Coburg Banks IT Limited Small abbreviated accounts, do not use if applying SI 2015/980

COBURG BANKS IT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05714291

Coburg Banks IT Limited

Abbreviated Unaudited Financial Statements

For the year ended

31 March 2016

ROSTANCE EDWARDS LIMITED

Chartered accountant

1 & 2 Heritage Park

Hayes Way

Cannock

Staffordshire

WS11 7LT

Coburg Banks IT Limited

Abbreviated Financial Statements

Year ended 31 March 2016

Contents	Pages

Abbreviated statement of financial position	1 to 2

Notes to the abbreviated financial statements	3 to 4

Coburg Banks IT Limited

Abbreviated Statement of Financial Position

31 March 2016

	2016		2015
Note	£	£	£

Current assets

Debtors	158,343	99,291
Cash at bank and in hand	44,007	86,550
	---------	---------
	202,350	185,841

Creditors: amounts falling due within one year	3	60,355		55,563
		---------		---------
Net current assets			141,995	130,278
			---------	---------
Total assets less current liabilities			141,995	130,278

Creditors: amounts falling due after more than one year	4	28,785	37,422
		---------	---------
Net assets		113,210	92,856
		---------	---------

Coburg Banks IT Limited

Abbreviated Statement of Financial Position (continued)

31 March 2016

	2016		2015
Note	£	£	£

Capital and reserves

Called up share capital	5	200	200
Profit and loss account		113,010	92,656
		---------	--------
Members funds		113,210	92,856
		---------	--------

For the year ending 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.

These abbreviated financial statements were approved by the board of directors and authorised for issue on 1 December 2016 , and are signed on behalf of the board by:

Mr J A N Ball

Director

Company registration number: 05714291

Coburg Banks IT Limited

Notes to the Abbreviated Financial Statements

Year ended 31 March 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Wrens Court, Lower Queen Street, Sutton Coldfield, B72 1RT.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: a) Disclosures in respect of each class of share capital have not been presented. b) No cash flow statement has been presented for the company. c) Disclosures in respect of financial instruments have not been presented. d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

3. Creditors: amounts falling due within one year

Bank loans are secured by a fixed and floating charge over all assets.

4. Creditors: amounts falling due after more than one year

Bank loans are secured by a fixed and floating charge over all assets.

5. Called up share capital

Issued, called up and fully paid

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----