Company Registration number 4549309
HAVANT CARPENTRY SERVICES LTD
Abbreviated Accounts
For the year ended 31 March 2015
HAVANT CARPENTRY SERVICES LTD
Financial statements for the year ended 31 March 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
HAVANT CARPENTRY SERVICES LTD
Abbreviated balance sheet as at 31 March 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
3,417
4,556
2
Current assets
Stock
4,234
2,654
Debtors
7,843
7,732
Cash at bank and in hand
2,819
270
14,896
10,656
Creditors:
amounts falling due within one year
(16,644)
(12,400)
Net current liabilities
(1,748)
(1,744)
Total assets less current liabilities
1,669
2,812
Creditors: amounts falling due after more than one
year
(1,979)
3
Provision for liabilities
(683)
(901)
986
(68)
Capital and reserves
Called up share capital
1
1
4
Profit and loss account
985
(69)
Shareholder's funds
986
(68)
These accounts have been prepared in accordance with the provisions available to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and if its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
Approved by the board of directors on 8 October 2015 and signed on its behalf.
__________________________ Michael Sapio - Director
Company Registration No: 4549309
The notes on pages 2 to 3 form part of these financial statements.
1
HAVANT CARPENTRY SERVICES LTD
Notes to the abbreviated accounts for the year ended 31 March 2015
1
Accounting policies
a)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
b)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
c)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Motor vehicles
25% reducing balance
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
d)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
e)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a [discounted\nondiscounted] basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
f)
Hire purchase and lease transactions
Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.
2
HAVANT CARPENTRY SERVICES LTD
Notes to the abbreviated accounts for the year ended 31 March 2015 (continued)
2
Fixed assets
Tangible
fixed
assets
£
£
£
Cost:
At 1 April 2014
12,508
At 31 March 2015
12,508
Depreciation:
At 1 April 2014
7,952
Provision for the year
1,139
At 31 March 2015
9,091
Net book value:
At 31 March 2015
3,417
At 31 March 2014
4,556
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
£
£
£
£
Net obligations under finance leases and hire purchase contracts
1,979
4
Called-up share capital
2015
2014
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £1 each
1
1
3