Academic Choice Limited Small abbreviated accounts

Academic Choice Limited Small abbreviated accounts

ACADEMIC CHOICE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 6971501
ACADEMIC CHOICE LIMITED
ABBREVIATED ACCOUNTS
31 July 2016
ACADEMIC CHOICE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR OF ACADEMIC CHOICE
LIMITED
YEAR ENDED 31ST JULY 2016
As described on the balance sheet, the director of the company is responsible for the preparation of the abbreviated accounts for the year ended 31st July 2016.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited abbreviated accounts in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
W H AUDIT LIMITED Accountants
The White House Station Road West Hagley Stourbridge West Midlands DY9 ONU
31 January 2017
ACADEMIC CHOICE LIMITED
ABBREVIATED BALANCE SHEET
31 July 2016
2016
2015
Note
£
£
£
FIXED ASSETS
2
Tangible assets
3,097
3,872
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-------
CURRENT ASSETS
Debtors
68,203
64,805
Cash at bank and in hand
107,219
48,514
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----------
175,422
113,319
CREDITORS: Amounts falling due within one year
127,588
86,107
----------
----------
NET CURRENT ASSETS
47,834
27,212
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
50,931
31,084
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---------
CAPITAL AND RESERVES
Called up equity share capital
3
200
200
Share premium account
3,900
3,900
Profit and loss account
46,831
26,984
---------
---------
SHAREHOLDERS' FUNDS
50,931
31,084
---------
---------
For the year ended 31st July 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 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 have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on 31 January 2017 .
Mr R L Thomas Director
Company Registration Number: 6971501
ACADEMIC CHOICE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31ST JULY 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
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:
Equipment-20% Reducing balance
Depreciation is charged on a monthly basis in the years of acquisition and disposal.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
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.
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 August 2015 and 31st July 2016
5,679
-------
DEPRECIATION
At 1st August 2015
1,807
Charge for year
775
-------
At 31st July 2016
2,582
-------
NET BOOK VALUE
At 31st July 2016
3,097
-------
At 31st July 2015
3,872
-------
3. SHARE CAPITAL
Authorised share capital:
2016
2015
£
£
500 'A' Ordinary shares of £ 1 each
500
500
500 'B' Ordinary shares of £ 1 each
500
500
-------
-------
1,000
1,000
-------
-------
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
'A' Ordinary shares of £ 1 each
100
100
100
100
'B' Ordinary shares of £ 1 each
100
100
100
100
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200
200
200
200
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