ACCOUNTS - Final Accounts preparation

06960306 2015-04-01 false true 2016-03-312016-03-31 06960306 2015-04-01 2016-03-31 06960306 2016-03-31 06960306 2015-03-31 06960306 c:MotorVehicles 2015-04-01 2016-03-31 06960306 c:FixturesFittingsToolsEquipment 2015-04-01 2016-03-31 06960306 d:OrdinaryShareClass1 2016-03-31 06960306 d:OrdinaryShareClass1 2015-03-31 06960306 d:OrdinaryShareClass1 2015-04-01 2016-03-31 06960306 d:Director1 2015-04-01 2016-03-31 06960306 d:EntityAccountantsOrAuditors 2016-03-31 06960306 c:OfficeEquipment 2015-04-01 2016-03-31 06960306 c:PlantMachinery 2015-04-01 2016-03-31 06960306 c:OtherTangibleFixedAssets 2015-04-01 2016-03-31 06960306 c:ProvisionsForDeferredTaxation 2015-03-31 06960306 d:EntityAccountantsOrAuditors 2015-04-01 2016-03-31 xbrli:shares iso4217:GBP

Registered number: 06960306

SPONGE CAKES LTD

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

SPONGE CAKES LTD

The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SPONGE CAKES LTD
FOR THE YEAR ENDED 31 MARCH 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sponge Cakes Ltd for the year ended 31 March 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a 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 http://www.icaew.com/en/membership/
regulations-standards-and-guidance.

This report is made solely to the Board of directors of Sponge Cakes Ltd, as a body, in accordance with the terms of our engagement letter dated 22 October 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Sponge Cakes Ltd and state those matters that we have agreed to state to the Board of directors of Sponge Cakes Ltd, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sponge Cakes Ltd and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Sponge Cakes Ltd 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 profit of Sponge Cakes Ltd. You consider that Sponge Cakes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Sponge Cakes Ltd. 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

29 November 2016

Page 1

SPONGE CAKES LTD

REGISTERED NUMBER: 06960306

ABBREVIATED BALANCE SHEET

AS AT 31 MARCH 2016

2016

2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		129,605		154,273

CURRENT ASSETS
Stocks	35,203		29,303
Debtors	101,135		83,777
Cash at bank and in hand	48,991		72,711

	185,329		185,791
CREDITORS: amounts falling due within one year	(148,880)		(138,389)
NET CURRENT ASSETS		36,449		47,402

TOTAL ASSETS LESS CURRENT LIABILITIES

166,054

201,675

CREDITORS: amounts falling due after more than one year	(336,997)	(428,983)
PROVISIONS FOR LIABILITIES
Deferred tax	(16,377)	(20,958)
NET LIABILITIES	(187,320)	(248,266)

CAPITAL AND RESERVES
Called up share capital	3	1,000	1,000
Profit and loss account		(188,320)	(249,266)

SHAREHOLDERS' DEFICIT

(187,320)

(248,266)

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Page 2

SPONGE CAKES LTD

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 MARCH 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:

M E Joll

Director

Date: 29 November 2016

The notes on pages 4 to 6 form part of these financial statements.

Page 3

SPONGE CAKES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		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).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of the production and supply of cakes during the year, exclusive of Value Added Tax and trade discounts.

	1.3	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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures & fittings	-	15% straight line
Office equipment	-	33% straight line
Tenant improvements	-	10% straight line

	1.4	Operating leases
		Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

	1.5	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

SPONGE CAKES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES (continued)

	1.6	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

	1.7	Pensions
		The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 April 2015	228,427
	Additions	728
	Disposals	(791)
	At 31 March 2016	228,364

	Depreciation
	At 1 April 2015	74,154
	Charge for the year	24,953
	On disposals	(348)
	At 31 March 2016	98,759

	Net book value
	At 31 March 2016	129,605
	At 31 March 2015	154,273

Page 5

SPONGE CAKES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

3.SHARE CAPITAL

	2016	2015
	£	£
Allotted, called up and fully paid

1,000 Ordinary shares of £1 each	1,000	1,000

Page 6