Registered Number 01048563
W. BENNETT & SONS (BUILDING CONTRACTORS) LIMITED
Abbreviated Accounts
31 December 2015
Notes | 2015 | 2014 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
Investments | 3 |
|
|
|
|
||
Current assets | |||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Revaluation reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
No depreciation is provided on freehold and leasehold land and buildings as it is the company's policy to maintain these so to extend their useful lives.
Other accounting policies
In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.
Stock and work in progress
Stock is valued at the lower of cost and estimated net realisable value. Work in progress and development property for resale are valued at the lower of cost and estimated net realisable value. The cost of work in progress includes direct materials and labour costs. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
"Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term."
£ | |
---|---|
Cost | |
At 1 January 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 December 2015 |
|
Depreciation | |
At 1 January 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 December 2015 |
|
Net book values | |
At 31 December 2015 | 223,989 |
At 31 December 2014 | 224,777 |
3
Fixed assets Investments
was sold there would be an estimated corporation tax liability of £113,000 for the capital gain.