Coates and Morgan Limited Small abbreviated accounts
Coates and Morgan Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
04543826
ABBREVIATED BALANCE SHEET
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2016 |
2015 |
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Note |
£ |
£ |
£ |
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FIXED ASSETS |
2 |
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Tangible assets |
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--------- |
--------- |
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--------- |
--------- |
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CURRENT ASSETS
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
- |
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---------- |
---------- |
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424,918 |
417,363 |
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CREDITORS: Amounts falling due within one year |
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---------- |
---------- |
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NET CURRENT ASSETS |
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---------- |
--------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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---------- |
--------- |
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CAPITAL AND RESERVES
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Called up equity share capital |
4 |
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Profit and loss account |
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---------- |
--------- |
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SHAREHOLDERS' FUNDS |
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---------- |
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Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved by the directors and authorised for issue on
27 January 2017
, and are signed on their behalf by:
Director
Company Registration Number:
04543826
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 APRIL 2016
1.
ACCOUNTING POLICIES
Basis of accounting
Turnover
Fixed assets
All fixed assets are initially recorded at cost.
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.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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 directors consider 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 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.
2.
FIXED ASSETS
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Tangible Assets |
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|
£ |
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COST
|
At 1 May 2015 and 30 April 2016 |
61,271 |
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--------- |
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DEPRECIATION
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At 1 May 2015 |
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Charge for year |
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|
--------- |
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At 30 April 2016 |
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--------- |
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NET BOOK VALUE
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At 30 April 2016 |
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--------- |
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At 30 April 2015 |
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--------- |
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3.
TRANSACTIONS WITH THE DIRECTORS
The company operates from premises owned by the Coates & Morgan Partnership. This partnership is made up of Mr RG Coates and Mr D Morgan who are the directors of the company. During the period, the company paid rent of £23,100 (2014 - £23,100) to the directors. During the period the company traded on a normal commercial basis with Barby Sporting Limited, a company under common control. Other creditors include £106,073 (2015 - £81,553) due to Barby Sporting Limited.
4.
SHARE CAPITAL
Allotted, called up and fully paid:
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2016 |
2015 |
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No |
£ |
No |
£ |
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---- |
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---- |
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ACCOUNTANTS' REPORT TO THE DIRECTORS OF COATES AND
MORGAN LIMITED
YEAR ENDED 30 APRIL 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 which comprise the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.
This report is made to the Company's Directors, as a body, 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 Directors that we have done so, and state those matters that we have agreed to state to them 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 Directors, as a body, 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 30 April 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.
27 January 2017