Company Registration No. 05706783 (England and Wales)
COMPLETION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
COMPLETION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COMPLETION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
98
-
Tangible assets
4
1,230
1,633
1,328
1,633
Current assets
Work in progress
14,351
13,249
Debtors
5
13,571
7,137
Cash at bank and in hand
31,521
5,601
59,443
25,987
Creditors: amounts falling due within one year
6
(68,064)
(39,338)
Net current liabilities
(8,621)
(13,351)
Total assets less current liabilities
(7,293)
(11,718)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(7,295)
(11,720)
Total equity
(7,293)
(11,718)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
COMPLETION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 and signed by the director and authorised for issue on 6 August 2019
Mrs G Read
Director
Company Registration No. 05706783
COMPLETION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Completion Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Adelaide Cottage, 281 Old Bath Road, Cheltenham, GL53 9AJ.
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 a
mounts
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3 years straight line
Fixtures, fittings & equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Works in progress
Work in progress is
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
.
COMPLETION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 1).
3
Intangible fixed assets
Website
£
Cost
At 1 April 2018
2,795
Additions
120
At 31 March 2019
2,915
Amortisation and impairment
At 1 April 2018
2,795
Amortisation charged for the year
22
At 31 March 2019
2,817
Carrying amount
At 31 March 2019
98
At 31 March 2018
-
COMPLETION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
6,118
Additions
542
At 31 March 2019
6,660
Depreciation and impairment
At 1 April 2018
4,486
Depreciation charged in the year
944
At 31 March 2019
5,430
Carrying amount
At 31 March 2019
1,230
At 31 March 2018
1,633
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
3,914
4,798
Other debtors
9,657
2,339
13,571
7,137
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
1,448
4,028
Trade creditors
22,597
5,577
Corporation tax
9,132
1,125
Other taxation and social security
5,864
8,146
Other creditors
29,023
20,462
68,064
39,338
COMPLETION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
8
Directors' transactions
At the year end, the director owed the company £5,429 (2018 - the company owed the director £2,710). No interest has been applied on this amount and the loan was repaid after the year end.