Stephen Craig Limited - Abbreviated accounts

STEPHEN CRAIG LIMITED - Company Information

Registered number

SC241554

Stephen Craig Limited

Abbreviated Accounts

31 March 2016

Stephen Craig Limited

Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Stephen Craig Limited for the year ended 31 March 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Stephen Craig Limited for the year ended 31 March 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.
This report is made solely to the Board of Directors of Stephen Craig Limited, as a body, in accordance with the terms of our engagement letter dated 12 December 2002. Our work has been undertaken solely to prepare for your approval the accounts of Stephen Craig Limited and state those matters that we have agreed to state to the Board of Directors of Stephen Craig Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stephen Craig Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Stephen Craig Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Stephen Craig Limited. You consider that Stephen Craig Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Stephen Craig Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts.

Angela Fraioli C.A.
Chartered Accountants
14 Maurice Wynd
Dunblane
FK15 9FG

20 May 2016

Stephen Craig Limited
Registered number:		SC241554
Abbreviated Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		115			2
Investments	3		407,450			407,450
			407,565			407,452

Current assets
Debtors		110,040			66,350
Cash at bank and in hand		183,105			254,024
		293,145			320,374

Creditors: amounts falling due within one year		(46,400)			(54,067)

Net current assets			246,745			266,307

Total assets less current liabilities			654,310			673,759


Provisions for liabilities			(23)			-


Net assets			654,287			673,759

Capital and reserves
Called up share capital	4		2			2
Profit and loss account			654,285			673,757

Shareholders' funds			654,287			673,759

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mr Stephen Craig
Director
Approved by the board on 20 May 2016

Stephen Craig Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts 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 value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Office equipment			33% straight line

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Investment property
	The company's property is held for long term investment. Investment properties are accounted for in accordance with Statement of Accounting Practice No 19, namely they are revalued annually, the surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit, or its reversal on an individual investment property, is expected to be permanent, in which case it is recongnised in the profit and loss account for the year. Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.
	Pensions
	The company does not operate a pension scheme.
2	Tangible fixed assets					£

	Cost
	At 1 April 2015					2,159
	Additions					168
	At 31 March 2016					2,327

	Depreciation
	At 1 April 2015					2,157
	Charge for the year					55
	At 31 March 2016					2,212

	Net book value
	At 31 March 2016					115
	At 31 March 2015					2


3	Investments					£

	Cost
	At 1 April 2015					407,450

	At 31 March 2016					407,450

	A valuation of the company's investment property was carried out on an open market value for
	existing use basis by the director in March 2016. The historical cost of investment
	properties is £407,450 (2015 - £407,450).


4	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2		2


5	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	Mr Stephen Craig
	Loan	23,500		-		(143,500)		79,157

		23,500		-		(143,500)		79,157

	The maximum liability during the year was £79,157. Interest of 3.00% was charged and paid
	during the year. The above loan was fully repaid in May 2016.