Company Registration No. 01375181 (England and Wales)
COCKLESTORM FENCING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
COCKLESTORM FENCING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
COCKLESTORM FENCING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
215,093
61,482
Current assets
Stocks
468,089
365,976
Debtors
374,782
317,013
Cash at bank and in hand
125,402
462,564
968,273
1,145,553
Creditors: amounts falling due within one year
(260,202)
(417,339)
Net current assets
708,071
728,214
Total assets less current liabilities
923,164
789,696
Provisions for liabilities
(7,941)
(7,138)
915,223
782,558
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
915,123
782,458
Shareholders' funds
915,223
782,558
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 October 2015
A W Humby
J Sutcliffe
Director
Director
Company Registration No. 01375181
COCKLESTORM FENCING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods provided to customers and work carried out in respect of services provided to customers net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Property
2% straight line
Property improvements
7 years straight line
Plant and machinery
25% p.a. reducing balance
Motor vehicles
25% p.a. reducing balance
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
COCKLESTORM FENCING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
332,025
Additions
184,491
Disposals
(23,000)
At 31 March 2015
493,516
Depreciation
At 1 April 2014
270,543
On disposals
(21,942)
Charge for the year
29,822
At 31 March 2015
278,423
Net book value
At 31 March 2015
215,093
At 31 March 2014
61,482
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
Loans to directors
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
A W Humby
4.00
(627)
85,424
891
76,927
8,761
J Sutcliffe
4.00
(35,355)
113,317
385
78,349
(2)
(35,982)
198,741
1,276
155,276
8,759
COCKLESTORM FENCING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
4
Related party relationships and transactions
(Continued)
- 4 -
Other transactions
The property from which the company trades is jointly owned by the directors, J Sutcliffe and A W Humby. A commercial rent of £
nil
(201
4
: £70,200) was paid to the directors.
During the year interest has been charged by the directors at a rate of 10% on balances owed to them by the company. This amounted to £
nil
(201
4
: £
19,093
) for the year. At the year end an accrual of
£nil
(201
4
: £
19,093
) is included within creditors in respect of this directors loan account interest payable.