Commercial Painters (Donington) Limited Small abbreviated accounts
Commercial Painters (Donington) Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
04877585
for the year ended
Accountants' Report to the DirectorCommercial Painters
(Donington) Limited
for the year ended 30th September 2016
In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company set out on pages 2 to 4 from the accounting records and information and explanations you have given to us.
This report is made to the Company's Director, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Director that we have done so, and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Director, for our work or for this report.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet as at 30th September 2016 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Dated: 7th December 2016
Abbreviated Balance Sheet
as at 30th September 2016
|
2016 |
2015 |
|||
|
Note |
£ |
£ |
£ |
£ |
|
Fixed assets |
2 |
||||
|
Tangible assets |
3,219 |
3,999 |
|||
Current assets
|
Stocks |
|
|
||
|
Debtors |
|
|
||
|
Cash at bank |
|
|
||
|
----------- |
----------- |
|||
|
40,575 |
34,638 |
|||
|
Creditors: amounts falling due within one year |
|
|
||
|
----------- |
----------- |
|||
|
Net current assets/(liabilities) |
2,540 |
(983) |
||
|
----------- |
----------- |
|||
|
Total assets less current liabilities |
5,759 |
3,016 |
||
|
Provisions for liabilities |
|
|
||
|
----------- |
----------- |
|||
|
5,679 |
2,904 |
|||
|
----------- |
----------- |
|||
Capital and reserves
|
Called-up equity share capital |
3 |
100 |
100 |
||
|
Profit and loss account |
5,579 |
2,804 |
|||
|
----------- |
----------- |
||||
|
Shareholders' funds |
5,679 |
2,904 |
|||
|
----------- |
----------- |
||||
Director's responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved and signed by the director and authorised for issue on
7 December 2016
.
Director
Company Registration Number:
04877585
Notes to the Abbreviated Accounts
for the year ended 30th September 2016
1.
Accounting policies
Basis of accounting
Turnover
Fixed assets
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:
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is 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 is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.
Fixed assets
|
Tangible Assets |
|
|
£ |
|
Cost
|
At 1st October 2015 and 30th September 2016 |
15,902 |
|
----------- |
|
Depreciation
|
At 1st October 2015 |
|
|
Charge for year |
|
|
----------- |
|
|
At 30th September 2016 |
|
|
----------- |
|
Net book value
|
At 30th September 2016 |
|
|
----------- |
|
At 30th September 2015
|
|
|
|
----------- |
|
3.
Share capital
Allotted, called up and fully paid:
|
2016 |
2015 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
|
|
|
|
----------- |
----------- |
----------- |
----------- |
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