Cherif (Barnes) Limited Small abbreviated accounts

CHERIF (BARNES) LIMITED - Company Information

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Company Registration Number 08444267

CHERIF (BARNES) LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 August 2016

CHERIF (BARNES) LIMITED

ABBREVIATED BALANCE SHEET

AS AT 31 AUGUST 2016

	2016		2015
Note	£	£	£	£

CURRENT ASSETS

Stocks	15,503,029		14,838,235
Debtors	485,085		59,549
Cash at bank and in hand	4,178		215,950
	-------------		-------------
	15,992,292		15,113,734
CREDITORS: Amounts falling due within one year	( 19,955,526)		( 17,978,374)
	-------------		-------------
NET CURRENT LIABILITIES		( 3,963,234)		( 2,864,640)
		------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 3,963,234)		( 2,864,640)
		------------		------------

CAPITAL AND RESERVES

Called up equity share capital	2	2	2
Profit and loss account		( 3,963,236)	( 2,864,642)
		------------	------------
DEFICIT		( 3,963,234)	( 2,864,640)
		------------	------------

For the year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 20 September 2017 , and are signed on their behalf by:

Lord M Beaverbrook

Company Registration Number: 08444267

CHERIF (BARNES) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 AUGUST 2016

1. ACCOUNTING POLICIES

Basis of accounting

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). Going concern The financial statements have been prepared on the assumption that the company remains a going concern. This is on the basis that the property stock will be sold, and there will be sufficient funds to repay all liabilities.

Turnover

The turnover shown in the profit and loss accounts represents proceeds from sales of properties.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

3. ULTIMATE PARENT COMPANY

The immediate parent company is Cherif Barnes Developments Limited. There is no ultimate controlling party.