Club Lotus Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05212328 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

FOR

CLUB LOTUS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

A R G Morgan

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

05212328 (England and Wales)

ACCOUNTANTS:

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Club Lotus Limited for the year ended 31 August 2016 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Club Lotus Limited in accordance with the terms of our engagement letter dated 12 April 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Club Lotus Limited and state those matters that we have agreed to state to the director of Club Lotus Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Club Lotus Limited director for our work or for this report.

It is your duty to ensure that Club Lotus Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Club Lotus Limited. You consider that Club Lotus Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Club Lotus Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

30 May 2017

FIXED ASSETS

Intangible assets

2

134,181

150,476

Tangible assets

3

965

1,447

135,146

151,923

CURRENT ASSETS

Stocks

5,275

Debtors

1,800

-

Cash at bank

35,762

37,531

42,837

42,806

CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

169,615

179,277

NET CURRENT LIABILITIES

(126,778

)

(136,471

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

8,368

15,452

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

8,268

15,352

SHAREHOLDERS' FUNDS

8,368

15,452

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 30 May 2017 and were signed by:

A R G Morgan - 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 the invoiced value of goods and services supplied to customers net of value added tax.

Goodwill

Goodwill arised on purchase of the Lotus Car Owners Club and has been capitalised under the heading of

Intangible Fixed Assets. In accordance with the FRSSE, Goodwill is amortised through the Profit and Loss

Account over a period not exceeding 20 years, estimated by the directors to be the useful economic life.

Tangible fixed assets

Depreciation is provided on all tangible and intangible fixed assets at rates calculated to write off the cost of

each asset less its estimated residual value on a reducing balance basis, over its expected useful life, as follows;

Computer Equipment

-

33% per annum

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 provided using the liability method in respect of all material timing differences that have

originated but not reversed by the balance sheet date. Deferred tax assets are recognised where it is considered

more likely than not that future profits will be available for offset. The company has not adopted a policy of

discounting deferred tax assets and liabilities.

Cash flow statement

The director has taken advantage of the exemption for small companies under FRSSE. Consequently no cash

flow statement has been prepared.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

325,898

AMORTISATION

At 1 September 2015

175,422

Amortisation for year

16,295

At 31 August 2016

191,717

NET BOOK VALUE

At 31 August 2016

134,181

At 31 August 2015

150,476

Goodwill arised on purchase of the Lotus Car Owners Club.

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

9,837

DEPRECIATION

At 1 September 2015

8,390

Charge for year

482

At 31 August 2016

8,872

NET BOOK VALUE

At 31 August 2016

965

At 31 August 2015

1,447

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100