Karmo Limited - Period Ending 2016-03-31

Registration number: 06004868

Karmo Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

Karmo Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Karmo Limited
(Registration number: 06004868)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					8,153			9,371
Current assets
Debtors					148,310			181,573
Cash at bank and in hand					143,781			168,003
					292,091			349,576
Creditors: Amounts falling due within one year					(243,920)			(298,502)
Net current assets					48,171			51,074
Total assets less current liabilities					56,324			60,445
Provisions for liabilities					(1,631)			-
Net assets					54,693			60,445
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					54,593			60,345
Shareholders' funds					54,693			60,445

For the year ending 31 March 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 directors acknowledge their 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 Board on 16 December 2016 and signed on its behalf by:

.........................................
Mr P G Abbott
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Karmo Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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

The financial statements have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards. Turnover is recognised upon completion of a project or on long term projects recognised by the stage of completion.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Plant & Machinery	25% WDV
Motor Vehicles	20% WDV
Equipment	25% WDV

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 differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Page 2

Karmo Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		11,458			11,458
Additions		838			838
At 31 March 2016		12,296			12,296
Depreciation
At 1 April 2015		2,087			2,087
Charge for the year		356			356
Eliminated on disposals		1,700			1,700
At 31 March 2016		4,143			4,143
Net book value
At 31 March 2016		8,153			8,153
At 31 March 2015		9,371			9,371

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by directors who own 100% of the called up share capital .

Page 3