Donnelly_Discounts_Limite - Accounts

DONNELLY DISCOUNTS LIMITED - Company Information

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Donnelly Discounts Limited

Unaudited Abbreviated Accounts

For the year ended 31 March 2016

Company Registration No. 01043121 (England and Wales)

Donnelly Discounts Limited

Contents

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

Donnelly Discounts Limited

Abbreviated Balance Sheet

As at 31 March 2016

Page 1

2016

2015

Notes

Fixed assets

Tangible assets

2,773

765

Current assets

Stocks

6,497

9,572

Debtors

11,881

5,508

Cash at bank and in hand

3,410

2,410

21,788

17,490

Creditors: amounts falling due within one year

(67,233)

(63,468)

Net current liabilities

(45,445)

(45,978)

Total assets less current liabilities

(42,672)

(45,213)

Capital and reserves

Called up share capital

100

Profit and loss account

(42,772)

(45,313)

Shareholders' funds

(42,672)

(45,213)

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.

The members have not required the company to obtain an audit.

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 16 December 2016

B. M. Donnelly

Director

Company Registration No. 01043121

Donnelly Discounts Limited

Notes to the Abbreviated Accounts

For the year ended 31 March 2016

Page 2

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).

1.2

Going concern

The company has continued to meet its obligations as and when they fall due with careful management of working capital, support from the director and through a bank overdraft facility. The director continues to review all aspects of the company’s business to improve trading results and confirms he will continue to support the company for the next twelve months from the date of signing these accounts. On the basis of the director and the bank support, he considers it appropriate to prepare the financial statements on a going concern basis.

1.3

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).

1.4

Turnover

Turnover represents the invoiced value of goods and services provided net of value added tax.

All income is generated by sales within the United Kingdom.

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:

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance

Motor vehicles

25% reducing balance

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Donnelly Discounts Limited

Notes to the Abbreviated Accounts (Continued)

For the year ended 31 March 2016

Page 3

Fixed assets

Tangible assets

Cost

At 1 April 2015

18,533

Additions

3,500

Disposals

(7,733)

At 31 March 2016

14,300

Depreciation

At 1 April 2015

17,768

On disposals

(7,152)

Charge for the year

911

At 31 March 2016

11,527

Net book value

At 31 March 2016

2,773

At 31 March 2015

765

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £17,634 (2015 - £27,306).

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Loans from directors

Included in other creditors at the year end is an amount due to the director of £26,462 (2015: £16,882).