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Registered number: 06278912
CPDS LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
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CPDS LIMITED
REGISTERED NUMBER: 06278912
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ABBREVIATED BALANCE SHEET
AS AT 31 JULY 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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ABBREVIATED BALANCE SHEET (continued)
AS AT 31 JULY 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
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Mr F Ayling
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 January 2015).
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The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand, together with a formal loan facility guaranteed by the director.
As predicted last year, the company has generated a significant profit this year which has rectified the negative equity position reported in the balance sheet. Given that there have been no indications from the bank that they are considering withdrawal of their facilities and that future cash flows are anticipated to be positive, the director therefore considers it appropriate to prepare the financial statements on a going concern basis.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Computer equipment and website development
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Fixtures, fittings & equipment
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25% reducing balance & 33% straight line
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 3
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
2.TANGIBLE FIXED ASSETS
Page 4
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
3.DEBTORS
Debtors include £22,617 (2015 - £22,617) falling due after more than one year.
4.CREDITORS:
Amounts falling due within one year
A debenture deed was created on 28th August 2009 which secured all current and future asset monies and liabilities owing to the bank. The bank also has a second charge over Mr Ayling's personal property to the value of £80,000.
5.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
6.SHARE CAPITAL
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Allotted, called up and fully paid
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200 Ordinary shares of £1 each
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7.RELATED PARTY TRANSACTIONS
Loans to directors
During the year the following director had loans from the company. Interest is chargeable on the director's loan at 3% and interest of £2,636 is included in amounts advanced.
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