Company Registration No. 08738775 (England and Wales)
CREDIT4 LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
CREDIT4 LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CREDIT4 LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CREDIT4 LIMITED FOR THE YEAR ENDED 31 OCTOBER 2015
- 1 -
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 4 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 Credit4 Limited for the year ended 31 October 2015 set out on pages 3 to 7 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://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Credit4 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 Credit4 Limited and state those matters that we have agreed to state to the Board of Directors of Credit4 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 Credit4 Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Credit4 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 Credit4 Limited. You consider that Credit4 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 Credit4 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.
Rowland Hall
27 July 2016
Chartered Certified Accountants
Grovedell House
15 Knightswick Road
Canvey Island
Essex
SS8 9PA
CREDIT4 LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
15,597
5,714
Current assets
Debtors
1,048,346
488,775
Cash at bank and in hand
111,866
2,229
1,160,212
491,004
Creditors: amounts falling due within one year
(1,296,701)
(526,316)
Net current liabilities
(136,489)
(35,312)
Total assets less current liabilities
(120,892)
(29,598)
Capital and reserves
Called up share capital
3
1,111
1,000
Profit and loss account
(122,003)
(30,598)
Shareholders' funds
(120,892)
(29,598)
For the financial year ended 31 October 2015 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 27 July 2016
Mr G Trott
Director
Company Registration No. 08738775
CREDIT4 LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 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 April 2008).
The balance sheet indicates that the company is technically insolvent. The company is however meeting day to day cash flow requirements and is supported by various related parties. The directors believe that profitable trading will occur in the near future and that the company remains a going concern.
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 amounts receivable for goods and services net of VAT and trade discounts.
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:
Computer & Website costs
25% reducing balance
Website
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
7,618
Additions
15,083
At 31 October 2015
22,701
Depreciation
At 1 November 2014
1,904
Charge for the year
5,200
At 31 October 2015
7,104
Net book value
At 31 October 2015
15,597
At 31 October 2014
5,714
CREDIT4 LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,111 Ordinary Shares of £1 each
1,111
1,000
During the year
111
ordinary shares of £
1
each were allotted and fully paid at par
.
4
Transactions with directors
At the year end the the Director, Mr Gary Trott owed the company £500 (2014-Gary Trott was owed £3,629 by the company).