OwnPower (Cheshire) Limited - Period Ending 2016-02-29

Registration number: 06500826

OwnPower (Cheshire) Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

Axel Chartered Accountants
Suite 3
12 Princess Street
Knutsford
Cheshire
WA16 6DD

OwnPower (Cheshire) 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.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
OwnPower (Cheshire) Limited
for the Year Ended 29 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OwnPower (Cheshire) Limited for the year ended 29 February 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of OwnPower (Cheshire) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of OwnPower (Cheshire) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OwnPower (Cheshire) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that OwnPower (Cheshire) 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 OwnPower (Cheshire) Limited. You consider that OwnPower (Cheshire) 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 OwnPower (Cheshire) 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.

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

Axel Chartered Accountants
Suite 3
12 Princess Street
Knutsford
Cheshire
WA16 6DD

28 November 2016

Page 1

OwnPower (Cheshire) Limited
(Registration number: 06500826)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					6,210			7,948
Investments					60,468			60,468
					66,678			68,416
Current assets
Debtors					335,226			67,556
Cash at bank and in hand					29,986			5
					365,212			67,561
Creditors: Amounts falling due within one year					(370,842)			(76,636)
Net current liabilities					(5,630)			(9,075)
Net assets					61,048			59,341
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					61,046			59,339
Shareholders' funds					61,048			59,341

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 28 November 2016

.........................................
Mr K Boxer
Director

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

OwnPower (Cheshire) 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 expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Computer equipment	33% reducing balance
Motor vehicle	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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

OwnPower (Cheshire) Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 March 2015		27,139			60,468			87,607
Additions		624			-			624
At 29 February 2016		27,763			60,468			88,231
Depreciation
At 1 March 2015		19,191			-			19,191
Charge for the year		2,362			-			2,362
At 29 February 2016		21,553			-			21,553
Net book value
At 29 February 2016		6,210			60,468			66,678
At 28 February 2015		7,948			60,468			68,416

3	Share capital

Allotted, called up and fully paid shares

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

Page 4