Accelerate SC Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07602924 (England and Wales)

ACCELERATE SC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J Rate

REGISTERED OFFICE:

C/O R.T. Rate Limited

Hogg Lane

Grays

Essex

RM17 5QL

REGISTERED NUMBER:

07602924 (England and Wales)

ACCOUNTANTS:

Bland Baker

Chartered Accountants

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Tangible assets

4

-

909

CURRENT ASSETS

Debtors

5

6,361

21,587

Cash at bank

20

8,240

6,381

29,827

CREDITORS

Amounts falling due within one year

6

6,280

30,144

NET CURRENT ASSETS/(LIABILITIES)

101

(317

)

TOTAL ASSETS LESS CURRENT LIABILITIES

101

592

PROVISIONS FOR LIABILITIES

-

180

NET ASSETS

101

412

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

1

312

SHAREHOLDERS' FUNDS

101

412

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 July 2017 and were signed by:

S J Rate - Director

1.	STATUTORY INFORMATION

Accelerate SC Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a breakup basis following the company's cessation to trade.

Assets and liabilities are stated at their recoverable amounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

2,371

Disposals

(2,371

)

At 31 March 2017

-

DEPRECIATION

At 1 April 2016

1,462

Charge for year

265

Eliminated on disposal

(1,727

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

909

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

6,361

21,587

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,625

10,277

Taxation and social security

155

16,884

Other creditors

3,500

2,983

6,280

30,144

7.

RESERVES

Retained

earnings

£

At 1 April 2016

312

Profit for the year

12,089

Dividends on equity shares

(12,400

)

At 31 March 2017

1

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

S J Rate

Balance outstanding at start of year

17,270

18,468

Amounts repaid

(12,181

)

(1,198

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,089

17,270

The loan was unsecured and repayable on demand. Interest was charged at a rate of 3.25% per annum

on the amount due to the company.

9.	RELATED PARTY DISCLOSURES

Controlling party

The company is controlled by S.J. Rate who owns 51% of the ordinary shares in issue.

Balances with related parties

Details of the loans subsisting with the director at the balance sheet date is given in note 8.

The following balances with related parties subsisted at the balance sheet date:

2017

2016

£

£

R.T. Rate Limited (a company controlled by the director's father)

Trade creditors

(2,625

)

(1,078

)

Transactions with related parties

During the year dividends of £12,400 (2016 - £40,000) were paid to the director and his wife.