AS_TIME_GOES_BY_LIMITED - Accounts

AS TIME GOES BY LIMITED - Company Information

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Company Registration No. 07501584 (England and Wales)

AS TIME GOES BY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2016

3 Acorn Business Centre

Northarbour Road

Cosham

Portsmouth

United Kingdom

PO6 3TH

AS TIME GOES BY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

AS TIME GOES BY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

21,905

29,292

Current assets

Stocks

14,086

13,958

Debtors

43,424

4,155

Cash at bank and in hand

7,587

65,097

18,113

Creditors: amounts falling due within one year

(77,736)

(61,380)

Net current liabilities

(12,639)

(43,267)

Total assets less current liabilities

9,266

(13,975)

Provisions for liabilities

(4,381)

(5,858)

4,885

(19,833)

Capital and reserves

Called up share capital

Profit and loss account

4,884

(19,834)

Shareholders' funds

4,885

(19,833)

AS TIME GOES BY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JANUARY 2016

- 2 -

For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 6 August 2016

Mr. P Mordecai

Director

Company Registration No. 07501584

AS TIME GOES BY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2016

- 3 -

Accounting policies

1.1

Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

The turnover in the profit and loss account represents amounts receivable during the year, exclusive of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% straight line

Equipment

20% straight line

Motor vehicles

20% straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

1.7

Deferred taxation

Deferred tax 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 a right to pay less or to receive more tax.

Deferred tax is measured on an 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.

AS TIME GOES BY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 February 2015

48,230

Additions

2,259

At 31 January 2016

50,489

Depreciation

At 1 February 2015

18,938

Charge for the year

9,646

At 31 January 2016

28,584

Net book value

At 31 January 2016

21,905

At 31 January 2015

29,292

Share capital

2016

2015

Allotted, called up and fully paid

51 Ordinary A shares of 1p each

34 Ordinary B shares of 1p each

15 Ordinary C shares of 1p each

Going concern

At the balance sheet date the company had net current liabilities. The company is dependant on the support of its directors, who have confirmed they will continue to provide such support. Therefore the directors feel it appropriate to prepare the financial statements on the going concern basis.