Statement of Consent to Prepare Abridged Financial Statements
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All of the members of Cinegear Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
07810089
Filleted Unaudited Abridged Financial Statements
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Abridged Financial Statements
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Year ended 31 December 2016
Officers and professional advisers
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1
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Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
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2
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Abridged statement of financial position
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3
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Notes to the abridged financial statements
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5
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Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Cinegear Limited
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Year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Cinegear Limited for the year ended 31 December 2016, which comprise the abridged statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cinegear Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Cinegear Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cinegear Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cinegear Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cinegear Limited. You consider that Cinegear 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 abridged financial statements of Cinegear 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 abridged financial statements.
Sable Accounting Limited
Chartered accountant
77-91 New Oxford Street
London
UK
WC1A 1DG
27 September 2017
Abridged Statement of Financial Position
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31 December 2016
Fixed assets
Tangible assets
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5
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11,732
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20,796
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Current assets
Debtors
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159
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6,234
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Cash at bank and in hand
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42,404
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40,781
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--------
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42,563
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47,015
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Creditors: amounts falling due within one year
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15,881
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14,735
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Net current assets
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26,682
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32,280
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Total assets less current liabilities
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38,414
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53,076
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Net assets
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38,414
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53,076
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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38,412
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53,074
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Members funds
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38,414
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53,076
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued)
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31 December 2016
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 September 2017
, and are signed on behalf of the board by:
Mr ODW Stapleton
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Director
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Company registration number:
07810089
Notes to the Abridged Financial Statements
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Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ausewell, Ashburton, Newton Abbot, TQ13 7HF, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
5.
Tangible assets
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£
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Cost
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At 1 January 2016 and 31 December 2016
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72,898
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Depreciation
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At 1 January 2016
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52,102
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Charge for the year
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9,064
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At 31 December 2016
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61,166
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Carrying amount
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At 31 December 2016
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11,732
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At 31 December 2015
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20,796
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6.
Related party transactions
The company was under the control of
Mr ODW Stapleton
throughout the current and previous year. Related party balances consist of £3,778 (2015: £3,220) payable to the director Mr ODW Stapleton
. Directors salaries amounted to £7,800 (2015: £7800).