Registration number:
Cassidy Slyfield Limited
for the Year Ended 31 March 2017
Pages for Filing with Registrar
Cassidy Slyfield Limited
(Registration number: 08558510)
Balance Sheet as at 31 March 2017
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Current assets |
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Stock |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. |
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
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H W Ashton
Director
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Cassidy Slyfield Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is that of property investment.
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.
Going concern
The company made a loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty. |
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Cassidy Slyfield Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a
change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax
credits in the Company. Deferred income tax is determined using tax rates and laws that have been
enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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Cassidy Slyfield Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Financial instruments
Staff numbers |
There were no employees during the current year or the previous year.
Stock |
2017 |
2016 |
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Stock |
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Debtors |
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2016 |
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Other debtors |
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Cassidy Slyfield Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
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2017 |
2016 |
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Due within one year |
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Other creditors |
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Related party transactions |
During the year, the Trustees of Aljabara Trust made payments on behalf of the company totalling £94,410 (2016 - £258,351). At the balance sheet date the amount owed to the Trustees of Aljabara Trust was £352,761 (2016 - £258,351).
Dividends |
There were no dividends paid or proposed in either the current year or the previous year.
Transition to FRS 102 Section 1A |
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