Spitfire Enterprises Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02281971 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

SPITFIRE ENTERPRISES LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

CURRENT ASSETS

Stocks

6,726

7,697

Debtors

2,514

1,867

Cash at bank

2,521

2,866

11,761

12,430

CREDITORS

Amounts falling due within one year

588

564

NET CURRENT ASSETS

11,173

11,866

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,173

11,866

CREDITORS

Amounts falling due after more than one year

16,306

NET LIABILITIES

(5,133

)

(4,440

)

CAPITAL AND RESERVES

Called up share capital

2

Profit and loss account

(5,135

)

(4,442

)

SHAREHOLDERS' FUNDS

(5,133

)

(4,440

)

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 director acknowledges his 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 director on 21 May 2016 and were signed by:

Mr R Burgess - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company's reserves remain negative, despite making small losses in the last three years, the director is of the opinion

that the company will continue to be profitable in the future. As a result of this, the going concern basis of accounting has

been adopted.

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 represents net invoiced sales of goods, excluding value added tax.

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.

Revenue recognition

The company's turnover represents Spitfire merchandise sales. The company recognises revenue at point of sale.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

2

Ordinary

1

2

3.	GOING CONCERN

Although the company has made a small loss in the last three years, the director is of the opinion that this is a temporary

situation and the company will continue to be profitable in the years to come. The shareholder Spitfire Society has pledged

to support the company for the foreseeable future and therefore these accounts have be prepared on a going concern basis

despite negative reserves at 31 December 2015.

4.

CONTROL

The company is controlled by The Spitfire Society, a UK registered charity number 299033.