Clandown Limited - Period Ending 2017-02-28
Clandown Limited - Period Ending 2017-02-28
Registration number:
Clandown Limited
for the Period from 1 April 2016 to 28 February 2017
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT
Clandown Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Clandown Limited
Company Information
Directors |
Mr J P Gallagher Mr N P Martin Mr T E J Patch |
Company secretary |
Mr J P Gallagher |
Registered office |
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Accountants |
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Page 1 |
Clandown Limited
(Registration number: 06362163)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr J P Gallagher
Company secretary and director
Page 2 |
Clandown Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 3 |
Clandown Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Stocks |
2017 |
2016 |
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Work in progress |
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Debtors |
2017 |
2016 |
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- |
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Page 4 |
Clandown Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
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2 |
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2 |
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Page 5 |
Clandown Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
At 28 February 2017 |
Mr T E J Patch |
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Interest free loan |
80,978 |
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Mr N P Martin |
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Interest free loan |
5,445 |
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2016 |
At 1 October 2014 |
At 31 March 2016 |
Mr T E J Patch |
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Interest free loan |
80,978 |
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Mr N P Martin |
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Interest free loan |
5,445 |
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Loans from related parties
2017 |
Other related parties |
At start of period |
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2016 |
Other related parties |
At start of period |
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Page 6 |
Clandown Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 28 February 2017
Transition to FRS 102 |
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in the accounting policies than those used previously.
No transitional adjustments were required in equity or profit or loss for the current or prior year.
Page 7 |