COMPANYTWO_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Companytwo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Wood Street, Kingston upon Thames, Surrey, KT1 1UW.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2017 are the first financial statements of Companytwo Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

At the balance sheet date the company had net liabilities of £15,124. Included in creditors was £51,240 amounts due to the director, A Pollard. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meets financial obligations. Therefore the accounts have been prepared on the going concern basis.

Turnover comprises revenue recognised by the company in respect of real estate services supplied during the year, exclusive of Value Added Tax and trade discounts.

Income is recognised in the period in which the service supplied.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 7).

At the balance sheet date the company owed the director, A P Pollard, £51,240 (2016 - £38,513). This loan is interest free.

At the balance sheet date the company was owed £12,228 (2016 - £35,576) by Companyone Limited. During the year the company made recharges of £Nil and was recharged expenses of £Nil from Companyone Limited. The companies are connected as they have mutual directors and controlling parties.

At the balance sheet date the company was owed £5,115 (2016 - £5,115) by Companythree Limited. During the year the company made recharges of £Nil and was recharged expenses of £Nil from Companythree Limited. The companies are connected as they have mutual directors and controlling parties.

At the balance sheet date the company owed £895 (2016 - £895) to Stack & Bonner (Lettings) Limited. During the year the company made recharges of £Nil to Stack & Bonner (Lettings) Limited. The companies are connected as they have mutual directors and controlling parties.

At the beginning of the year the director, J R Stack, owed £32,928 to the company. During the year advances totalling £832 was made to the director. No advance was in excess of £10,000 and no repayments was made by the director during the year. Interest on the balance due to the company is calculated at 3% and totalled £1,000 during the year. at the balance sheet date the balance due from the director was £34,760. This was the maximum amount outstanding during the year.