Company Registration No. 04175065 (England and Wales)
GOING ETHNIC LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
GOING ETHNIC LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GOING ETHNIC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
1
Tangible assets
2
1,618,520
800,000
1,618,520
800,001
Current assets
Debtors
954
2,235
Cash at bank and in hand
4,079
7,045
5,033
9,280
Creditors: amounts falling due within one year
(137,716)
(57,430)
Net current liabilities
(132,683)
(48,150)
Total assets less current liabilities
1,485,837
751,851
Capital and reserves
Called up share capital
3
250,000
250,000
Revaluation reserve
1,213,736
463,736
Profit and loss account
22,101
38,115
Shareholders' funds
1,485,837
751,851
For the financial year ended 31 March 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 22 December 2016
Mr M Penkethman
Director
Company Registration No. 04175065
GOING ETHNIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings 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 amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised at the point the goods and services are provided.
Revenue is recognised at the point the goods and services are provided.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% Straight line
The company's properties are held for long term investment. Investment properties are accounted for in accordance with the FRSSE as follows:
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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.
GOING ETHNIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 April 2015
1
832,447
832,448
Additions
-
68,520
68,520
Revaluation
-
750,000
750,000
At 31 March 2016
1
1,650,967
1,650,968
Depreciation
At 1 April 2015
-
32,447
32,447
Charge for the year
1
-
1
At 31 March 2016
1
32,447
32,448
Net book value
At 31 March 2016
-
1,618,520
1,618,520
At 31 March 2015
1
800,000
800,001
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
250,000 Ordinary of £1 each
250,000
250,000