Company Registration No. 07229847 (England and Wales)
OCTANE PHOTOGRAPHIC LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
OCTANE PHOTOGRAPHIC LTD
CONTENTS
Page
Accountants' report
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
OCTANE PHOTOGRAPHIC LTD
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
884
1,766
Current assets
Cash at bank and in hand
2,327
1,139
Creditors: amounts falling due within one year
(124,844)
(96,937)
Net current liabilities
(122,517)
(95,798)
Total assets less current liabilities
(121,633)
(94,032)
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
(121,635)
(94,034)
Shareholders' funds
(121,633)
(94,032)
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 23 January 2017
Mr J Boon
Director
Company Registration No. 07229847
OCTANE PHOTOGRAPHIC LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention 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 trade discounts.
1.4
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 less estimated residual value of each asset over its expected useful life, as follows:
Furniture, Fittings & Equipment
33.33% Reducing Balance
1.5
The Directors continue to monitor the financial position of the Company, taking into account the company's available facilities. The Directors have committed this continued support of the company for the next 12 months.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015 & at 30 April 2016
6,415
Depreciation
At 1 May 2015
4,649
Charge for the year
882
At 30 April 2016
5,531
Net book value
At 30 April 2016
884
At 30 April 2015
1,766
OCTANE PHOTOGRAPHIC LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 of £1 each
2
2
4
Ultimate parent company
There is no overall controlling party.
8
Related party transactions
Included in other creditors is the amount totalling £114,754 (2015: £87,856 ) representing amounts due to the directors Mrs L Boon and Mr J Boon. This amount is interest free and repayable on demand.