Solo Groove Design Ltd - Period Ending 2016-02-29

Registration number: 07939041

Solo Groove Design Ltd

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

Solo Groove Design Ltd
Contents

Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Solo Groove Design Ltd
(Registration number: 07939041)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					937			1,218
Current assets
Stocks					3,467			3,718
Debtors					216			12,989
Cash at bank and in hand					1,329			2,076
					5,012			18,783
Creditors: Amounts falling due within one year					(10,925)			(20,254)
Net current liabilities					(5,913)			(1,471)
Net liabilities					(4,976)			(253)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(5,076)			(353)
Shareholders' deficit					(4,976)			(253)

For the year ending 29 February 2016 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 director acknowledges her 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 director on 10 May 2016

S P Gauvin Director

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Solo Groove Design Ltd
Notes to the Abbreviated Accounts
For the Year Ended 29 February 2016

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 January 2015).

Going concern

The company has net current liabilities at year end which include a loan from the director. The director will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Office equipment	25% reducing balance

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 2

Solo Groove Design Ltd
Notes to the Abbreviated Accounts
For the Year Ended 29 February 2016

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2015		2,044			2,044
At 29 February 2016		2,044			2,044
Depreciation
At 1 March 2015		826			826
Charge for the year		281			281
At 29 February 2016		1,107			1,107
Net book value
At 29 February 2016		937			937
At 28 February 2015		1,218			1,218

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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