CC Retail Limited - Period Ending 2014-04-30

Registration number: 05773329

CC Retail Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

CC Retail Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CC Retail Limited
for the Year Ended 30 April 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CC Retail Limited for the year ended 30 April 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of CC Retail Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of CC Retail Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CC Retail Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CC Retail Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of CC Retail Limited. You consider that CC Retail Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CC Retail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

5 November 2014

Page 1

CC Retail Limited
(Registration number: 05773329)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					488,208			488,208
Tangible fixed assets					98,126			107,940
Investments					1,500			1,500
					587,834			597,648
Current assets
Stocks					57,329			50,492
Debtors					154,641			220,381
Cash at bank and in hand					34,511			52,275
					246,481			323,148
Creditors: Amounts falling due within one year					(770,895)			(824,067)
Net current liabilities					(524,414)			(500,919)
Total assets less current liabilities					63,420			96,729
Provisions for liabilities					(4,435)			(8,868)
Net assets					58,985			87,861
Capital and reserves
Called up share capital		3			50,000			50,000
Profit and loss account					8,985			37,861
Shareholders' funds					58,985			87,861

For the year ending 30 April 2014 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 Act with respect to accounting records and the preparation of accounts.

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

Approved by the Board on 4 November 2014 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

CC Retail Limited
(Registration number: 05773329)
Abbreviated Balance Sheet at 30 April 2014
......... continued

.........................................
Mr P Tomsett
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

CC Retail Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Departures from Companies Act requirements

Acquired goodwill is believed to have a net realisable value that would result in amortisation being immaterial and therefore has not been provided for in these accounts. In the opinion of the director, this departure from accounting standards is required for the accounts to show a true and fair view.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Acquired goodwill is beleived to have a net realisable value that would result in amortisation being immaterial and therefore has not been provided for in these accounts. In the opinion of the directors, this departure from accounting standards is required for the accounts to show a true and fair view.

Asset class	Amortisation method and rate
Goodwill	nil

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures and fittings	20% straight line
Land and buildings	over 15 years straight line
Motor vehicles	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

CC Retail Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 May 2013		488,208			213,965			1,500			703,673
Additions		-			7,131			-			7,131
At 30 April 2014		488,208			221,096			1,500			710,804
Depreciation
At 1 May 2013		-			106,025			-			106,025
Charge for the year		-			16,945			-			16,945
At 30 April 2014		-			122,970			-			122,970
Net book value
At 30 April 2014		488,208			98,126			1,500			587,834
At 30 April 2013		488,208			107,940			1,500			597,648

Page 5

CC Retail Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		50,000			50,000			50,000			50,000

Page 6