For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 06520013
C & M Rapid Limited
For the year ended 31 March 2016
1
Balance Sheet
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Notes to the Abbreviated Financial Statements
Notes to the Abbreviated Financial Statements
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C & M Rapid Limited
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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Rentals payable under operating leases are charged against income on a straight line basis over the lease
|
term
.
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Finance lease and hire purchase charges
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The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
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Proposed dividends are only included as liabilities in the financial statements when their payment has
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been approved by the shareholders prior to the balance sheet date
.
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Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis
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over the estimated expected useful economic life of the goodwill of
4
years
.
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Notes to the Abbreviated Financial Statements
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C & M Rapid Limited
For the year ended 31 March 2016
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Plant and Machinery
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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2
Intangible fixed assets
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13,705
13,705
13,705
13,705
-
-
18,019
1,259
19,278
10,115
1,832
Charge for year
11,947
7,331
7,904
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Notes to the Abbreviated Financial Statements
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C & M Rapid Limited
For the year ended 31 March 2016
Allotted called up and fully paid
|
2016
2015
100
Ordinary shares of £
1
.
00
each
|
100
100
100
100
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