Carmarthen Camera Centre Limited - Period Ending 2016-02-29

Registration number: 03921385

Carmarthen Camera Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

LHP
Chartered Accountants
Gwynne House
6 Quay Street
Carmarthen
SA31 3JX

Carmarthen Camera Centre Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Carmarthen Camera Centre Limited
(Registration number: 03921385)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					5,285			6,606
Current assets
Stocks					1,104,200			1,046,862
Debtors					211,164			86,412
Cash at bank and in hand					259,857			98,999
					1,575,221			1,232,273
Creditors: Amounts falling due within one year					(483,366)			(540,201)
Net current assets					1,091,855			692,072
Total assets less current liabilities					1,097,140			698,678
Creditors: Amounts falling due after more than one year					(145,189)			-
Net assets					951,951			698,678
Capital and reserves
Called up share capital		4			200			200
Profit and loss account					951,751			698,478
Shareholders' funds					951,951			698,678

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 25 November 2016

.........................................
Mr M Whittal-Williams
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Carmarthen Camera Centre 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 exprcted useful economic life as follows.

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Motor vehicle	20% reducing balance
Office equipment	33% reducing balance

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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 2

Carmarthen Camera Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2015		20,561			20,561
At 29 February 2016		20,561			20,561
Depreciation
At 1 March 2015		13,955			13,955
Charge for the year		1,321			1,321
At 29 February 2016		15,276			15,276
Net book value
At 29 February 2016		5,285			5,285
At 28 February 2015		6,606			6,606

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		145,189			-

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100
A shares of £1 each		100			100			100			100
		200			200			200			200

Page 3

Carmarthen Camera Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr M Whittal-Williams
	191,263	-	(110,118)	-

Page 4