Company Registration No. 04991081 (England and Wales)
ARTS AND CRAFTS LIVING LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ARTS AND CRAFTS LIVING LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ARTS AND CRAFTS LIVING LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
562
1,558
Current assets
Stocks
27,795
28,228
Debtors
-
134
Cash at bank and in hand
28,871
40,380
56,666
68,742
Creditors: amounts falling due within one year
(3,458)
(4,253)
Net current assets
53,208
64,489
Total assets less current liabilities
53,770
66,047
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
53,670
65,947
Shareholders' funds
53,770
66,047
For the financial year ended 31 March 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 22 December 2016
Mr A MacGregor
Director
Company Registration No. 04991081
ARTS AND CRAFTS LIVING LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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).
The directors consider the company to be a going concern but have not assessed a period in excess of 12 months from the date of signing these accounts.
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 work done during the year, exclusive of VAT. The flat rate scheme adjustment was also applied until 30 June 2013. In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion. Turnover in respect of arts and crafts in the year is recognised on goods sold, exclusive of VAT.
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.
Turnover in respect of arts and crafts in the year is recognised on goods sold, exclusive of VAT.
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:
Plant and machinery
33% straight line basis
Defined contributions are made to individual employees' personal pension plans. Contributions are charged to the profit and loss account as they become payable.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015 & at 31 March 2016
13,769
Depreciation
At 1 April 2015
12,211
Charge for the year
996
At 31 March 2016
13,207
Net book value
At 31 March 2016
562
At 31 March 2015
1,558
ARTS AND CRAFTS LIVING LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100