinary share capital of the company.
8 Other information
Corporate and Asset Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Oak House
Rowney Green Lane
Rowney Green
Worcestershire
B48 7QU
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