Company Registration No. 07946825 (England and Wales)
COMPANYTWO LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
COMPANYTWO LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
COMPANYTWO LIMITED
Company Registration No. 07946825
ABBREVIATED BALANCE SHEET
AS AT 31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
323
676
Current assets
Debtors
124,910
174,936
Cash at bank and in hand
25,103
10,770
150,013
185,706
Creditors: amounts falling due within one year
(181,758)
(124,037)
Net current liabilities/(assets)
(31,745)
61,669
Total assets less current liabilities
(31,422)
62,345
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(31,522)
62,245
Shareholders' funds
(31,422)
62,345
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.
Directors' 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 directors acknowledge their 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 21 December 2016
J Stack
Director
COMPANYTWO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
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 made a loss of £93,766 and has net liabilities of £31,422. Included in creditors is amount due to the director, A.Pollard, of £38,513. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of real estate services supplied during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised in the period in which the service is supplied.
1.4
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:
Equipment
3 years straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015 & at 31 March 2016
1,057
Depreciation
At 1 April 2015
382
Charge for the year
352
At 31 March 2016
734
Net book value
At 31 March 2016
323
At 31 March 2015
676
COMPANYTWO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Director's benefits: advances, credit and guarantees
At the beginning of the year the director, J Stack, owed £29,153 to the company. During the year advances totalling £2,858 were made to the director. No repayments were made by the director during the year. Interest on the balances due to the company is calculated at 3% and totalled £917 during the year. At the balance sheet date the balance due from the director was £32,928. This was the maximum amount outstanding during the year.
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