Cornish Ice Company Limited - Period Ending 2015-09-30

Registration number: 2626671

Cornish Ice Company Limited

(A company limited by guarantee)

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Cornish Ice Company Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Cornish Ice Company Limited
(Registration number: 2626671)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,156,948			1,194,844
Current assets
Stocks					1,800			1,300
Debtors					107,984			151,134
Cash at bank and in hand					-			131,312
					109,784			283,746
Creditors: Amounts falling due within one year					(126,181)			(209,881)
Net current (liabilities)/assets					(16,397)			73,865
Total assets less current liabilities					1,140,551			1,268,709
Creditors: Amounts falling due after more than one year					(620,540)			(701,129)
Net assets					520,011			567,580
Capital and reserves
Profit and loss account					520,011			567,580
Members' funds					520,011			567,580

For the year ending 30 September 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 24 March 2016 and signed on its behalf by:

.........................................
A Pascoe
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Cornish Ice Company Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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 amounts excluding Value Added Tax derived from the provision of goods to customers during the year.

Government grants

Capital based government grants are included within deferred income in the balance sheet and credited to the profit and loss account over the estimated useful economic lives of the assets to which they relate.

Depreciation

Tangible fixed assets are depreciated on a straight line basis so as to write off the cost by equal instalments over their useful lives as follows;

Asset class	Depreciation method and rate
Plant and machinery	5-20 years
Office equipment	5 years

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.

Foreign currency

Transactions in foreign currencies are translated into sterling at rates of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

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Cornish Ice Company Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2014		1,830,780			1,830,780
Additions		28,774			28,774
Disposals		(542,122)			(542,122)
At 30 September 2015		1,317,432			1,317,432
Depreciation
At 1 October 2014		635,936			635,936
Charge for the year		66,670			66,670
Eliminated on disposals		(542,122)			(542,122)
At 30 September 2015		160,484			160,484
Net book value
At 30 September 2015		1,156,948			1,156,948
At 30 September 2014		1,194,844			1,194,844

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		50,000			50,000
Amounts falling due after more than one year		120,833			170,833
Total secured creditors		170,833			220,833

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years not by instalments		377,351			407,940

4	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 3