62 High Street Limited - Period Ending 2016-12-31
62 High Street Limited - Period Ending 2016-12-31
Registration number:
for the Period from 10 December 2015 to
62 High Street Limited
(Registration number: 09910347)
Balance Sheet as at 31 December 2016
Note |
31 December 2016 |
|
Current assets |
||
Stocks |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
|
|
Total equity |
|
For the financial period ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
A D Spiller
Director
62 High Street Limited
Notes to the Financial Statements for the Period from 10 December 2015 to 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
WIP is stated 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 cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, WIP is assessed for impairment. If WIP is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
62 High Street Limited
Notes to the Financial Statements for the Period from 10 December 2015 to 31 December 2016
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Taxation |
Tax charged in the profit and loss account
10 December 2015 to 31 December 2016 |
|
Current taxation |
|
UK corporation tax |
|
Stocks |
31 December 2016 |
|
Work in progress |
|
Creditors |
Note |
31 December 2016 |
|
Due within one year |
||
Loans and borrowings |
|
|
Amounts due to related parties |
|
|
Accrued expenses |
|
|
Corporation tax liability |
2,445 |
|
Deferred income |
|
|
|
62 High Street Limited
Notes to the Financial Statements for the Period from 10 December 2015 to 31 December 2016
Loans and borrowings |
2016 |
|
Current loans and borrowings |
|
Other borrowings |
|
Related party transactions |
Summary of transactions with other related parties
At 31 December 2016, the company owed £172,131 to A D Spiller.
No interest was charged on these balances, and there are no fixed repayment terms.