The Cutting Crew (Wool) Limited - Period Ending 2015-12-31

Registration number: 08328434

The Cutting Crew (Wool) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

The Cutting Crew (Wool) Limited
(Registration number: 08328434)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					106,750			122,000
Tangible fixed assets		2			2,842			2,096
					109,592			124,096
Current assets
Debtors					150			397
Cash at bank and in hand					14,650			10,180
					14,800			10,577
Creditors: Amounts falling due within one year					(121,075)			(130,269)
Net current liabilities					(106,275)			(119,692)
Net assets					3,317			4,404
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					3,217			4,304
Shareholders' funds					3,317			4,404

For the year ending 31 December 2015 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 directors acknowledge their 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 Board on 29 September 2016 and signed on its behalf by:

G Brown
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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The Cutting Crew (Wool) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... 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).

Going concern

There were net current liabilities at the balance sheet date. The financial statements have been prepared on a going concern basis which are dependent upon the continued support of the directors.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 yrs.

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
Fixtures & Fittings	25% reducing balance
Office Equipment	4 year straight line
Plant & Machinery	4 year straight line

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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The Cutting Crew (Wool) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		152,500			3,829			156,329
Additions		-			1,846			1,846
At 31 December 2015		152,500			5,675			158,175
Depreciation
At 1 January 2015		30,500			1,733			32,233
Charge for the year		15,250			1,100			16,350
At 31 December 2015		45,750			2,833			48,583
Net book value
At 31 December 2015		106,750			2,842			109,592
At 31 December 2014		122,000			2,096			124,096

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

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