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Registered number: 04552733
JUST LIKE THE REAL THING LIMITED
 
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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JUST LIKE THE REAL THING LIMITED
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CONTENTS
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Notes to the abbreviated accounts
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JUST LIKE THE REAL THING LIMITED
REGISTERED NUMBER: 04552733
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ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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JUST LIKE THE REAL THING LIMITED
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ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 29 November 2016.
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P A Waterman
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The notes on pages 3 to 5 form part of these financial statements.
2
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JUST LIKE THE REAL THING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.Accounting policies
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Basis of preparation of financial statements
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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).
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The company has excess liabilities over assets.
The director has secured confirmation that there would be sufficient financial support for the forseeable future and for at least the next 12 months to enable the company to continue in operation without any significant curtailment in operating activities and to meet its liabilities as they fall due.
Therefore the company has been prepared on a going concern basis.
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Turnover comprises revenue recognised by the company in respect of the production and retail of model railway kits and accessories during the year, exclusive of value added tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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3
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JUST LIKE THE REAL THING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.Accounting policies (continued)
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.Tangible fixed assets
3.Share capital
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Shares classified as capital
 
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Allotted, called up and fully paid
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2 Ordinary shares of £1 each
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4
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JUST LIKE THE REAL THING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.Share capital (continued)
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Shares classified as debt
 
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Allotted, called up and fully paid
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500,000 Cumulative redeemable preference shares of £1 each
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In accordance with FRS 25, the 500,000 6% redeemable preference shares of £1 each are presented as a liability in the 2016 balance sheet.
The company shall pay to each of the Members holding preference shares, in priority to the holder of any other class of shares, a cumulative net cash dividend at a rate of 6p per annum in respect of each preference share held.
The redeemable preference shares carry no voting rights, and in the event of the company being wound up, the assets remaining after payment of the debts and liabilities of the company and the costs of the liquidation shall be applied first in repaying the amounts paid up on the preference shares and any arrears on preferential dividends.
5
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