Automatic Lounge Limited - Accounts to registrar (filleted) - small 17.3
Automatic Lounge Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| AUTOMATIC LOUNGE LIMITED |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AUTOMATIC LOUNGE LIMITED |
| Company Information |
| for the Year Ended 31 March 2017 |
| Director: |
| Registered office: |
| Registered number: |
| Accountants: |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| Bankers: |
| Chorlton-cum-Hardy |
| 438 Barlow Moor Road |
| Manchester |
| M21 0BR |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Abridged Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Current assets |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings |
| Shareholders' funds |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Abridged Balance Sheet - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | Statutory information |
| Automatic Lounge Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Equipment and utensils | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
| accumulated impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other debtors and bank balances are initially recognised at |
| transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
| at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at |
| transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
| measured at the present value of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 3. | Accounting policies - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
| that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
| of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| 5. | Tangible fixed assets |
| Totals |
| £ |
| Cost |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| Depreciation |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| Net book value |
| At 31 March 2017 |
| At 31 March 2016 |
| Included within the net book value of tangible fixed assets is £9,281 (2016 - £13,921) in respect of assets held |
| under hire purchase agreements. The depreciation charged for the year on these assets was £4,640 (2016 - |
| £4,640). |
| 6. | Secured debts |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 9,329 | 13,868 |
| The company's bankers hold two debentures dated 13 June 2011 and 24 June 2011 as security for the bank |
| loans and overdrafts. |
| AUTOMATIC LOUNGE LIMITED (REGISTERED NUMBER: 04332250) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 8. | Director's advances, credits and guarantees |
| The director operates a loan account with the company at the year end the amount due to the director was |
| £18,660 (2016 - £600). The loan is interest free and repayable on demand. |
| 9. | First year adoption |
| This is the first year that the company has presented its financial statements under Financial Reporting Standard |
| (''FRS 102) issued by the Financial Reporting Council. |
| The adoption of FRS 102 has not required any material changes to the accounting policies and has not affected |
| the reported financial position or financial performance. |