Crown Conversions Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC245186 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

Crown Conversions Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Dewar

DM Greer

SECRETARY:

C A Greer

REGISTERED OFFICE:

10 Clydesdale Street

Hamiltion

Lanarkshire

ML3 0DP

REGISTERED NUMBER:

SC245186 (Scotland)

ACCOUNTANTS:

Wallace and Company C.A.

10 Clydesdale Street

Hamilton

Strathclyde

ML3 0DP

FIXED ASSETS

Tangible assets

2

403,391

409,664

CURRENT ASSETS

Stocks

-

25,780

Debtors

242

55,326

Cash at bank and in hand

-

162,853

242

243,959

CREDITORS

Amounts falling due within one year

3

34,275

182,784

NET CURRENT (LIABILITIES)/ASSETS

(34,033

)

61,175

TOTAL ASSETS LESS CURRENT
LIABILITIES

369,358

470,839

CREDITORS

Amounts falling due after more than one
year

3

169,716

182,947

NET ASSETS

199,642

287,892

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

199,542

287,792

SHAREHOLDERS' FUNDS

199,642

287,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 3 May 2016 and were signed on its behalf by:

DM Greer - Director

A Dewar - 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 January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts

and customer returns.

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.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the

recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable

taxable profits from which the reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing

differences are expected to reverse.

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 April 2015

435,562

Additions

7,000

Disposals

(37,066

)

At 31 March 2016

405,496

DEPRECIATION

At 1 April 2015

25,898

Charge for year

347

Eliminated on disposal

(24,140

)

At 31 March 2016

2,105

NET BOOK VALUE

At 31 March 2016

403,391

At 31 March 2015

409,664

3.

CREDITORS

Creditors include an amount of £ 109,910 (2015 - £ 122,704 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

52,112

64,628

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

5.	CONTROLLING PARTY

The company is controlled by its directors.