ANTHONY KANE LIMITED - Filleted accounts

ANTHONY KANE LIMITED - Filleted accounts

ANTHONY KANE LIMITED - Company Information

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ANTHONY KANE LIMITED
Registered number: 04711824
Balance Sheet
as at 30 June 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 9,000 10,500
Tangible assets 3 409 545
9,409 11,045
Current assets
Stocks 3,750 2,200
Debtors 4 545 706
Cash at bank and in hand 2,224 2,158
6,519 5,064
Creditors: amounts falling due within one year 5 (30,711) (28,152)
Net current liabilities (24,192) (23,088)
Net liabilities (14,783) (12,043)
Capital and reserves
Called up share capital 2 2
Profit and loss account (14,785) (12,045)
Shareholders' funds (14,783) (12,043)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Kravitz
Director
Approved by the board on 11 December 2017
ANTHONY KANE LIMITED
Notes to the Accounts
for the year ended 30 June 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 25% of net book value
Goodwill 5% of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2016 30,000
At 30 June 2017 30,000
Amortisation
At 1 July 2016 19,500
Provided during the year 1,500
At 30 June 2017 21,000
Net book value
At 30 June 2017 9,000
At 30 June 2016 10,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016 2,759
At 30 June 2017 2,759
Depreciation
At 1 July 2016 2,214
Charge for the year 136
At 30 June 2017 2,350
Net book value
At 30 June 2017 409
At 30 June 2016 545
4 Debtors 2017 2016
£ £
Other debtors 545 706
5 Creditors: amounts falling due within one year 2017 2016
£ £
Other taxes and social security costs 5,762 2,576
Other creditors 24,949 25,576
30,711 28,152
6 Related party transactions
Creditors include the amount due to the directors, being 23,698 24,325
unsecured, interst free and repayable on demand.
7 Controlling party
The company is controlled by the directors.
8 Other information
ANTHONY KANE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Beverley Court
Farnham Close
Whetstone
London
N20 9PW
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