Registered number: 04238277
CLIFFORD CROSS AUCTIONS LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
Whiting & Partners
Chartered Accountants & Business Advisers
Norfolk House
Hamlin Way
Kings Lynn
Norfolk
PE30 4NG
|
CLIFFORD CROSS AUCTIONS LTD
REGISTERED NUMBER:
04238277
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS:
amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
Page 1
|
CLIFFORD CROSS AUCTIONS LTD
ABBREVIATED BALANCE SHEET
(continued)
AS AT
30 JUNE 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
|
CLIFFORD CROSS AUCTIONS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
1.
ACCOUNTING POLICIES
|
|
Basis of preparation of financial statements
|
|
|
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
.
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
|
|
|
|
|
|
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
|
|
|
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 of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20% per annum on reducing balance
|
|
|
|
|
|
|
25% per annum on reducing balance
|
|
|
|
|
|
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
|
|
|
|
|
|
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
|
|
|
|
|
|
Mr R S G Barnwell, a director and who owns 100% of the issued share capital of the company, has loaned £135,059 to the company at the date of these accounts and has indicated that he is willing to continue to support the company in the short term.
Based on the above, the directors are confident that the company can continue in operational existence and therefore consider it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
|
Page 3
|
CLIFFORD CROSS AUCTIONS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
2.
INTANGIBLE FIXED ASSETS
|
|
|
|
|
|
|
At 1 July 2015 and 30 June 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
TANGIBLE FIXED ASSETS
Page 4
|
CLIFFORD CROSS AUCTIONS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
4.
SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
9,000
Ordinary Shares
shares of £
1
each
|
|
|
Page 5
|