Company Registration No. 05904717 (England and Wales)
CHARDS INTERIORS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
CHARDS INTERIORS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARDS INTERIORS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHARDS INTERIORS LIMITED FOR THE YEAR ENDED 30 JUNE 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chards Interiors Limited for the year ended 30 June 2016 set out on pages 2 to 4 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Chards Interiors Limited, as a body, in accordance with the terms of our engagement letter dated 14 November 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Chards Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Chards Interiors Limited, 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 Chards Interiors Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Chards Interiors 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 loss of Chards Interiors Limited. You consider that Chards Interiors 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 Chards Interiors 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.
Moore and Smalley LLP
Chartered Accountants
Fylde House
Skyways Commercial Campus
Amy Johnson Way
Blackpool
FY4 3RS
26 January 2017
CHARDS INTERIORS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
7,113
8,282
Current assets
Debtors
252,407
442,949
Cash at bank and in hand
1,244
-
253,651
442,949
Creditors: amounts falling due within one year
(279,729)
(467,362)
Net current liabilities
(26,078)
(24,413)
Total assets less current liabilities
(18,965)
(16,131)
Provisions for liabilities
(509)
(543)
(19,474)
(16,674)
Capital and reserves
Called up share capital
3
200
200
Profit and loss account
(19,674)
(16,874)
Shareholders' funds
(19,474)
(16,674)
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 26 January 2017
Mr S Edge
Mrs S Edge
Director
Director
Company Registration No. 05904717
CHARDS INTERIORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
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 comprises the value of work performed, goods sold and services provided excluding Value Added Tax. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on account. An appropriate proportion of the anticipated contract profit is recognised in the profit and loss account based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses. Pre-contract costs incurred before it is virtually certain that a contract will be awarded are charged to the profit and loss account. Once virtually certain of contract award, costs are held as amounts recoverable on contracts and form part of the accounting for the contract as a whole.. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
1.8
The directors of Chards Interiors Limited have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future and they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
CHARDS INTERIORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015 & at 30 June 2016
24,835
Depreciation
At 1 July 2015
16,553
Charge for the year
1,169
At 30 June 2016
17,722
Net book value
At 30 June 2016
7,113
At 30 June 2015
8,282
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
200 Ordinary shares of £1 each
200
200
4
Directors' benefits: Advances, credits and guarantees
The directors have a loan account with the company against which personal expenditure and drawings may be charged. The loan account with the company was overdrawn at 1 July 2015 by £57,245 and £41,952 on 30 June 2016. During this period cash advances totalling £32,800 (2015 £42,608) were made and personal expenditure totalling £nil (2015 £508) was met on behalf of the directors. During the same period, cash repayments totalling £50,000 (2015: £nil) were received. During the period the maximum overdrawn balance on the loan was £84,654 (2015 £57,245).
This loan was unsecured.
Interest of £1,907 at 3% per annum has been charged by the company on this loan.