Accountancy Choice Limited T/A CheapAccounting.co.uk
Registered number: 06805926
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 1,591 1,253
Current assets
Debtors 3 8,847 5,130
Cash at bank and in hand 12,801 10,093
21,648 15,223
Creditors: amounts falling due within one year 4 (12,934) (15,023)
Net current assets 8,714 200
Net assets 10,305 1,453
Capital and reserves
Called up share capital 10 10
Profit and loss account 10,295 1,443
Shareholder's funds 10,305 1,453
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit 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 the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dipak Radia
Director
Approved by the board on 16 May 2017
Accountancy Choice Limited T/A CheapAccounting.co.uk
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2016 1,765 3,583 5,348
Additions 1,488 - 1,488
Disposals - (3,583) (3,583)
At 31 March 2017 3,253 - 3,253
Depreciation
At 1 April 2016 1,264 2,831 4,095
Charge for the year 398 - 398
On disposals - (2,831) (2,831)
At 31 March 2017 1,662 - 1,662
Net book value
At 31 March 2017 1,591 - 1,591
At 31 March 2016 501 752 1,253
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
3 Debtors 2017 2016
£ £
Trade debtors 8,090 6,521
Other debtors 757 (1,391)
8,847 5,130
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 208 -
Corporation tax 3,895 5,254
Other creditors 8,831 9,769
12,934 15,023
5 Other information
Accountancy Choice Limited T/A CheapAccounting.co.uk is a private company limited by shares and incorporated in England. Its registered office is:
118 Bucknalls Lane
Garston
Watford
Hertfordshire
WD25 9NH
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