Abbreviated Company Accounts - METEOR LIMITED
Abbreviated Company Accounts - METEOR LIMITED
Registered Number 01675735
METEOR LIMITED
Abbreviated Accounts
31 August 2016
METEOR LIMITED Registered Number 01675735
Abbreviated Balance Sheet as at 31 August 2016
| Notes | 31/08/2016 | 28/02/2015 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Investments | 2 |
|
|
|
|
|||
| Current assets | |||
| Debtors |
|
|
|
| Cash at bank and in hand |
|
|
|
|
|
|
||
| Creditors: amounts falling due within one year |
( |
( |
|
| Net current assets (liabilities) |
|
|
|
| Total assets less current liabilities |
|
|
|
| Total net assets (liabilities) |
|
|
|
| Capital and reserves | |||
| Called up share capital | 3 |
|
|
| Profit and loss account |
|
|
|
| Shareholders' funds |
|
|
|
For the year ending 31 August 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
And signed on their behalf by:
METEOR LIMITED Registered Number 01675735
Notes to the Abbreviated Accounts for the period ended 31 August 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Other accounting policies
In preparing the financial statements for the current year, the company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015).
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2Fixed assets Investments