Croft Original Limited - Period Ending 2015-06-30

Registration number: 06680057

Croft Original Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Croft Original Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Croft Original Limited
(Registration number: 06680057)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			236,689			256,638
Investments					34,000			-
					270,689			256,638
Current assets
Debtors					19,797			74,606
Cash at bank and in hand					130,932			77,492
					150,729			152,098
Creditors: Amounts falling due within one year					(21,530)			(16,858)
Net current assets					129,199			135,240
Total assets less current liabilities					399,888			391,878
Creditors: Amounts falling due after more than one year					(88,000)			(138,000)
Provisions for liabilities					(338)			(428)
Net assets					311,550			253,450
Capital and reserves
Called up share capital		3			1			1
Revaluation reserve					15,944			1,444
Profit and loss account					295,605			252,005
Shareholders' funds					311,550			253,450

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

Croft Original Limited
(Registration number: 06680057)
Abbreviated Balance Sheet at 30 June 2015
......... continued

For the year ending 30 June 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 25 January 2016 and signed on its behalf by:

.........................................
T Croft
Director

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

Croft Original Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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 the total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the level of completion of services.

Depreciation

Tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Computer equipment	33% straight line basis
Fixtures and fittings	25% reducing balance basis
Other tangibles	Not depreciated

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at market value.

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

Croft Original Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 July 2014		260,696			-			260,696
Revaluations		-			14,500			14,500
Additions		722			19,500			20,222
Disposals		(19,500)			-			(19,500)
At 30 June 2015		241,918			34,000			275,918
Depreciation
At 1 July 2014		4,058			-			4,058
Charge for the year		1,171			-			1,171
At 30 June 2015		5,229			-			5,229
Net book value
At 30 June 2015		236,689			34,000			270,689
At 30 June 2014		256,638			-			256,638

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 4

Croft Original Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 £		2014 £
T Croft
Balance owed to / (by) director	(30,130)		919
Dividends voted	9,000		-
Capital Introduced	23,220		720
Drawings	(1,656)		(31,769)
Balance owed to / (by) director	434		(30,130)

Page 5