Olde Earth Castings Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 09488826 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 13 March 2015 to 31 March 2016

for

Olde Earth Castings Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

M D Gorman

REGISTERED OFFICE:

Unit 1

Sleekburn Business Centre

Blyth

Northumberland

NE24 1QQ

REGISTERED NUMBER:

09488826 (England and Wales)

ACCOUNTANT:

K Whitehouse Accountant

17 Sidney Street

Blyth

Northumberland

NE24 2RD

FIXED ASSETS

Intangible assets

2

25,920

Tangible assets

3

735

26,655

CURRENT ASSETS

Stocks

1,510

Debtors

713

Cash at bank and in hand

5,967

8,190

CREDITORS

Amounts falling due within one year

34,685

NET CURRENT LIABILITIES

(26,495

)

TOTAL ASSETS LESS CURRENT LIABILITIES

160

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

158

SHAREHOLDERS' FUNDS

160

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

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

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 12 April 2017 and were signed by:

M D Gorman - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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

-

20% on reducing balance

Stocks

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

for obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

28,800

At 31 March 2016

28,800

AMORTISATION

Amortisation for period

2,880

At 31 March 2016

2,880

NET BOOK VALUE

At 31 March 2016

25,920

3.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

735

At 31 March 2016

735

NET BOOK VALUE

At 31 March 2016

735

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

2

Ordinary shares of £1

1

2