Wherry_Associates_Limited_31_May_2016_abbreviated_set_of_accounts.html

WHERRY ASSOCIATES LIMITED - Company Information

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Company registration number:

07263971

Wherry Associates Limited

Abbreviated Financial Statements

for the year ended

31 May 2016

Wherry Associates Limited

Abbreviated Balance Sheet

31 May 2016

		2016		2015
	Note	£		£
Fixed assets
Tangible assets	2	2,817		3,756
Current assets
Debtors		10,664		7,145
Cash at bank and in hand		153		9,460
		10,817		16,605
Creditors: amounts falling due within one year	3	(13,475	)	(20,039	)
Net current liabilities		(2,658	)	(3,434	)
Total assets less current liabilities		159		322
Capital and reserves
Called up share capital	4	100		100
Profit and loss account		59		222
Shareholders funds		159		322

For the year ending

31 May 2016

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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.

These abbreviated financial statements were approved by the board of directors and authorised for issue on

30 November 2016

, and are signed on behalf of the board by:

Mike Montgomery

Director

Company registration number:

07263971

Wherry Associates Limited

Notes to the Abbreviated Accounts

Year ended

31 May 2016

1 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts invoiced during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses. 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:

Office equipment

25% Reducing balance basis

Financial instruments

Financial instruments are classified and accounted for according to the substance of contractual arrangements, as either financial assets, financial liabilities or equity instruments.

Operating leases

Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

2 Tangible assets


	£
Cost
At 1 June 2015	8,064
At 31 May 2016	8,064
Depreciation
At 1 June 2015	4,308
Charge	939
At 31 May 2016	5,247
Net book value
At 31 May 2016	2,817
At 31 May 2015	3,756

3 Creditors: amounts falling due within one year

4 Called up share capital

Allotted, called up and fully paid

	2016				2015
	No.		£		No.		£
Ordinary shares shares of £ 1.00 each	100		100		100		100

5 Directors advances, credit and guarantees

During the year M Montgomery was granted an unsecured short term loan of £10,664 at Interest rate of 0% per annum, and is repayable on demand.