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Carew & Co Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Carew & Co Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Carew & Co Ltd

Company Information

Directors

Mr C M Vickers Mrs M J Vickers

Registered office

The Vineyards Upper Whittimere Bobbington West Midlands DY7 5EP

Accountants

AIMS Accountants for Business 1 Broad Lane Bradmore Wolverhampton West Midlands WV3 9BJ

Page 1

Carew & Co Ltd

(Registration number: 00953608)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	162	242
Investment property	5	2,000,000	2,000,000
		2,000,162	2,000,242
Current assets
Debtors	6	6,025	2,171
Cash at bank and in hand		84,611	62,581
		90,636	64,752
Creditors: Amounts falling due within one year	7	(74,236)	(57,074)
Net current assets		16,400	7,678
Net assets		2,016,562	2,007,920
Capital and reserves
Called up share capital	8	4,350	4,350
Capital redemption reserve		52	52
Revaluation reserve		1,270,873	1,270,873
Profit and loss account		741,287	732,645
Total equity		2,016,562	2,007,920

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Carew & Co Ltd

(Registration number: 00953608)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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 Board on 8 November 2018 and signed on its behalf by:
 

.........................................

Mr C M Vickers
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Carew & Co Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Vineyards
Upper Whittimere
Bobbington
West Midlands
DY7 5EP

These financial statements were authorised for issue by the Board on 8 November 2018.

2	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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Carew & Co Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Investment property	Nil
Fixtures and equipment	15% reducing balance basis
Computer equipment	33% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2017 - 1).

Page 5

Carew & Co Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	15,076	15,076
At 31 March 2018	15,076	15,076
Depreciation
At 1 April 2017	14,834	14,834
Charge for the year	80	80
At 31 March 2018	14,914	14,914
Carrying amount
At 31 March 2018	162	162
At 31 March 2017	242	242

5	Investment properties

	2018 £
At 1 April 2017	2,000,000

The land and buildings were valued on a rental yield basis on 21 September 2006 by the directors.

There has been no valuation of investment property by an independent valuer.

Page 6

Carew & Co Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Debtors

	2018 £	2017 £
Trade debtors	5,082	935
Prepayments	943	1,236
	6,025	2,171

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	592	1,490
Taxation and social security	4,905	6,471
Accruals and deferred income	45,877	12,419
Other creditors	22,862	36,694
	74,236	57,074