Round Clock Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05684606 (England and Wales)

ROUND CLOCK LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

941,323

947,906

941,323

947,906

CURRENT ASSETS

Stocks

3,810

2,450

Debtors

90,245

63,509

Cash at bank and in hand

23,203

45,914

117,258

111,873

CREDITORS

Amounts falling due within one year

4

(909,554

)

(879,446

)

NET CURRENT LIABILITIES

(792,296

)

(767,573

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

149,027

180,333

CREDITORS

Amounts falling due after more than one
year

4

(567,920

)

(605,039

)

NET LIABILITIES

(418,893

)

(424,706

)

CAPITAL AND RESERVES

Called up share capital

5

1,100

Profit and loss account

(419,993

)

(425,806

)

SHAREHOLDERS' FUNDS

(418,893

)

(424,706

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 28 August 2016 and were signed on its behalf by:

P I Davies - Director

M Brighton - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements show that the company was in a net liability position at 30 April 2016. Although the

directors have not adopted a policy of revaluation, it is the directors' opinion that the current open market value

of the company's freehold property is approximately £2m. Were a policy of revaluation to be adopted the net

assets would be in the region of £0.6m. The directors consider that on the basis of trading forecasts and trading

results subsequent to the year end that the use of the going concern policy is appropriate.

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 the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the

service provided to date based on a proportion of the total expected consideration at completion. Where

payments are received from customers in advance of services provided, the amounts are recorded as deferred

income and included as part of creditors due within one year.

Intangible assets

Intangible fixed assets represent the cost of acquiring a domain name. Amortisation is provided to write off the

domain name over its useful economic life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

2% Straight line

Plant and machinery

-

25% Reducing balance

Fixtures and fittings

-

25% Reducing balance

Motor vehicles

-

25% Reducing balance

Computer equipment

-

25% Reducing balance

No depreciation is to be charged on the freehold property, but a continual programme of maintenance, charged

through the profit and loss account, is undertaken to maintain the property and prolong its useful economic life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

10,000

AMORTISATION

At 1 May 2015

and 30 April 2016

10,000

NET BOOK VALUE

At 30 April 2016

-

At 30 April 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

1,221,298

Additions

229

At 30 April 2016

1,221,527

DEPRECIATION

At 1 May 2015

273,392

Charge for year

6,812

At 30 April 2016

280,204

NET BOOK VALUE

At 30 April 2016

941,323

At 30 April 2015

947,906

4.

CREDITORS

Creditors include an amount of £ 597,892 (2015 - £ 633,322 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

405,759

448,448

5.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

1,100

Ordinary

£1

1,100