Micro-entity Accounts - THE CHALLENGE INITIATIVE CORPORATION LIMITED

THE CHALLENGE INITIATIVE CORPORATION LIMITED - Company Information

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Registered Number 04296238

THE CHALLENGE INITIATIVE CORPORATION LIMITED

Micro-entity Accounts

31 December 2016

THE CHALLENGE INITIATIVE CORPORATION LIMITED Registered Number 04296238

Micro-entity Balance Sheet as at 31 December 2016

	Notes	2016	2015
		£	£
Called up share capital not paid		-	-
Fixed assets
Intangible assets	1	250,000	250,000
Tangible assets	2	165,330	165,330
Investments	3	75,000	75,000
		490,330	490,330
Current assets
Stocks		35,641	35,641
Debtors	4	-	-
Investments		-	-
Cash at bank and in hand		-	-
		35,641	35,641
Prepayments and accrued income		-	-
Creditors: amounts falling due within one year	5	0	0
Net current assets (liabilities)		35,641	35,641
Total assets less current liabilities		525,971	525,971
Creditors: amounts falling due after more than one year	5	(14,724)	(17,700)
Provisions for liabilities		0	0
Accruals and deferred income		0	0
Total net assets (liabilities)		511,247	508,271
Capital and reserves
Called up share capital	6	345,600	345,600
Share premium account		0	0
Revaluation reserve		36,982	34,006
Other reserves		128,665	128,665
Profit and loss account		0	0
Shareholders' funds		511,247	508,271

For the year ending 31 December 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 20 September 2017

And signed on their behalf by:
Peter Wardle, Director

THE CHALLENGE INITIATIVE CORPORATION LIMITED Registered Number 04296238

Notes to the Micro-entity Accounts for the period ended 31 December 2016

1Intangible fixed assets

	£
Cost
At 1 January 2016	250,000
Additions	0
Disposals	0
Revaluations	0
Transfers	0
At 31 December 2016	250,000
Amortisation
At 1 January 2016	0
Charge for the year	0
On disposals	0
At 31 December 2016	0
Net book values
At 31 December 2016	250,000
At 31 December 2015	250,000

This the nominal value at cost for the company's contracted exploitation of Intellectual \property which remains fully valid and current being mostly Copyrights contracted long term by the MD Peter Wardle, including global exploitation in due course

2Tangible fixed assets

	£
Cost
At 1 January 2016	165,330
Additions	0
Disposals	0
Revaluations	0
Transfers	0
At 31 December 2016	165,330
Depreciation
At 1 January 2016	0
Charge for the year	0
On disposals	0
At 31 December 2016	0
Net book values
At 31 December 2016	165,330
At 31 December 2015	165,330

valuation at cost of stock, equipment, and shareholder's unsecured loans (to be repaid as and when the company is adequately cash solvent). All other assets are current so no depreciation or other adjustmen
t is required at this time.

3Fixed assets Investments
engine deposits being held as contracted by our supplier

4Debtors

	2016 £	2015 £
Debtors include the following amounts due after more than one year	0	0

the company has not actively traded for these periods

5Creditors

	2016 £	2015 £
Secured Debts	128,665	128,665
Instalment debts due after 5 years	0	0
Non-instalment debts due after 5 years	0	0

6Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
345,500 Preference shares of £1 each	345,500	345,500

Shareholders have agreed that the preference shares will not be bought back by the company until the full new investment has been processed