Acorn Angling Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05696424 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 January 2016

for

Acorn Angling Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Certified Accountants' Report

7

DIRECTOR:

A J Gee

SECRETARY:

Shrewdchoice Limited

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REGISTERED NUMBER:

05696424 (England and Wales)

ACCOUNTANTS:

PKB UK LLP

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

FIXED ASSETS

Intangible assets

2

-

400

Tangible assets

3

12,089

14,817

12,089

15,217

CURRENT ASSETS

Stocks

52,569

50,024

Debtors

354

876

Cash at bank

12,969

2,394

65,892

53,294

CREDITORS

Amounts falling due within one year

4

46,628

35,758

NET CURRENT ASSETS

19,264

17,536

TOTAL ASSETS LESS CURRENT
LIABILITIES

31,353

32,753

CREDITORS

Amounts falling due after more than
one year

4

97,831

99,443

NET LIABILITIES

(66,478

)

(66,690

)

CAPITAL AND RESERVES

Called up share capital

5

2

Profit and loss account

(66,480

)

(66,692

)

SHAREHOLDERS' FUNDS

(66,478

)

(66,690

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 28 June 2016 and were signed by:

A J Gee - 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 sales of goods net of VAT and trade discounts. Turnover is recognised when the

risks and rewards of ownership of goods have been transferred to the customer. The risks and

rewards of ownership of goods are deemed to have been transferred when the goods are shipped

to, or are picked up by, the customer

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten 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.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out

basis Net realisable value represents estimated selling price less costs to complete or sell. Provision

is made for slow moving, obsolete or damaged stock where the net realisable value is less than the

cost.

Deferred tax

Deferred taxation is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date where transactions or events have occurred at that date that will

result in an obligation to pay more, or right to pay less or to receive more, tax, with the following

exceptions:

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of

all evidence, it can be regarded as likely that there will be suitable taxable profits from which the

future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a undiscounted basis, at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted 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.

Going concern

The accounts have been drawn up on a going concern basis. Of the company's liabilities, £86,407 is

owed to the director of the company.The director has agreed not to demand repayment of this

amount for at least one year after the date that these financial statements were approved.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the

value of assets to their recoverable amount to provide for any further liabilities that might arise and

to reclassify fixed assets as current and long term liabilities as current liabilities.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

and 31 January 2016

4,000

AMORTISATION

At 1 February 2015

3,600

Amortisation for year

400

At 31 January 2016

4,000

NET BOOK VALUE

At 31 January 2016

-

At 31 January 2015

400

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

and 31 January 2016

38,813

DEPRECIATION

At 1 February 2015

23,996

Charge for year

2,728

At 31 January 2016

26,724

NET BOOK VALUE

At 31 January 2016

12,089

At 31 January 2015

14,817

4.

CREDITORS

Creditors include an amount of £ 3,111 (31.1.15 - £ 6,677 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.16

31.1.15

value:

£

2

Ordinary

£1

2

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages

two to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Acorn Angling Limited for the year ended 31 January 2016 which

comprise the Profit and Loss Account, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Acorn Angling Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Acorn Angling Limited and state those matters that we have agreed to state to the director of Acorn Angling Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Acorn Angling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Acorn Angling Limited. You consider that Acorn Angling 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 financial statements of Acorn Angling 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 statutory financial statements.

PKB UK LLP

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

13 July 2016