Company Registration No. 08456568 (England and Wales)
CHTG Engineering Limited
Unaudited financial statements
for the year ended 31 March 2019
Pages for filing with registrar
CHTG Engineering Limited
Chartered Accountants' Report to the board of directors on the preparation of the
unaudited statutory financial statements of CHTG Engineering Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CHTG Engineering Limited for the year ended 31 March 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member 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.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of CHTG Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 18 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of CHTG Engineering Limited and state those matters that we have agreed to state to the Board of Directors of CHTG Engineering 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.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CHTG Engineering Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that CHTG Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of CHTG Engineering Limited. You consider that CHTG Engineering 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 financial statements of CHTG Engineering 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 financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
18 June 2019
CHTG Engineering Limited
Statement of financial position
at 31 March 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
795
-
Current assets
Debtors
4,575
10
Cash at bank and in hand
58,858
61,150
63,433
61,160
Creditors: amounts falling due within one year
(41,763)
(39,431)
Net current assets
21,670
21,729
Total assets less current liabilities
22,465
21,729
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
22,463
21,727
Total equity
22,465
21,729
CHTG Engineering Limited
Statement of financial position (continued)
at 31 March 2019
3
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 directors acknowledge their 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 by the board of directors and authorised for issue on 14 June 2019 and are signed on its behalf by:
Charles Gibb
Director
Company Registration No. 08456568
CHTG Engineering Limited
Notes to the financial statements
for the year ended 31 March 2019
4
1
Accounting policies
Company information
CHTG Engineering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Post Office High Street, Hartley Wintney, Hook, Hampshire, England, RG27 8NZ.
1.1
Accounting convention
The financial statements are prepared in
sterling
, which is the functional currency of the company.
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
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:
Fixtures and fittings
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
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
CHTG Engineering Limited
Notes to the financial statements (continued)
for the year ended 31 March 2019
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Total
£
Cost
At 1 April 2018
253
Additions
957
At 31 March 2019
1,210
Depreciation and impairment
At 1 April 2018
253
Depreciation charged in the year
162
At 31 March 2019
415
Carrying amount
At 31 March 2019
795
At 31 March 2018
-
CHTG Engineering Limited
Notes to the financial statements (continued)
for the year ended 31 March 2019
6
3
Directors' transactions
Transactions during the year were:-
Description
Opening balance(credit)
Amounts advanced
Amounts credited
Closing balance(credit)
£
£
£
£
Charles Gibb -
28,226
(32,226)
28,784
24,784
28,226
(32,226)
28,784
24,784