Cornwall Karting Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07127972 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 31 March 2016

for

Cornwall Karting Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

K J Turner

SECRETARY:

REGISTERED OFFICE:

14 North Parade

PENZANCE

Cornwall

TR18 4SL

REGISTERED NUMBER:

07127972 (England and Wales)

ACCOUNTANTS:

Anthony Williams & Co Limited

14 North Parade

Penzance

Cornwall

TR18 4SL

FIXED ASSETS

Intangible assets

2

362,135

388,002

Tangible assets

3

82,868

44,222

445,003

432,224

CURRENT ASSETS

Stocks

3,250

3,450

Debtors

9,930

7,656

Cash at bank and in hand

149,740

57,942

162,920

69,048

CREDITORS

Amounts falling due within one year

4

56,006

66,300

NET CURRENT ASSETS

106,914

2,748

TOTAL ASSETS LESS CURRENT
LIABILITIES

551,917

434,972

CREDITORS

Amounts falling due after more than one
year

4

(28,027

)

(12,625

)

PROVISIONS FOR LIABILITIES

(5,759

)

(3,427

)

NET ASSETS

518,131

418,920

CAPITAL AND RESERVES

Called up share capital

5

1

Profit and loss account

518,130

418,919

SHAREHOLDERS' FUNDS

518,131

418,920

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 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 10 June 2016 and were signed by:

K J Turner - 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).

Turnover

Turnover represents net income from trading activities, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

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.

Plant and machinery etc

-

33% on cost and 15% on reducing balance

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.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

517,337

AMORTISATION

At 1 April 2015

129,335

Amortisation for year

25,867

At 31 March 2016

155,202

NET BOOK VALUE

At 31 March 2016

362,135

At 31 March 2015

388,002

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

82,609

Additions

47,803

At 31 March 2016

130,412

DEPRECIATION

At 1 April 2015

38,387

Charge for year

9,157

At 31 March 2016

47,544

NET BOOK VALUE

At 31 March 2016

82,868

At 31 March 2015

44,222

4.

CREDITORS

Creditors include an amount of £ 14,726 (2015 - £ 27,775 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

K J Turner

Balance outstanding at start of year

7,657

2,501

Amounts advanced

39,957

45,000

Amounts repaid

(37,684

)

(39,844

)

Balance outstanding at end of year

9,930

7,657