Corbett & Sons Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01046722 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

CORBETT & SONS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Director:

Mr J M Corbett

Registered office:

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Registered number:

01046722 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

2

66,062

81,256

Current assets

Stock and work in progress

89,050

73,611

Debtors

133,592

94,388

Cash at bank and in hand

5,623

16,467

228,265

184,466

Creditors

Amounts falling due within one year

231,356

200,987

Net current liabilities

(3,091

)

(16,521

)

Total assets less current liabilities

62,971

64,735

Creditors

Amounts falling due after more than one
year

(48,982

)

(48,997

)

Provisions for liabilities

(13,200

)

(14,800

)

Net assets

789

938

Capital and reserves

Called up share capital

3

100

Profit and loss account

689

838

Shareholders' funds

789

938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 21 December 2016 and were signed by:

Mr J M Corbett - Director

1.	Accounting policies

Accounting convention

The financial statements 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 services invoiced excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on cost

Work in progress

Work in progress is valued at the sale value of the percentage of contract completed at balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	Tangible fixed assets

Total

£

Cost

At 1 April 2015

133,126

Additions

11,610

Disposals

(15,131

)

At 31 March 2016

129,605

Depreciation

At 1 April 2015

51,870

Charge for year

18,469

Eliminated on disposal

(6,796

)

At 31 March 2016

63,543

Net book value

At 31 March 2016

66,062

At 31 March 2015

81,256

3.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

4.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

Mr J M Corbett

Balance outstanding at start of year

(167

)

(37,721

)

Amounts advanced

29,335

37,554

Amounts repaid

-

Balance outstanding at end of year

29,168

(167

)