Registered Number 05122004
COLGAR LTD
Abbreviated Accounts
30 June 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|
||
Current assets | |||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Fixtures and Fittings reducing balance 25%
Equipment reducing balance 33%
Motor Cars reducing balance 25%
No depreciation is provided on investment properties
Other accounting policies
Investment properties are included in the financial statements at their open market values, as valued by the director. The surplus or deficit arising from the annual revaluation is transferred to the revaluation reserve unless a deficit arises which is expected to be a permanent diminution of the original cost, in which case it is recognised in the profit and loss account for the year.
The use of a revaluation reserve is in accordance with Statement of Standard Accounting Practice 19, but contrary to the Companies Act 2006 (section 40 of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008) which requires changes in the value of investment properties to be included within the profit and loss account.
The departure from the provisions of the Act is required to give a true and fair view
Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.
Leases
Assets held under hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.
£ | |
---|---|
Cost | |
At 1 July 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 June 2016 |
|
Depreciation | |
At 1 July 2015 |
|
Charge for the year |
|
On disposals |
|
At 30 June 2016 |
|
Net book values | |
At 30 June 2016 | 288,152 |
At 30 June 2015 | 69,724 |