Crown Bedrooms Limited - Period Ending 2015-03-31

Registration number: 06336516

Crown Bedrooms Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

Crown Bedrooms Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Crown Bedrooms Limited
(Registration number: 06336516)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					57,750			61,875
Tangible fixed assets					37,998			43,074
					95,748			104,949
Current assets
Stocks					12,500			11,750
Debtors					33,552			17,424
Cash at bank and in hand					49,678			12,712
					95,730			41,886
Creditors: Amounts falling due within one year					(176,693)			(136,220)
Net current liabilities					(80,963)			(94,334)
Total assets less current liabilities					14,785			10,615
Creditors: Amounts falling due after more than one year					(4,936)			(6,218)
Provisions for liabilities					(3,180)			(3,228)
Net assets					6,669			1,169
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					6,666			1,166
Shareholders' funds					6,669			1,169

For the year ending 31 March 2015 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 16 November 2015 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 1

Crown Bedrooms Limited
(Registration number: 06336516)
Abbreviated Balance Sheet at 31 March 2015......... continued

......................................... Mr J Youel Director

......................................... Mrs J Donnan Director

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 2

Crown Bedrooms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is 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:

Asset class	Amortisation method and rate
Goodwill	over 20 years

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance
Motor vehicles	25% reducing balance
Computer equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Crown Bedrooms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		82,500			81,253			163,753
At 31 March 2015		82,500			81,253			163,753
Depreciation
At 1 April 2014		20,625			38,179			58,804
Charge for the year		4,125			5,076			9,201
At 31 March 2015		24,750			43,255			68,005
Net book value
At 31 March 2015		57,750			37,998			95,748
At 31 March 2014		61,875			43,074			104,949

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary 'A' shares of £1 each		1			1			1			1
Ordinary 'B' shares of £1 each		1			1			1			1
Ordinary 'C' shares of £1 each		1			1			1			1
		3			3			3			3

Page 4

Crown Bedrooms Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Related party transactions

During the year dividends amounting £79,447 (2014 - £66,840) were paid to the directors in their capacity as shareholders.

At 31 March 2015, the directors were owed £45,369 (2014 - £47,264) by the company. The loan is interest free and there are no repayment terms.

Page 5