James Barnes Associates Ltd Small abbreviated accounts

James Barnes Associates Ltd Small abbreviated accounts

JAMES BARNES ASSOCIATES LTD. - Company Information

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COMPANY REGISTRATION NUMBER 06847336
JAMES BARNES ASSOCIATES LTD
UNAUDITED ABBREVIATED ACCOUNTS
31 March 2016
CHALMERS & CO (SW) LIMITED
Chartered Accountants
Trading as Chalmers & Co.
The Old Emporium
Bow Street
Langport
Somerset
TA10 9PQ
JAMES BARNES ASSOCIATES LTD
ABBREVIATED BALANCE SHEET
31 March 2016
2016
2015
Note
£
£
£
£
FIXED ASSETS
2
Intangible assets
2,880
3,840
Tangible assets
6,212
6,731
-------
--------
9,092
10,571
CURRENT ASSETS
Stocks
2,000
2,000
Debtors
752
2,218
Cash at bank and in hand
6,245
19,771
-------
--------
8,997
23,989
CREDITORS: Amounts falling due within one year
13,959
17,872
--------
--------
NET CURRENT (LIABILITIES)/ASSETS
( 4,962)
6,117
-------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,130
16,688
PROVISIONS FOR LIABILITIES
1,242
1,346
-------
--------
2,888
15,342
-------
--------
CAPITAL AND RESERVES
Called up equity share capital
3
100
100
Profit and loss account
2,788
15,242
-------
--------
SHAREHOLDER'S FUNDS
2,888
15,342
-------
--------
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on 20 December 2016 .
Mr J D Barnes
Company Registration Number: 06847336
JAMES BARNES ASSOCIATES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1. ACCOUNTING POLICIES
Basis of accounting
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill-10% straight line
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor Vehicles-25% reducing balance basis
Equipment-10% reducing balance basis office equipment, 3 years straight line computers
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) (FRSSE), the difference between the accounting treatment for depreciation in respect of accelerated capital allowances and other timing differences, is provided in full. Provision is made, or recovery anticipated, where timing differences have originated but not reversed at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Going concern
At the balance sheet date the company had net current liabilities of £4,962 and is therefore dependent on the continuing financial support of the director to continue trading. The director has indicated that this continued support will be forthcoming for the foreseeable future and the company is currently meeting its day to day liabilities as they fall due.
2. FIXED ASSETS
Intangible Assets
Tangible Assets
Total
£
£
£
COST
At 1 April 2015
9,600
11,954
21,554
Additions
–
733
733
-------
--------
--------
At 31 March 2016
9,600
12,687
22,287
-------
--------
--------
DEPRECIATION
At 1 April 2015
5,760
5,223
10,983
Charge for year
960
1,252
2,212
-------
-------
--------
At 31 March 2016
6,720
6,475
13,195
-------
-------
--------
NET BOOK VALUE
At 31 March 2016
2,880
6,212
9,092
-------
-------
-------
At 31 March 2015
3,840
6,731
10,571
-------
-------
--------
Goodwill arose from the purchase of the business from the director. The goodwill is being amortised over a period of 10 years which in the director's opinion is the length of time for which economic benefit will be derived.
3. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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