CAVENDISH PHILATELIC AUCTIONS LTD.

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J L Grimwood-Taylor

P W S Grimwood-Taylor

B D Palmer

G M Spring

SECRETARY:

P W S Grimwood-Taylor

REGISTERED OFFICE:

Cavendish House

153-157 London Road

Derby

Derbyshire

DE1 2SY

REGISTERED NUMBER:

01794161 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

815,868

863,358

815,868

863,358

CURRENT ASSETS

Debtors

94,738

153,369

Cash at bank and in hand

142,732

40,718

237,470

194,087

CREDITORS

Amounts falling due within one year

128,747

111,391

NET CURRENT ASSETS

108,723

82,696

TOTAL ASSETS LESS CURRENT LIABILITIES

924,591

946,054

PROVISIONS FOR LIABILITIES

-

2,500

NET ASSETS

924,591

943,554

CAPITAL AND RESERVES

Called up share capital

4

10,000

10,000

Revaluation reserve

189,853

214,853

Profit and loss account

724,738

718,701

SHAREHOLDERS' FUNDS

924,591

943,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 December 2016 and were signed on its behalf by:

J L Grimwood-Taylor - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of

certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is

provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its

expected useful life, as follows:

Land and buildings Freehold Nil (See Below)

Fixtures, fittings & equipment 25% - 50% per annum of cost

Motor vehicles 25% per annum of cost

Freehold Property is included in the balance sheet at the open market value. Although this accounting policy is in

accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the

general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the

directors compliance with the standard is necessary for the financial statements to give a true and fair view.

Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this

which might otherwise have been charged cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

10,000

AMORTISATION

At 1 September 2015

and 31 August 2016

10,000

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 September 2015

1,018,942

Additions

11,024

Revaluations

(25,000

)

At 31 August 2016

1,004,966

DEPRECIATION

At 1 September 2015

155,584

Charge for year

33,514

At 31 August 2016

189,098

NET BOOK VALUE

At 31 August 2016

815,868

At 31 August 2015

863,358

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

10,000

Ordinary

£1

10,000

10,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2016 and

31 August 2015:

2016

2015

£

£

J L Grimwood-Taylor

Balance outstanding at start of year

50,591

(303

)

Amounts advanced

2,190

51,070

Amounts repaid

(52,815

)

(176

)

Balance outstanding at end of year

(34

)

50,591