Micro-entity Accounts - COLOURFUL PARACHUTE LIMITED

COLOURFUL PARACHUTE LIMITED - Company Information

08277617 COLOURFUL PARACHUTE LIMITED 2014-11-30 false 2013-12-01 2014-11-30 true 08277617 2013-12-01 2014-11-30 08277617 2014-11-30 08277617 2013-11-30 08277617 uk-gaap-cd-bus:Director1 2013-12-01 2014-11-30 08277617 uk-gaap-cd-bus:Director2 2013-12-01 2014-11-30 08277617 uk-gaap-cd-bus:AllEntityOfficers 2013-12-01 2014-11-30 iso4217:GBP shares

Registered Number 08277617

COLOURFUL PARACHUTE LIMITED

Micro-entity Accounts

30 November 2014

COLOURFUL PARACHUTE LIMITED Registered Number 08277617

Micro-entity Balance Sheet as at 30 November 2014

	Notes	2014	2013
		£	£
Called up share capital not paid		-	-
Fixed assets
Investments	1	9,600	-
		9,600	-
Current assets
Debtors	2	-	10,000
Cash at bank and in hand		2,466	2,395
		2,466	12,395
Prepayments and accrued income		-	-
Creditors: amounts falling due within one year		(2,717)	(2,474)
Net current assets (liabilities)		(251)	9,921
Total assets less current liabilities		9,349	9,921
Total net assets (liabilities)		9,349	9,921
Capital and reserves		9,349	9,921

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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 July 2015

And signed on their behalf by:
JJ MCINTOSH, Director

Footnotes:

Advances and credits
Transactions with directors
Name of director repaying advance or credit: JJ McIntosh

Description of the transaction: Loan repayment

Balance at 1-12 2013: £10,000
Advances or credits made 18 July 2014: £504
Advances or credits repaid 18 July 2014 £(9,600)
Credit 19 July 2014 £(904)
Balance at 30-11- 2014 £ nil

On 30 November 2013 JJ McIntosh was granted a medium term loan to facilitate the purchase
of an investment. The maximum liability during the year was £10,000 and the amount owed at 30 November 2014 was nil (2013:£10,000). The loan was settled on 18 July 2014. Interest at the rate of 8% per annum was payable upon repayment and at 30 November 2014 no interest was due and unpaid.

COLOURFUL PARACHUTE LIMITED Registered Number 08277617

Notes to the Micro-entity Accounts for the period ended 30 November 2014

1Fixed assets Investments
Tangible and Intangible Fixed Assets

The net book value of these assets amounted to £9,600 (2013: £nil). The first impairment review of the investment's value will be undertaken as at 30 November 2015.

2Debtors

	2014 £	2013 £
Debtors include the following amounts due after more than one year	0	10,000

3Accounting Policies

Basis of measurement and preparation of accounts
The accompanying accounting policies and notes form an integral part of these financial statements

Accounting policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008)

Turnover policy
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and consultancy services supplied during the period, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets depreciation policy
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Plant and Machinery - 15% on cost, Fixtures and fittings - 10% on cost, Motor vehicles - 33% on cost.

Intangible fixed assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. Investments in shares are stated at cost less provision for impairment. Any impairment is charged to the profit and loss account upon conducting an annual impairment review.

Other accounting policies
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Research and Development Expenditure is written off in the year in which it is incurred.
Information Technology Expenditure is written off in the year in which it is incurred.