Company Registration No. 01808036 (England and Wales)
VICTORIA FANS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
VICTORIA FANS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
VICTORIA FANS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
15,576
16,403
Current assets
Stocks
96,263
100,986
Debtors
269,372
307,713
Cash at bank and in hand
142
25,459
365,777
434,158
Creditors: amounts falling due within one year
3
(276,561)
(351,330)
Net current assets
89,216
82,828
Total assets less current liabilities
104,792
99,231
Provisions for liabilities
(1,740)
(1,713)
103,052
97,518
Capital and reserves
Called up share capital
4
1,000
1,000
Profit and loss account
102,052
96,518
Shareholders' funds
103,052
97,518
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 9 June 2015
G S Garside
Director
Company Registration No. 01808036
VICTORIA FANS 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 and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Plant and machinery
15% per annum reducing balance
Fixtures, fittings & equipment
15% per annum reducing balance
Motor vehicles
25% per annum 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
Deferred taxation
Deferred tax 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 in the financial statements.
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.
VICTORIA FANS 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
96,702
Additions
2,818
At 31 March 2015
99,520
Depreciation
At 1 April 2014
80,299
Charge for the year
3,645
At 31 March 2015
83,944
Net book value
At 31 March 2015
15,576
At 31 March 2014
16,403
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £14,357 (2014 - £585).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000