Company Registration No. 01218676 (England and Wales)
CHRIS WALTERS (ENGINEERING CONSULTANT) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
CHRIS WALTERS (ENGINEERING CONSULTANT) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CHRIS WALTERS (ENGINEERING CONSULTANT) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
6,350
5,043
Current assets
Stocks
86,412
47,857
Debtors
76,103
58,994
Cash at bank and in hand
5,883
7,003
168,398
113,854
Creditors: amounts falling due within one year
(186,748)
(111,647)
Net current liabilities/(assets)
(18,350)
2,207
Total assets less current liabilities
(12,000)
7,250
Capital and reserves
Called up share capital
3
100
100
Share premium account
80,000
80,000
Profit and loss account
(92,100)
(72,850)
Shareholders' funds
(12,000)
7,250
For the financial year ended 31 July 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 30 March 2017
C.P.M. Walters
Director
Company Registration No. 01218676
CHRIS WALTERS (ENGINEERING CONSULTANT) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
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).
At the balance sheet date the company's current liabilities exceeded its current assets by £18,350. However included in liabilities is £100,059 owed to the directors which they have indicated that they will not demand until the company can afford to make repayment.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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 services provided net of VAT and trade discounts.
provided
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:
Plant and machinery
33.33% straight line
Fixtures, fittings & equipment
25% reducing balance
1.5
Stock
Work in progress is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015
347,165
Additions
4,653
At 31 July 2016
351,818
Depreciation
At 1 August 2015
342,122
Charge for the year
3,346
At 31 July 2016
345,468
Net book value
At 31 July 2016
6,350
At 31 July 2015
5,043
CHRIS WALTERS (ENGINEERING CONSULTANT) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100