K. a. De Cobain Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01159902 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

FOR

K. A. DE COBAIN LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P E DeCobain

Mrs A DeCobain

SECRETARY:

Mrs A DeCobain

REGISTERED OFFICE:

88 Boothferry Road

Goole

East Yorkshire

DN14 6AE

REGISTERED NUMBER:

01159902 (England and Wales)

ACCOUNTANTS:

J S White & Co Limited

25-29 Sandy Way

Yeadon

Leeds

West Yorkshire

LS19 7EW

FIXED ASSETS

Intangible assets

2

1,986,144

2,070,437

Tangible assets

3

367,954

372,435

2,354,098

2,442,872

CURRENT ASSETS

Stocks

49,326

69,419

Debtors

74,226

43,211

Cash at bank and in hand

9,048

13,921

132,600

126,551

CREDITORS

Amounts falling due within one year

4

353,077

501,047

NET CURRENT LIABILITIES

(220,477

)

(374,496

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,133,621

2,068,376

CREDITORS

Amounts falling due after more than one
year

4

(20,454

)

(47,979

)

PROVISIONS FOR LIABILITIES

(44,280

)

(41,949

)

NET ASSETS

2,068,887

1,978,448

CAPITAL AND RESERVES

Called up share capital

5

3,000

Revaluation reserve

160,791

Profit and loss account

1,905,096

1,814,657

SHAREHOLDERS' FUNDS

2,068,887

1,978,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 29 August 2017 and were signed on its behalf by:

K A De-Cobain - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets 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 2008, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the capitalisation of the intangible benefits of the customer rental asset base of the company

which is being written off on a straight line basis over the period of 20 years subject to impairment reviews. The

rental asset base of the company was capitalised in 2009.

Customer rental asset base

The asset base of the company in respect of its rental customers is divided into two distinct elements. The

intangible element of the asset base represents the intrinsic value of the customer asset base and the rental

income that is derived from this asset base on an ongoing basis over a fixed period of 18 months. The customer

rental asset base is reviewed on an annual basis and any adjustment is made through the statement of recognised

losses and gains.

The second element of the customer rental asset base is the physical stock of the assets held by the business. This

is shown as a current asset within the stock on the balance and written off on a straight line basis over a period of

18 months.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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

At 1 December 2015

2,083,318

Disposals

(80,000

)

At 30 November 2016

2,003,318

AMORTISATION

At 1 December 2015

12,881

Amortisation for year

4,293

At 30 November 2016

17,174

NET BOOK VALUE

At 30 November 2016

1,986,144

At 30 November 2015

2,070,437

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 December 2015

697,447

Additions

54,611

Disposals

(32,943

)

At 30 November 2016

719,115

DEPRECIATION

At 1 December 2015

325,012

Charge for year

45,405

Eliminated on disposal

(19,256

)

At 30 November 2016

351,161

NET BOOK VALUE

At 30 November 2016

367,954

At 30 November 2015

372,435

4.

CREDITORS

Creditors include an amount of £ 39,693 (2015 - £ 191,326 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

3,000

Ordinary

£1

3,000

6.	RELATED PARTY DISCLOSURES

During the course of the year the company transacted with the directors Mr P E DeCobain and Mrs A DeCobain

by way of a joint directors loan account. The balance owing to the directors at the end of the year was £157,750.

(2015 £185,468)