Company Registration No. 03958513 (England and Wales)
All Right Now Limited
Unaudited Abbreviated Financial Statements
For The Year Ended 30 April 2016
ALL RIGHT NOW LIMITED
All Right Now Limited
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALL RIGHT NOW LIMITED FOR THE YEAR ENDED 30 APRIL 2016
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The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of All Right Now Limited for the year ended 30 April 2016 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the
Association of
Chartered
Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.
This report is made solely to the Board of Directors of All Right Now 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 financial statements of All Right Now Limited and state those matters that we have agreed to state to the Board of Directors of All Right Now Limited, as a body, in this report in accordance with the requirements of the
Association of Chartered Certified Accountants
as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than All Right Now Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that All Right Now Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of All Right Now Limited. You consider that All Right Now 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 financial statements of All Right Now 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 financial statements.
Clark Howes Accountants Limited
Chartered Certified Accountants
25 January 2017
2 Minton Place
Victoria Road
Bicester
Oxfordshire
OX26 6QB
ALL RIGHT NOW LIMITED
All Right Now Limited
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
21,698
30,665
Current assets
Stocks
75,611
50,074
Debtors
3
399,128
328,855
Cash at bank and in hand
35,547
54,338
510,286
433,267
Creditors: amounts falling due within one year
4
(344,455)
(266,810)
Net current assets
165,831
166,457
Total assets less current liabilities
187,529
197,122
Creditors: amounts falling due after more than one year
(7,191)
(4,643)
Provisions for liabilities
(4,259)
(6,033)
176,079
186,446
Capital and reserves
Called up share capital
5
96
96
Profit and loss account
175,983
186,350
Shareholders' funds
176,079
186,446
ALL RIGHT NOW LIMITED
All Right Now Limited
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
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For the financial year ended 30 April 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 17 January 2017
Mr G L Bruce
Director
Company Registration No. 03958513
ALL RIGHT NOW LIMITED
All Right Now Limited
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
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1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers . Turnover is recognised when the goods are physically delivered to customers and when services are provided.
the value, net of Value Added Tax and discounts, of
goods
provided to customers
and
work carried out in respect of
services
provided to customers
.
Turnover is recognised when the goods are physically delivered to customers and when services are provided.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% and 33% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition. Where consignment stock is in substance an asset of the company, it is recognised as such in the balance sheet.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its
director
. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to
P
rofit and
L
oss
A
ccount.
ALL RIGHT NOW LIMITED
All Right Now Limited
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
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2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015
64,936
Additions
3,781
At 30 April 2016
68,717
Depreciation
At 1 May 2015
34,271
Charge for the year
12,748
At 30 April 2016
47,019
Net book value
At 30 April 2016
21,698
At 30 April 2015
30,665
3
Debtors
Debtors include an amount of £4,365 (2015 - £20,555) which is due after more than one year.
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £5,980 (2015 - £16,056).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
96 Ordinary shares of £1 each
96
96
ALL RIGHT NOW LIMITED
All Right Now Limited
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
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6
Related party relationships and transactions
Transactions in relation to
the
loan
with
the
director during the year
is
outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr G L Bruce - Loan
-
68,548
-
-
75,469
(6,921)
68,548
-
-
75,469
(6,921)