| Circuit Planet Ltd |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Circuit Planet Ltd for the year ended 30 June 2016 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Circuit Planet Ltd for the year ended 30 June 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Circuit Planet Ltd, as a body, in accordance with the terms of our engagement letter dated 14 March 2016. Our work has been undertaken solely to prepare for your approval the accounts of Circuit Planet Ltd and state those matters that we have agreed to state to the Board of Directors of Circuit Planet Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Circuit Planet Ltd and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that Circuit Planet Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Circuit Planet Ltd. You consider that Circuit Planet Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the accounts of Circuit Planet 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 abbreviated accounts. |
|
| Aster Accountants Ltd |
| Chartered Accountants |
| 62A High Street |
| Runcorn |
| Cheshire |
| WA7 1AW |
|
| 17 March 2016 |
|
| Circuit Planet Ltd |
| Registered number: |
06610808 |
| Abbreviated Balance Sheet |
| as at 30 June 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
600 |
|
|
900 |
| Tangible assets |
3 |
|
|
5,773 |
|
|
4,974 |
|
|
|
|
6,373 |
|
|
5,874 |
|
| Current assets |
| Stocks |
|
|
72,453 |
|
|
113,239 |
| Debtors |
|
|
26,677 |
|
|
38,410 |
| Cash at bank and in hand |
|
|
67,629 |
|
|
82,961 |
|
|
|
166,759 |
|
|
234,610 |
|
| Creditors: amounts falling due within one year |
|
|
(77,878) |
|
|
(95,499) |
|
| Net current assets |
|
|
|
88,881 |
|
|
139,111 |
|
| Total assets less current liabilities |
|
|
|
95,254 |
|
|
144,985 |
|
|
| Provisions for liabilities |
|
|
|
(1,155) |
|
|
(995) |
|
|
| Net assets |
|
|
|
94,099 |
|
|
143,990 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
2 |
|
|
1 |
| Profit and loss account |
|
|
|
94,097 |
|
|
143,989 |
|
| Shareholder's funds |
|
|
|
94,099 |
|
|
143,990 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Catherine Liu |
| Director |
| Approved by the board on 17 March 2016 |
|
| Circuit Planet Ltd |
| Notes to the Abbreviated Accounts |
| for the year ended 30 June 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
15% straight line |
|
Motor vehicles |
25% reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
In order to hedge its exposure to exchange rate risk the company enters into forward price contracts. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 July 2015 |
1,500 |
|
At 30 June 2016 |
1,500 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 July 2015 |
600 |
|
Provided during the year |
300 |
|
At 30 June 2016 |
900 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2016 |
600 |
|
At 30 June 2015 |
900 |
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 July 2015 |
16,697 |
|
Additions |
2,465 |
|
At 30 June 2016 |
19,162 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2015 |
11,723 |
|
Charge for the year |
1,666 |
|
At 30 June 2016 |
13,389 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2016 |
5,773 |
|
At 30 June 2015 |
4,974 |
|
|
|
|
|
|
|
|
| 4 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Secured bank loans |
14,049 |
|
25,239 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
1 |
|
|
|
|
|
|
|
|
|
| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
£1 each |
|
1 |
|
1 |
|
|
|
|
|
|
|
