The Coventry Silvercraft Company Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 00967390 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

THE COVENTRY SILVERCRAFT COMPANY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Oakley

Mrs J M Oakley

SECRETARY:

A C Oakley

REGISTERED OFFICE:

6 Lamb Street

Coventry

West Midlands

CV1 4AE

REGISTERED NUMBER:

00967390 (England and Wales)

BANKERS:

NatWest Bank Plc

Scotland Corp Service Centre Audit Team

Drummond House

1 Redheughs Lane

Edinburgh

EH12 9JN

FIXED ASSETS

Tangible assets

4

11,053

12,669

CURRENT ASSETS

Stocks

11,481

10,936

Debtors

12,245

14,939

Cash at bank and in hand

23,626

45,268

47,352

71,143

CREDITORS

Amounts falling due within one year

33,344

44,803

NET CURRENT ASSETS

14,008

26,340

TOTAL ASSETS LESS CURRENT LIABILITIES

25,061

39,009

PROVISIONS FOR LIABILITIES

2,020

2,510

NET ASSETS

23,041

36,499

CAPITAL AND RESERVES

Called up share capital

200

200

Capital redemption reserve

800

800

Retained earnings

22,041

35,499

SHAREHOLDERS' FUNDS

23,041

36,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 March 2017 and were signed on its behalf by:

Mrs J M Oakley - Director

1.	STATUTORY INFORMATION

The Coventry Silvercraft Company Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards. The principal

accounting policies adopted in the preparation of the financial statements are set out below and have remained

unchanged from the previous year.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2015 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

155,231

Additions

1,752

At 31 December 2016

156,983

DEPRECIATION

At 1 January 2016

142,562

Charge for year

3,368

At 31 December 2016

145,930

NET BOOK VALUE

At 31 December 2016

11,053

At 31 December 2015

12,669