Company Registration No. 06614104 (England and Wales)
BUDGET CUT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
BUDGET CUT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
BUDGET CUT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,988
11,227
Current assets
Stocks
690
3,726
Debtors
36,531
43,531
Cash at bank and in hand
94,990
33,390
132,211
80,647
Creditors: amounts falling due within one year
(44,685)
(40,863)
Net current assets
87,526
39,784
Total assets less current liabilities
96,514
51,011
Provisions for liabilities
(1,797)
(2,246)
94,717
48,765
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
93,717
47,765
Shareholders' funds
94,717
48,765
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 30 March 2016
Mr Matthew Leggett
Director
Company Registration No. 06614104
BUDGET CUT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 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
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
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
25% Reducing balance
Fixtures, fittings and equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2014
31,355
Additions
650
At 30 June 2015
32,005
Depreciation
At 1 July 2014
20,128
Charge for the year
2,889
At 30 June 2015
23,017
Net book value
At 30 June 2015
8,988
At 30 June 2014
11,227
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000