Ditchingham Stores Limited - Period Ending 2016-03-31

Registration number: 05596950

Ditchingham Stores Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Thandi & Co
7a Harmer Street
Gravesend
Kent
DA12 2AP

Ditchingham Stores Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ditchingham Stores Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ditchingham Stores Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

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

......................................

Thandi & Co
7a Harmer Street
Gravesend
Kent
DA12 2AP

6 November 2016

Page 1

Ditchingham Stores Limited
(Registration number: 05596950)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					191,962			191,962
Tangible fixed assets					12,896			12,896
					204,858			204,858
Current assets
Stocks					26,250			28,750
Cash at bank and in hand					89,842			27,490
					116,092			56,240
Creditors: Amounts falling due within one year					(269,782)			(215,028)
Net current liabilities					(153,690)			(158,788)
Net assets					51,168			46,070
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					51,166			46,068
Shareholders' funds					51,168			46,070

For the year ending 31 March 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 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 6 November 2016 and signed on its behalf by:

.........................................
Mr Rajvinder Singh Thandi
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Ditchingham Stores Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and is not 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

Goodwill has not been amortised as the directors have estimated that it's value has not diminished over the current financial period.

Asset class	Amortisation method and rate
Positive Goodwill	Goodwll is not being amortised during the period.

Depreciation

Fixed assets are depreciated over their estimated useful life on a straight line basis.

Asset class	Depreciation method and rate
Fixtures and Fittings	Straight line basis at 20% per annum
Motor Vehicles	Straight line basis at 25% per annum
Other Tangible Assets	Straight line basis at 33% per annum.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

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.

Page 3

Ditchingham Stores Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		250,000			66,958			316,958
At 31 March 2016		250,000			66,958			316,958
Depreciation
At 1 April 2015		58,038			54,062			112,100
At 31 March 2016		58,038			54,062			112,100
Net book value
At 31 March 2016		191,962			12,896			204,858
At 31 March 2015		191,962			12,896			204,858

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4