COOL_CLUES_LIMITED - Accounts

COOL CLUES LIMITED - Company Information

Print Friendly Version

Company Registration No. 08871250 (England and Wales)

COOL CLUES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

COOL CLUES LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

COOL CLUES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COOL CLUES LIMITED FOR THE YEAR ENDED 31 MARCH 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cool Clues Limited for the year ended 31 March 2016 set out on pages 3 to 9 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Cool Clues Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Cool Clues Limited and state those matters that we have agreed to state to the Board of Directors of Cool Clues Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cool Clues Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Cool Clues Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cool Clues Limited. You consider that Cool Clues 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 financial statements of Cool Clues 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 financial statements.

Pearson May

7 December 2016

Chartered Accountants

37 Great Pulteney Street

Bath

BA2 4DA

COOL CLUES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 2 -

2016

2015

Notes

Fixed assets

Tangible assets

11,864

26,100

Current assets

Debtors

1,351

7,976

Cash at bank and in hand

1,054

2,485

2,405

10,461

Creditors: amounts falling due within one year

(23,276)

(21,821)

Net current liabilities

(20,871)

(11,360)

Total assets less current liabilities

(9,007)

14,740

Capital and reserves

Called up share capital

70,001

Profit and loss account

(79,008)

(55,261)

Shareholders' funds

(9,007)

14,740

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 November 2016

M I Sotirakos

Director

Company Registration No. 08871250

COOL CLUES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

After making enquiries, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, and with the continued support of the directors, the directors continue to adopt the going concern basis in preparing the financial statements.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Intellectual property

Following an impairment review, all the company's intellectual property has been written off.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer hardware and software

33.33% straight line

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

COOL CLUES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015 & at 31 March 2016

35,000

42,709

77,709

Depreciation

At 1 April 2015

35,000

16,609

51,609

Charge for the year

14,236

At 31 March 2016

35,000

30,845

65,845

Net book value

At 31 March 2016

11,864

At 31 March 2015

26,100

Share capital

2016

2015

Allotted, called up and fully paid

70,000 A ordinary shares of £1 each

70,000

100 ordinary shares of 1p each

70,001

The A ordinary shares carry the right to participate in a distribution of profits by way of dividend and to fully participate in any distribution of capital on a sale or winding-up of the company (including to share in any surplus therefrom). However, the shares do not carry the right to receive notice of, attend or vote at General Meetings. Furthermore, the shares are not redeemable.

The ordinary shares carry the right to receive notice of, attend and vote at General Meetings on the basis of one vote per share. In addition, the shares carry the right to fully participate in any distribution of capital on a sale or winding-up of the company (including to share in any surplus therefrom). However, the shares do not carry the right to participate in a distribution of profits by way of dividend. Furthermore, the shares are not redeemable.