Extol Limited - Period Ending 2015-07-31

Registration number: 01556788

Extol Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Extol Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Extol Limited
for the Year Ended 31 July 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Extol Limited for the year ended 31 July 2015 set out on pages 4 to 9 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://www.accaglobal.com/en/member/professional -standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Extol 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 accounts of Extol Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Extol Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Extol Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Extol Limited. You consider that Extol 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 accounts of Extol 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 statutory accounts.

......................................

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

22 April 2016

Page 1

Extol Limited
(Registration number: 01556788)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					137,790			142,482
Current assets
Debtors					22,337			23,317
Cash at bank and in hand					57,461			35,402
					79,798			58,719
Creditors: Amounts falling due within one year					(47,846)			(51,068)
Net current assets					31,952			7,651
Total assets less current liabilities					169,742			150,133
Creditors: Amounts falling due after more than one year					(325,000)			(325,000)
Net liabilities					(155,258)			(174,867)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(155,358)			(174,967)
Shareholders' deficit					(155,258)			(174,867)

For the year ending 31 July 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 22 April 2016

.........................................
Ms Marianne Van Abbe
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Extol Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis which is dependant on the continuing support of the company's long term loan creditors who have agreed not to demand repayment of the loan for at least one year after the balance sheet date.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of rental income.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and Machinery	25% written down value
Leasehold Buildings	2% over the life of the lease

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Extol Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		268,637			268,637
At 31 July 2015		268,637			268,637
Depreciation
At 1 August 2014		126,155			126,155
Charge for the year		4,692			4,692
At 31 July 2015		130,847			130,847
Net book value
At 31 July 2015		137,790			137,790
At 31 July 2014		142,482			142,482

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4