CAMEL LEISURE LTD - Period Ending 2015-10-31

Registration number: 06408475

CAMEL LEISURE LTD

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

DAVID V ELSTON & Co.
CHARTERED ACCOUNTANTS
51 MOLESWORTH ST
WADEBRIDGE
CORNWALL
PL27 7DR

CAMEL LEISURE LTD
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

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 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
CAMEL LEISURE LTD
for the Year Ended 31 October 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CAMEL LEISURE LTD for the year ended 31 October 2015 set out on pages 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 CAMEL LEISURE LTD, 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 CAMEL LEISURE LTD 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 CAMEL LEISURE LTD and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CAMEL LEISURE LTD 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 CAMEL LEISURE LTD. You consider that CAMEL LEISURE LTD 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 CAMEL LEISURE LTD. 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.

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

DAVID V ELSTON & Co.
CHARTERED ACCOUNTANTS
51 MOLESWORTH ST
WADEBRIDGE
CORNWALL
PL27 7DR

25 July 2016

Page 1

CAMEL LEISURE LTD
(Registration number: 06408475)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					68,400			74,100
Tangible fixed assets					677,675			641,351
					746,075			715,451
Current assets
Debtors					1,349			1,349
Cash at bank and in hand					1,624			20,346
					2,973			21,695
Creditors: Amounts falling due within one year					(383,008)			(396,327)
Net current liabilities					(380,035)			(374,632)
Total assets less current liabilities					366,040			340,819
Creditors: Amounts falling due after more than one year					(145,240)			(151,544)
Provisions for liabilities					(7,258)			(3,801)
Net assets					213,542			185,474
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					213,442			185,374
Shareholders' funds					213,542			185,474

For the year ending 31 October 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 his 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 25 July 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

CAMEL LEISURE LTD
(Registration number: 06408475)
Abbreviated Balance Sheet at 31 October 2015
......... continued

.........................................
MR PETER CLIFT
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

CAMEL LEISURE LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is being written off over 20 years.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5% on cost

Depreciation

Depreciation is being provided to write the assets off over their estimated useful lives.

Asset class	Depreciation method and rate
Vehicles	20% on net book value
Plant and machinery	10% on net book value
Fixtures and fittings	10% on net book value
Portacabins	10% on net book value

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 4

CAMEL LEISURE LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

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.

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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2014		114,000			712,209			826,209
Additions		-			51,794			51,794
At 31 October 2015		114,000			764,003			878,003
Depreciation
At 1 November 2014		39,900			70,858			110,758
Charge for the year		5,700			15,470			21,170
At 31 October 2015		45,600			86,328			131,928
Net book value
At 31 October 2015		68,400			677,675			746,075
At 31 October 2014		74,100			641,351			715,451

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 5

CAMEL LEISURE LTD
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

		2015 £			2014 £
Amounts falling due within one year		14,240			22,177
Amounts falling due after more than one year		145,240			151,544
Total secured creditors		159,480			173,721

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		88,280			62,836

4	Share capital

Allotted, called up and fully paid shares

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

Page 6