Spaghetti Assets Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08485302 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2015

for

Spaghetti Assets Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

M Hartley

REGISTERED OFFICE:

Garter Street

Sheffield

South Yorkshire

S4 7QX

REGISTERED NUMBER:

08485302 (England and Wales)

ACCOUNTANT:

PKN Accountants Ltd

Chartered Accountants

63 Bawtry Road

Bramley

Rotherham

South Yorkshire

S66 2TN

FIXED ASSETS

Tangible assets

2

38,704

36,605

Investments

3

1

1

38,705

36,606

CURRENT ASSETS

Debtors

254,168

123,152

Cash at bank

19,549

99,395

273,717

222,547

CREDITORS

Amounts falling due within one year

4

32,294

49,267

NET CURRENT ASSETS

241,423

173,280

TOTAL ASSETS LESS CURRENT LIABILITIES

280,128

209,886

CREDITORS

Amounts falling due after more than one year

4

(1,899

)

(6,873

)

PROVISIONS FOR LIABILITIES

(4,816

)

(3,765

)

NET ASSETS

273,413

199,248

CAPITAL AND RESERVES

Called up share capital

5

3

3

Profit and loss account

273,410

199,245

SHAREHOLDERS' FUNDS

273,413

199,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 22 December 2015 and were signed by:

M Hartley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Spaghetti Assets Ltd as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

42,623

Additions

15,000

At 31 August 2015

57,623

DEPRECIATION

At 1 September 2014

6,018

Charge for year

12,901

At 31 August 2015

18,919

NET BOOK VALUE

At 31 August 2015

38,704

At 31 August 2014

36,605

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2014

and 31 August 2015

1

NET BOOK VALUE

At 31 August 2015

1

At 31 August 2014

1

The company's investments at the balance sheet date in the share capital of companies include the following:

Spaghetti Construction Ltd

Nature of business: Construction

%

Class of shares:

holding

Ordinary

100.00

31/3/15

31/3/14

£

£

Aggregate capital and reserves

101,544

191,838

(Loss)/profit for the year

(90,294

)

79,632

4.

CREDITORS

Creditors include an amount of £ 6,873 (2014 - £ 11,073 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2015

2014

value:

£

£

3

Share capital 1

£1

3

3

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 August 2015 and the period

ended 31 August 2014:

2015

2014

£

£

M Hartley

Balance outstanding at start of year

-

-

Amounts advanced

50,281

-

Amounts repaid

(30,185

)

-

Balance outstanding at end of year

20,096

-

The company loaned monies to the director on an unsecured basis at 3.25% interest. The loan is to be repaid by

31st May 2016.