Company Registration No. 01387290 (England and Wales)
CREWE FURNITURE CENTRE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
CREWE FURNITURE CENTRE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CREWE FURNITURE CENTRE LIMITED
ABBREVIATED BALANCE SHEET
AS AT 30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
184,694
184,878
Current assets
Debtors
269
275
Cash at bank and in hand
22,987
17,762
23,256
18,037
Creditors: amounts falling due within one year
(146,885)
(127,610)
Net current liabilities
(123,629)
(109,573)
Total assets less current liabilities
61,065
75,305
Provisions for liabilities
(37)
(74)
61,028
75,231
Capital and reserves
Called up share capital
3
1,000
1,000
Revaluation reserve
23,793
23,793
Profit and loss account
36,235
50,438
Shareholders' funds
61,028
75,231
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 May 2017
Mrs. S.M. Kowalik
Director
Company Registration No. 01387290
CREWE FURNITURE CENTRE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for services provided in accordance with the company's ordinary activities.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties valued on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Fixtures and fittings
over 5 years
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
CREWE FURNITURE CENTRE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 October 2015 & at 30 September 2016
187,073
Depreciation
At 1 October 2015
2,195
Charge for the year
184
At 30 September 2016
2,379
Net book value
At 30 September 2016
184,694
At 30 September 2015
184,878
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
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