Extreme CNC Services Limited - Period Ending 2016-02-29

Registration number: 07964151

Extreme CNC Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Bus. Park
Alderton Road
Alderton Rd
Towcester
NN12 7LS

Extreme CNC Services Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Extreme CNC Services Limited
(Registration number: 07964151)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					48,163			14,150
Current assets
Debtors					79,030			70,833
Cash at bank and in hand					347,458			304,738
					426,488			375,571
Creditors: Amounts falling due within one year					(73,452)			(143,168)
Net current assets					353,036			232,403
Total assets less current liabilities					401,199			246,553
Provisions for liabilities					(5,209)			(2,830)
Net assets					395,990			243,723
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					395,890			243,623
Shareholders' funds					395,990			243,723

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 his 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 13 July 2016

.........................................
Mr T M Saunders
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Extreme CNC Services Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services 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
Plant and machinery	25% straight line basis
Office equipment	33% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Extreme CNC Services Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2015		34,072			34,072
Additions		56,451			56,451
At 29 February 2016		90,523			90,523
Depreciation
At 1 March 2015		19,922			19,922
Charge for the year		22,438			22,438
At 29 February 2016		42,360			42,360
Net book value
At 29 February 2016		48,163			48,163
At 28 February 2015		14,150			14,150

3	Share capital

Allotted, called up and fully paid shares

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

Page 3