Ethex Investment Club Limited - Period Ending 2014-11-30

Registration number: 07432030

Ethex Investment Club Limited

(A company limited by guarantee)

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2014
 

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

Ethex Investment Club Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Ethex Investment Club Limited - Registration number: 07432030
at 30 November 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Intangible fixed assets								133,512						138,339
Current assets
Debtors					42,913						41,762
Cash at bank and in hand					76,681						29,160
					119,594						70,922
Creditors: Amounts falling due within one year					(72,699)						(43,976)
Net current assets								46,895						26,946
Total assets less current liabilities								180,407						165,285
Creditors: Amounts falling due after more than one year								(338,629)						(315,155)
Net liabilities								(158,222)						(149,870)
Capital and reserves
Profit and loss account								(158,222)						(149,870)

For the year ending 30 November 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 10 March 2015 and signed on its behalf by:

.........................................
James Graham Hartzell
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

Ethex Investment Club Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. The investors will continue to financially support the company.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Other grants

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Amortisation

Amortisation will be provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Website development costs	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over the expected useful economic life as follows:

Office equipment	100% straight line

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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Ethex Investment Club Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2013		172,924			3,832			176,756
Additions		37,197			-			37,197
At 30 November 2014		210,121			3,832			213,953
Depreciation
At 1 December 2013		34,585			3,832			38,417
Charge for the year		42,024			-			42,024
At 30 November 2014		76,609			3,832			80,441
Net book value
At 30 November 2014		133,512			-			133,512
At 30 November 2013		138,339			-			138,339

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		302,299			260,660

Long terms creditors of £302,299 relate to loan notes issued by Ethex of £275,000 plus accrued interest of £27,299. These loan notes do not need to be repaid until the trading income of the Company for the year not including the income arising from the notes or any grants received exceeds £200,000 multiplied by the percentage increase in the Consumer Price Index for each year from 1st December 2013.

4	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

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