Edmunds & Clarke Furniture Limited - Period Ending 2016-03-31

Registration number: 09287743

Edmunds & Clarke Furniture Limited

Unaudited Abbreviated Accounts

for the Period from 31 October 2014 to 31 March 2016

 

Edmunds & Clarke Furniture 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 Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Edmunds & Clarke Furniture Limited
for the Period Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edmunds & Clarke Furniture Limited for the period ended 31 March 2016 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Edmunds & Clarke Furniture 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 Edmunds & Clarke Furniture Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edmunds & Clarke Furniture Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Edmunds & Clarke Furniture 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 Edmunds & Clarke Furniture Limited. You consider that Edmunds & Clarke Furniture Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Edmunds & Clarke Furniture 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.

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

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

15 July 2016

Page 1

Edmunds & Clarke Furniture Limited
(Registration number: 09287743)
Abbreviated Balance Sheet at 31 March 2016

		Note			31 March 2016 £
Fixed assets
Tangible fixed assets					52,257
Current assets
Stocks					98,683
Debtors					12,549
Cash at bank and in hand					122,309
					233,541
Creditors: Amounts falling due within one year					(265,114)
Net current liabilities					(31,573)
Total assets less current liabilities					20,684
Provisions for liabilities					(1,811)
Net assets					18,873
Capital and reserves
Called up share capital		3			100
Profit and loss account					18,773
Shareholders' funds					18,873

For the year ending 31 March 2016 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 directors acknowledge their 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 Board on 15 July 2016 and signed on its behalf by:

.........................................
S Clarke
Director

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

Edmunds & Clarke Furniture Limited
Notes to the Abbreviated Accounts for the Period from 31 October 2014 to 31 March 2016
......... 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 balance sheet shows net current liabilities of £31,573, however liabilities include amounts due to the directors in excess of this amount and the directors have indicated their willingness to continue to support the company. The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Leasehold property	10 year straight line
Plant and machinery	25% reducing balance
Office equipment	33% straight line
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 3

Edmunds & Clarke Furniture Limited
Notes to the Abbreviated Accounts for the Period from 31 October 2014 to 31 March 2016
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		70,886			70,886
Disposals		(1,265)			(1,265)
At 31 March 2016		69,621			69,621
Depreciation
Charge for the period		17,364			17,364
At 31 March 2016		17,364			17,364
Net book value
At 31 March 2016		52,257			52,257

3	Share capital

Allotted, called up and fully paid shares

	31 March 2016
		No.			£
Ordinary shares of £1 each		100			100

New shares allotted

During the period 100 ordinary shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100. The shares were allotted on incorporation.

Page 4