E4 Connolly Limited - Period Ending 2014-02-28
E4 Connolly Limited - Period Ending 2014-02-28
Registration number:
Unaudited Abbreviated Accounts
for the Period from
E4 Connolly Limited
Contents
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The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
E4 Connolly Limited
for the Period Ended 28 February 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of E4 Connolly Limited for the period ended 28 February 2014 set out on pages 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 at icaew.com/membershandbook.
This report is made solely to the Board of Directors of E4 Connolly Limited, as a body, in accordance with the terms of our engagement letterdated 22 October 2014. Our work has been undertaken solely to prepare for your approval the accounts of E4 Connolly Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E4 Connolly Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that E4 Connolly Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of E4 Connolly Limited. You consider that E4 Connolly Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of E4 Connolly 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 accounts.
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West Lancs Accountants Limited
45 Ryder Crescent
Aughton
Ormskirk
Lancashire
L39 5EY
24 November 2014
E4 Connolly Limited
(Registration number: 08422463)
Abbreviated Balance Sheet at 28 February 2014
Note |
28 February 2014
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Shareholders' deficit |
( |
Approved by the director on
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Mr M P Connolly
Director
2
E4 Connolly Limited
Notes to the Abbreviated Accounts for the Period from 27 February 2013 to 28 February 2014
......... continued
Accounting policies |
Basis of preparation
Going concern
The financial statements have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The director has confirmed that he will continue to give financial support to the company until such time as its position improves. In addition the director has confirmed that he will not recall his loan within 12 months. On this basis, he considers that it is appropriate to prepare the accounts on the going concern basis.
Turnover
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
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Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
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Deferred tax
E4 Connolly Limited
Notes to the Abbreviated Accounts for the Period from 27 February 2013 to 28 February 2014
......... continued
Hire purchase and leasing
Fixed assets |
Intangible assets
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Tangible assets
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Total
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Cost |
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Additions |
12,500 |
90 |
12,590 |
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At 28 February 2014 |
12,500 |
90 |
12,590 |
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Depreciation |
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Charge for the period |
1,094 |
9 |
1,103 |
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At 28 February 2014 |
1,094 |
9 |
1,103 |
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Net book value |
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At 28 February 2014 |
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Share capital |
Allotted, called up and fully paid shares
28 February 2014 |
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No. |
£ |
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New shares allotted
During the period |