WHEELMASTER INC LTD | ||||
ABBREVIATED UNAUDITED ACCOUNTS | ||||
FOR THE YEAR ENDED 31 MAY 2015 | ||||
INDEX TO THE ACCOUNTS | ||||
Pages | ||||
1 | Abbreviated Balance Sheet | |||
2-4 | Notes to the Abbreviated Accounts | |||
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Company registered number: |
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ABBREVIATED BALANCE SHEET | |||||
AT |
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Note | 2015 | 2014 | |||
£ | £ | £ | |||
FIXED ASSETS | |||||
Intangible assets | 2 |
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Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stock | 1d |
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Debtors falling due within one year |
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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 LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | ( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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In approving these financial statements as director of the company I hereby confirm the following: | ||||
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Directors' responsibilities: | ||||
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These abbreviated accounts were approved by the board of directors on |
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The notes on pages 2 to 4 form part of these accounts | |
page 1 | |
NOTES TO THE ABBREVIATED ACCOUNTS | |||
FOR THE YEAR ENDED 31 MAY 2015 |
1. | ACCOUNTING POLICIES |
1a. | Basis of accounting | |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
1b. | Intangible fixed assets: research and development | ||
Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects. |
1c. | Tangible fixed assets | ||
Fixed assets are shown at historical cost. | |||
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life by the reducing balance method. | |||
2015 | 2014 | ||
% | % | ||
Plant and equipment | 25 | 25 | |
Motor vehicles | 15 | 15 | |
Fixtures and fittings | 15 | 15 | |
Equipment | 15 | 15 |
1d. | Stocks | ||
Stocks are stated at the lower of cost and net realisable value. Cost incurred in bringing each product to its present location and condition is based on purchase cost on a first-in, first-out basis, including transport. |
1e. | Taxation | ||
Corporation tax payable is provided on taxable profits at the current rate. | |||
1f. | Turnover | ||
Turnover comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services in the normal course of business. |
page 2 | |
WHEELMASTER INC LTD | |||
NOTES TO THE ABBREVIATED ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 MAY 2015 |
1. | ACCOUNTING POLICIES (CONT.) |
1g. | Leasing and hire purchase contracts | |
Assets obtained under finance leases and hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. | ||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
2. | INTANGIBLE FIXED ASSETS | 2015 | 2014 |
£ | £ | ||
Cost | |||
At 1 June 2014 |
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Additions |
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At 31 May 2015 |
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Depreciation | |||
At 1 June 2014 |
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For the year |
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At 31 May 2015 |
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Net Book Amounts | |||
At 31 May 2015 |
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page 3 | |
WHEELMASTER INC LTD | |||
NOTES TO THE ABBREVIATED ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 MAY 2015 |
3. | TANGIBLE FIXED ASSETS | 2015 | 2014 |
£ | £ | ||
Cost | |||
At 1 June 2014 |
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Additions |
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At 31 May 2015 |
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Depreciation | |||
At 1 June 2014 |
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For the year |
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At 31 May 2015 |
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Net Book Amounts | |||
At 31 May 2015 |
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4. | CREDITORS | ||
2015 | 2014 | ||
£ | £ | ||
Creditors include the following amounts of secured liabilities: | |||
Due within one year | 7,234 | 3,044 | |
Due after more than one year | 10,508 | 11,938 | |
5. | SHARE CAPITAL | 2015 | 2014 |
£ | £ | ||
Allotted, issued and fully paid: | |||
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page 4 |