Carleys Of Cornwall Limited - Period Ending 2016-06-30

 
 
 
 
 
 
 
  Carleys Of Cornwall Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 30 June 2016
 
  Company Registration Number: 03997714

Carleys Of Cornwall Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Carleys Of Cornwall Limited
Abbreviated Balance Sheet
30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			198,801			172,245
Current assets
Stocks					96,400			62,155
Debtors					124,925			175,930
Cash at bank and in hand					8,847			8,631
					230,172			246,716
Creditors: Amounts falling due within one year					(154,973)			(74,576)
Net current assets					75,199			172,140
Total assets less current liabilities					274,000			344,385
Creditors: Amounts falling due after more than one year					(102,338)			(114,504)
Provisions for liabilities					(30,618)			(31,939)
Deferred income					(6,463)			(8,079)
Net assets					134,581			189,863
Capital and reserves
Called up share capital		4			200			200
Share premium account					119,900			119,900
Profit and loss account					14,481			69,763
Shareholders' funds					134,581			189,863

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Carleys Of Cornwall Limited
Abbreviated Balance Sheet
30 June 2016 ......... continued

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 March 2017 and signed on its behalf by:

J M Carley
Director

Company Registration Number: 03997714

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Carleys Of Cornwall Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	No carrying value to depreciate

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold and buildings	Straight line over the life of the building
Plant and machinery	20% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Carleys Of Cornwall Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016 ......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		30,700			404,353			435,053
Additions		-			81,460			81,460
Disposals		-			(6,500)			(6,500)
At 30 June 2016		30,700			479,313			510,013
Depreciation
At 1 July 2015		30,700			232,108			262,808
Charge for the year		-			49,704			49,704
Eliminated on disposals		-			(1,300)			(1,300)
At 30 June 2016		30,700			280,512			311,212
Net book value
At 30 June 2016		-			198,801			198,801
At 30 June 2015		-			172,245			172,245

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		12,166			7,095
Amounts falling due after more than one year		102,338			114,504
Total secured creditors		114,504			121,599

Page 4

Carleys Of Cornwall Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2016 ......... continued

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		47,751			61,972

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		200			200			200			200

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
J M Carley
Director's current account: The advance is subject to interest at 3% and is repayable on demand.	-	23,556	42,791	44,293
S Y Carley
Director's current account: The advance is subject to interest at 3% and is repayable on demand.	-	23,555	42,791	44,293

Page 5