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Bag That Trading Limited | ||||
Report to the directors on the preparation of the unaudited abbreviated accounts of Bag That Trading Limited for the year ended 30 June 2016 | ||||
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated financial statements of Bag That Trading Limited for the year ended 30 June 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. | ||||
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
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This report is made solely to the Board of Directors of Bag That Trading Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bag That Trading Limited and state those matters that we have agreed to state to the Board of Directors of Bag That Trading Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bag That Trading Limited and its Board of Directors as a body for our work or for this report. | ||||
It is your duty to ensure that Bag That Trading Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bag That Trading Limited. You consider that Bag That Trading Limited is exempt from the statutory audit requirement for the year. | ||||
We have not been instructed to carry out an audit or a review of the financial statements of Bag That Trading Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts. | ||||
Interim Assistance Ltd | ||||
Accountants | ||||
2 Minton Place | ||||
Victoria Road | ||||
Bicester | ||||
Oxon | ||||
OX26 6QB | ||||
8 September 2016 | ||||
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Registered number: 07509859 | |||||||
Abbreviated Balance Sheet | |||||||
as at |
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Notes | 2016 | 2015 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | ( |
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Net current assets |
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Net assets |
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Capital and reserves | |||||||
Called up share capital | 4 |
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Share premium |
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Profit and loss account | ( |
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Shareholders' funds |
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A J Sutton | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Abbreviated Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). | ||||||||
Turnover | ||||||||
Turnover is recognised when the goods are physically delivered to the customer and when services are provided. |
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Depreciation | ||||||||
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Plant, machinery and office equipment |
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Research & development | ||||||||
Expenditure on pure research is expensed to the profit and loss account in the period in which it is incurred. The cost of fixed assets acquired or constructed to facilitate research and development are capitalised and depreciated over their useful lives. Expenditure on development is deferred to future periods when the project is separately identifiable, technically feasible, commercially viable and when future revenues generated from the project will incur all development costs. Development expenditure is amortised when commercial production or application of the product or service commences over the project useful lives, as follows: |
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Project 1 | 14.3% straight line | |||||||
Intangible assets | ||||||||
Intangible fixed assets purchased separately from a business are capitalised at their cost. Intangible assets purchased as part of an acquisition are capitalised at their fair value where this can be measured reliably. Intangible assets are reviewed on the anniversary of acquisition to check for impairment and in later periods where there are changes in events or circumstances that indicate the carrying value may not be recoverable. Amortisation has been provided equally over the following years in order to write off the assets over their estimated useful lives. |
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Other Intangibles |
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Deferred taxation | ||||||||
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. | ||||||||
Leasing and hire purchase commitments | ||||||||
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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2 | Intangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 July 2015 |
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At 30 June 2016 |
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Amortisation | ||||||||
At 1 July 2015 |
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Provided during the year |
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At 30 June 2016 |
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Net book value | ||||||||
At 30 June 2016 |
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At 30 June 2015 |
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3 | Tangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 July 2015 |
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At 30 June 2016 |
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Depreciation | ||||||||
At 1 July 2015 |
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Charge for the year |
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At 30 June 2016 |
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Net book value | ||||||||
At 30 June 2016 |
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At 30 June 2015 |
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4 | Share capital | Nominal | 2016 | 2016 | 2015 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
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£ |
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Nominal | Number | Amount | ||||||
value | £ | |||||||
Shares issued during the period: | ||||||||
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£ |
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