Registered Number 02558356

CARRERAS COMMUNICATIONS LIMITED

Abbreviated Accounts

31 March 2016

CARRERAS COMMUNICATIONS LIMITED Registered Number 02558356

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 155,991 160,887
Investments 3 600,000 500,000
755,991 660,887
Current assets
Debtors 139,414 117,838
Cash at bank and in hand 165,035 358,251
304,449 476,089
Creditors: amounts falling due within one year (164,096) (165,216)
Net current assets (liabilities) 140,353 310,873
Total assets less current liabilities 896,344 971,760
Provisions for liabilities (2,133) (2,060)
Total net assets (liabilities) 894,211 969,700
Capital and reserves
Called up share capital 4 100 100
Profit and loss account 894,111 969,600
Shareholders' funds 894,211 969,700
  • For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 December 2016

And signed on their behalf by:
Steve Gwynn, Director

CARRERAS COMMUNICATIONS LIMITED Registered Number 02558356

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015

Going concern

The financial statements have been prepared on a going concern basis. Whilst losses were incurred during the period, they arose from discretionary expenditure that is manageable in the current and future periods. Current trading markets have improved and the company has adequate resources to meet its anticipated commitments as they arise.

Turnover policy
Turnover represents amounts chargeable, net of value added tax, in respect of the goods and services to customers.

Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Motor vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Office Equipment 25% reducing balance


Fixed asset investments

Fixed asset investments are recognised at cost and are subject to an annual impairment review from which no material adjustment to cost has been determined. Gains and losses are recognised in the profit and loss account or statement of total gains and losses depending on whether they are realised or not .

Other accounting policies
Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss acccount.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2Tangible fixed assets
£
Cost
At 1 April 2015 241,404
Additions 1,439
Disposals -
Revaluations -
Transfers -
At 31 March 2016 242,843
Depreciation
At 1 April 2015 80,517
Charge for the year 6,335
On disposals -
At 31 March 2016 86,852
Net book values
At 31 March 2016 155,991
At 31 March 2015 160,887

3Fixed assets Investments
Additions during the year were £100,000 in listed financial investments.

4Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
100 Ordinary shares of £1 each 100 100

Allotted, called up and fully paid shares