Company Registration No. 06689270 (England and Wales)
A R COOLEY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
A R COOLEY LTD
COMPANY INFORMATION
Director
Mr Alan Cooley
Company number
06689270
Registered office
71 Toys Lane
Halesowen
West Midlands
B63 2LB
Accountants
Neal and Co Business Services Limited
Shakespeare Buildings
26 Cradley Road
Cradley Heath
West Midlands
B64 6AG
A R COOLEY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
A R COOLEY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,421
3,231
Current assets
Stocks
500
500
Debtors
4
3,400
4,871
Cash at bank and in hand
-
800
3,900
6,171
Creditors: amounts falling due within one year
5
(5,805)
(8,684)
Net current liabilities
(1,905)
(2,513)
Total assets less current liabilities
516
718
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
416
618
Total equity
516
718
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 6 April 2018
Mr Alan Cooley
Director
Company Registration No. 06689270
A R COOLEY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 2 -
1
Accounting policies
Company information
A R Cooley Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
71 Toys Lane, Halesowen, West Midlands, B63 2LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A R COOLEY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2016 and 30 September 2017
9,195
Depreciation and impairment
At 1 October 2016
5,964
Depreciation charged in the year
810
At 30 September 2017
6,774
Carrying amount
At 30 September 2017
2,421
At 30 September 2016
3,231
A R COOLEY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,400
4,871
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,257
1,732
Corporation tax
459
2,300
Other taxation and social security
24
55
Other creditors
4,065
4,597
5,805
8,684
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100