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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2018 |
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Cartwright King Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2018 |
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for |
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Cartwright King Limited |
Cartwright King Limited (Registered number: 10143062) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Income and Retained Earnings | 7 |
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Balance Sheet | 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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Cartwright King Limited |
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Company Information |
for the Year Ended 30 September 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
Cartwright King Limited (Registered number: 10143062) |
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Strategic Report |
for the Year Ended 30 September 2018 |
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The directors present their strategic report for the year ended 30 September 2018. |
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REVIEW OF BUSINESS |
Financial performance was slightly behind our targets for a number of reasons outside of our control but we remained |
profitable. Turnover has been reduced this year, however costs have reduced in line, providing a stable gross profit |
margin of 32.5% compared to 31.6% in the previous year. Great energy has been put into improving internal efficiency. |
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Government sourced public funding is a major source of income for the company and, whilst the rates of pay in some |
sectors are lower than in other areas of the profession, those contracts provide a reliable source of income which is |
sufficient for our business models. |
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The previous years exceptional income item (Note 5) in the profit and loss account is not trading income but a one off |
item that will not be repeated as it relates to the treatment of the assets acquired by the company from the former |
partnership when hived up on formation. When this item is discounted, and compared to the current year net profit |
margin and improved performance has occurred of 1.4% compared to 1.2%. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The outlook for 2018/19 remains positive. In 2018 the company renewed and expanded the Legal Aid Agency civil |
contracts for 5 years, giving a secure opportunity for fresh expansion and the momentum for increasing the income |
received from outside the public sector. |
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The directors are satisfied that there are no significant risks to the business outside those normally associated with the |
very competitive nature of the legal services industry. |
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ON BEHALF OF THE BOARD: |
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20 March 2019 |
Cartwright King Limited (Registered number: 10143062) |
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Report of the Directors |
for the Year Ended 30 September 2018 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a Solicitors firm. |
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DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
Ordinary A1 £1 | - | £ |
Ordinary A2 £1 | - | £ |
Ordinary A3 £1 | - | £25.94 |
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The total distribution of dividends for the year ended 30 September 2018 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2017 to the date of this |
report. |
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DISCLOSURE IN THE STRATEGIC REPORT |
Review of the Business |
The review of the development and performance of the business of the company during the year and the future outlook |
of the company is set out in the Strategic Report. |
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Principal Risks and Uncertainties |
The review of the principal risks and uncertainties are set out in the Strategic Report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
Cartwright King Limited (Registered number: 10143062) |
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Report of the Directors |
for the Year Ended 30 September 2018 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Cartwright King Limited |
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Opinion |
We have audited the financial statements of Cartwright King Limited (the 'company') for the year ended |
30 September 2018 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow |
Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant |
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 September 2018 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Cartwright King Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
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Cartwright King Limited (Registered number: 10143062) |
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Statement of Income and Retained Earnings |
for the Year Ended 30 September 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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352,865 | 227,801 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Exceptional item | 5 |
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352,865 | 1,493,310 |
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Interest receivable and similar income |
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356,784 | 1,498,098 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 8 | ( |
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RETAINED EARNINGS AT END OF
YEAR |
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Cartwright King Limited (Registered number: 10143062) |
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Balance Sheet |
30 September 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Work in progress | 11 |
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Debtors | 12 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Cartwright King Limited (Registered number: 10143062) |
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Cash Flow Statement |
for the Year Ended 30 September 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments
paid |
( |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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( |
) |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
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Purchase of fixed asset investments | - | (20,000 | ) |
Interest received |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
New loans in year |
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Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 364,800 |
Amount withdrawn by directors | (48,442 | ) | (406,928 | ) |
Share issue |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of
year |
2 |
(1,834,466 |
) |
100 |
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Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
Cartwright King Limited (Registered number: 10143062) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 September 2018 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 171,669 | 140,193 |
Finance income | (3,919 | ) | (4,788 | ) |
519,235 | 1,677,590 |
Decrease/(increase) in work in progress |
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( |
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Decrease/(increase) in trade and other debtors |
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( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 30 September 2018 |
30.9.18 | 1.10.17 |
£ | £ |
Cash and cash equivalents | 2,300 | 2,300 |
Bank overdrafts | ( |
) | ( |
) |
(2,127,858 | ) | (1,834,466 | ) |
Year ended 30 September 2017 |
30.9.17 | 1.10.16 |
£ | £ |
Cash and cash equivalents | 2,300 | 100 |
Bank overdrafts | ( |
) |
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(1,834,466 | ) | 100 |
Cartwright King Limited (Registered number: 10143062) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2018 |
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1. | STATUTORY INFORMATION |
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Cartwright King Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The |
financial statements have been prepared under the historical cost convention as modified by the use of fair values |
for certain financial instruments in accordance with the accounting policies set out below. |
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Preparation of consolidated financial statements |
The financial statements contain information about Cartwright King Limited as an individual company and do |
not contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 402 of the Companies Act 2006 not to prepare consolidated financial statements on the grounds that the |
subsidiary undertakings are not material for the purpose of giving a true and fair view. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is reversed if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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Judgements |
No significant judgements have been made by management in preparing these financial statements. |
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Key sources of estimation uncertainty |
No key sources of uncertainty have been identified by management in preparing these financial statements other |
than those detailed in these accounting policies. |
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Revenue recognition |
Fees receivable represent the fair value of services provided during the year on client assignments. Fair value |
reflects the amount expected to be recoverable from clients based on time spent, skills provided and expenses |
incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to |
consideration is secured, except where the final outcome cannot be assessed with reasonable certainty. |
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Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs |
and collectability of the fee is assured. |
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Unbilled fee income on individual assignments is included as work in progress. |
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Tangible fixed assets |
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Office equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Cartwright King Limited (Registered number: 10143062) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Work in progress |
Work in progress is valued in accordance with FRS5 and the guidance issued in UITF 40. Hence all |
unbilled/incomplete time has been valued at fair value and reflects the time spent and the skills and expertise that |
have been provided. |
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Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets |
and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Cartwright King Limited (Registered number: 10143062) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Trade debtors |
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business. |
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Trade debtors are recognised at the transaction price. 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 debtor. |
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Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. |
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Trade creditors are recognised at the transaction price. |
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Trade creditors are classified as current liabilities of the company. The company does not have an unconditional |
right, at the end of the reporting date, 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. |
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3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Fee earning and administration | 209 | 253 |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Cartwright King Limited (Registered number: 10143062) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Auditors' remuneration |
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5. | EXCEPTIONAL ITEMS |
2018 | 2017 |
£ | £ |
Exceptional item |
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On 1st October 2016, the business of Cartwright King, formerly conducted through a partnership of two limited |
companies; S J Gelsthorpe Limited and M G Thurston Limited, was "hived up" to the newly formed company |
Cartwright King Limited. In order to facilitate the hiving up of the assets of the former partnership, a dividend |
"in specie" was made to Cartwright King Limited. This dividend was not received in cash, but rather represents |
the book value of all assets introduced during the restructure. |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
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Leasing |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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|
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Deferred tax | ( |
) | ( |
) |
Tax on profit |
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Cartwright King Limited (Registered number: 10143062) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2018 | 2017 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes |
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( |
) |
Capital allowances in excess of depreciation | - | ( |
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Depreciation in excess of capital allowances |
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- |
Deferred tax movement | (3,219 | ) | (12,459 | ) |
Total tax charge | 50,425 | 40,539 |
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8. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary A1 shares of £1 each |
Interim |
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Ordinary A2 shares of £1 each |
Interim |
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Ordinary A3 shares of £1 each |
Interim |
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9. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 October 2017 |
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Additions |
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At 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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At 30 September 2018 |
|
NET BOOK VALUE |
At 30 September 2018 |
|
At 30 September 2017 |
|
Cartwright King Limited (Registered number: 10143062) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
|
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2017 |
and 30 September 2018 |
|
NET BOOK VALUE |
At 30 September 2018 |
|
At 30 September 2017 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: C/o Cartwright King Solicitors, Lock House, Wilford Road, Nottingham, NG2 1AG |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 | 2017 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
|
|
Registered office: C/o Cartwright King Solicitors, Lock House, Wilford Road, Nottingham, NG2 1AG |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 | 2017 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
|
11. | WORK IN PROGRESS |
2018 | 2017 |
£ | £ |
Work-in-progress |
|
|
|
Costs of work in progress recognised as an expense in the year amounted to £7,798,049 (2017: £9,037,657) |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Directors' loan accounts | 145,941 | 129,629 |
Deferred tax | 15,678 | 12,459 |
Prepayments and accrued income |
|
|
|
|
Cartwright King Limited (Registered number: 10143062) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Other loans (see note 15) |
|
|
Finance leases (see note 16) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 335,724 | 958,243 |
Other creditors |
|
|
Directors' loan accounts | 55,371 | 87,501 |
Accruals and deferred income |
|
|
|
|
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 15) |
|
|
Finance leases (see note 16) |
|
|
Amounts owed to group undertakings |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
Other loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 34,018 | 347,116 |
Cartwright King Limited (Registered number: 10143062) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Finance leases |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
Finance leases | 17,794 | 32,409 |
|
|
|
Bank loans and overdraft are secured by way of a fixed and floating charge over the company's assets, as well as |
personal guarantees provided by S J Gelsthorpe and M G Thurston to the extent of £1.6 million. |
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary A1 | £1 | 10,000 | 10,000 |
|
Ordinary A2 | £1 | 10,000 | 10,000 |
|
Ordinary A3 | £1 | 5,000 | 5,000 |
25,000 | 25,000 |
Cartwright King Limited (Registered number: 10143062) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 October 2017 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 September 2018 |
|
|
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 30 September 2018 and |
30 September 2017: |
|
2018 | 2017 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
Interest was charged on directors' advances at HM Revenue & Customs' official rate of 2.5% per annum. |
|
The directors overdrawn loan account was cleared within nine months of the year end. |
|
21. | RELATED PARTY DISCLOSURES |
|
The balance outstanding on interest free loans provided from companies controlled by a common director / |
member of key management, amounted to £37,808 (2017: £43,547). |
|
|
2018 | 2017 |
£ | £ |
Salaries | 25,500 | 150,000 |
Social security contributions | 2,938 | 20,418 |