The Coventry Silvercraft Company Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 00967390 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

THE COVENTRY SILVERCRAFT COMPANY LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

12,669

13,568

CURRENT ASSETS

Stocks

10,936

15,567

Debtors

14,939

30,198

Cash at bank and in hand

45,268

45,238

71,143

91,003

CREDITORS

Amounts falling due within one year

44,803

47,095

NET CURRENT ASSETS

26,340

43,908

TOTAL ASSETS LESS CURRENT
LIABILITIES

39,009

57,476

PROVISIONS FOR LIABILITIES

2,510

2,531

NET ASSETS

36,499

54,945

CAPITAL AND RESERVES

Called up share capital

3

200

Capital redemption reserve

800

Profit and loss account

35,499

53,945

SHAREHOLDERS' FUNDS

36,499

54,945

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 20 April 2016 and were signed on its behalf by:

Mrs J M Oakley - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards. The principal

accounting policies adopted in the preparation of the financial statements are set out below and have remained

unchanged from the previous year.

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).

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Government grants

Government grants have been accounted for on an accruals basis and have been matched against expenditure

incurred in the profit and loss account for the year.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

152,517

Additions

2,714

At 31 December 2015

155,231

DEPRECIATION

At 1 January 2015

138,949

Charge for year

3,613

At 31 December 2015

142,562

NET BOOK VALUE

At 31 December 2015

12,669

At 31 December 2014

13,568

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

200

Ordinary

£1.00

200