E4 Connolly Limited - Period Ending 2016-02-29

Registration number: 08422463

E4 Connolly Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

West Lancs Accountants Limited
45 Ryder Crescent
Aughton
Ormskirk
Lancashire
L39 5EY

E4 Connolly 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
E4 Connolly 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 E4 Connolly 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 E4 Connolly Limited, as a body, in accordance with the terms of our engagement letterdated 22 October 2014. Our work has been undertaken solely to prepare for your approval the accounts of E4 Connolly 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 E4 Connolly Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that E4 Connolly 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 E4 Connolly Limited. You consider that E4 Connolly 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 E4 Connolly 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.

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

West Lancs Accountants Limited
45 Ryder Crescent
Aughton
Ormskirk
Lancashire
L39 5EY

30 November 2016

Page 1

E4 Connolly Limited
(Registration number: 08422463)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					8,906			10,156
Tangible fixed assets					19			50
					8,925			10,206
Current assets
Debtors					111			943
Cash at bank and in hand					6,561			3,456
					6,672			4,399
Creditors: Amounts falling due within one year					(9,792)			(12,516)
Net current liabilities					(3,120)			(8,117)
Net assets					5,805			2,089
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					5,804			2,088
Shareholders' funds					5,805			2,089

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 30 November 2016

.........................................
Mr M P Connolly
Director

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

E4 Connolly 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 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	10 years straight line

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	3 years straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing diffferences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 3

E4 Connolly Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2015		12,500			90			12,590
At 29 February 2016		12,500			90			12,590
Depreciation
At 1 March 2015		2,344			40			2,384
Charge for the year		1,250			31			1,281
At 29 February 2016		3,594			71			3,665
Net book value
At 29 February 2016		8,906			19			8,925
At 28 February 2015		10,156			50			10,206

3	Share capital

Allotted, called up and fully paid shares

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

Page 4