Summerfield Ventures Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08862315 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

SUMMERFIELD VENTURES LTD.

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

4,569

4,224

CURRENT ASSETS

Cash at bank

8,753

11,895

CREDITORS

Amounts falling due within one year

5

21,079

19,697

NET CURRENT LIABILITIES

(12,326

)

(7,802

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,757

)

(3,578

)

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

(8,257

)

(4,078

)

SHAREHOLDERS' FUNDS

(7,757

)

(3,578

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf by:

C Haynes - Director

Ms F MacNeil - Director

1.	STATUTORY INFORMATION

Summerfield Ventures Ltd. is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

08862315

Registered office:

Summerfield Farm

58 High Street

Tilbrook

Huntingdon

Cambridgeshire

PE28 0JP

2.	ACCOUNTING POLICIES

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents total sales of goods and services in the period of accounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

8,478

Additions

1,899

At 31 March 2019

10,377

DEPRECIATION

At 1 April 2018

4,254

Charge for year

1,554

At 31 March 2019

5,808

NET BOOK VALUE

At 31 March 2019

4,569

At 31 March 2018

4,224

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

57

2,675

Other creditors

21,022

17,022

21,079

19,697