Registered Number 04688956
COLLINS NETS LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
been prepared under the historical cost convention and in accordance with the Financial Reporting
Standard for Smaller Entities (effective January 2015).
Turnover policy
during the year, exclusive of Value Added Tax and trade discounts.
Tangible assets depreciation policy
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases:
Plant & machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures & fittings - 25% reducing balance
Intangible assets amortisation policy
of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its
estimated economic life.
Other accounting policies
The financial statements do not include a Cash flow statement because the company, as a small
reporting entity, is exempt from the requirement to prepare such a statement under the Financial
Reporting Standard for Smaller Entities (effective January 2015).
Operating leases
Rentals under operating leases are charged to the Profit and loss account on a straight line basis
over the lease term.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of
fixed and variable overheads.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences
between the recognition of gains and losses in the financial statements and recognition in the tax
computation.
A net deferred tax asset is recognised only if 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 assets and liabilities are calculated at the tax rates expected to be effective at the
time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 14,337 |
At 31 March 2015 | 15,483 |