For the year ended 31 December 2015
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC429673
Cargo Seat Limited
For the year ended 31 December 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Cargo Seat Limited
Accountants' Report
For the year ended 31 December 2015
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts of
|
Cargo Seat Limited for the year ended
31
December
2015
which comprise the Profit and Loss Account
,
the Balance Sheet and
|
the related notes from the company
'
s accounting records and from information and explanations you have given us
.
|
As a practising firm of the Institute of Chartered Accountants of Scotland
,
we are subject to its ethical and other professional
|
requirements which are detailed at http
://
www
.
icas
.
org
.
uk
/
accountspreparationguidance
.
|
This report is made solely to the Board of Directors of Cargo Seat Limited
,
as a body
,
in accordance with the terms of our
|
engagement letter dated
.
Our work has been undertaken solely to prepare for your approval the accounts of Cargo Seat
|
Limited and state those matters that we have agreed to state to the Board of Directors of Cargo Seat Limited
,
as a body
,
in this
|
report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at
|
http
://
www
.
icas
.
org
.
uk
/
accountspreparationguidance
.
To the fullest extent permitted by law
,
we do not accept or assume
|
responsibility to anyone other than Cargo Seat Limited and its Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that Cargo Seat Limited has kept adequate accounting records to prepare statutory accounts that give a
|
true and fair view of the assets
,
liabilities
,
financial position and loss of Cargo Seat Limited
.
You consider that Cargo Seat
|
Limited is exempt from the statutory audit requirement for the year
.
|
We have not been instructed to carry out an audit or a review of the accounts of Cargo Seat Limited
.
For this reason
,
we have
|
not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and
|
we do not
,
therefore
,
express any opinion on the statutory accounts
.
|
EM Cubed Ltd
17 Abbeygreen
Lesmahagow
ML11 0EQ
1 of 4
Notes to the Abbreviated Financial Statements
|
Cargo Seat Limited
For the year ended 31 December 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
|
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and recognised the gains and losses expected to arise on sale or where assets have been sold and it is expected that the taxable gain will be rolled over into a replacement asset.
|
Licences and patents are stated at cost less amortisation
.
Amortisation of licences is calculated on a straight line basis over the life
|
of the licence
.
Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the
|
patents of
10
years
.
|
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred
.
However
,
|
where the directors are satisfied as to the technical
,
commercial and financial viability of individual projects
,
development
|
expenditure is deferred and amortised over
10
years during which the company is expected to benefit
.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
Cargo Seat Limited
For the year ended 31 December 2015
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Computer Equipment
2
Intangible fixed assets
|
23,304
9,806
33,110
2,331
3,310
Charge for year
5,641
115
115
29
Charge for year
29
86
Allotted called up and fully paid
|
2015
2014
83
,
555
ordinary shares of £
0
.
001
each
|
80
84
84
80
3568 ordinary £0.001 shares have been issued during the year at par for a cash consideration of £5.62.
4 of 4