Registered Number NI031999
FERN ENTERPRISES LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Share premium account |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Turnover is recognised at the point of sale as goods are purchased from the off license, no goods are sold on credit terms.
Tangible assets depreciation policy
Land and Buildings freehold - 2% straight line
Fixtures, fittings and equipment - 15% Reducing Balance
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
The company has availed of the exemption in FRS 1 from the requirement to produce a Cash Flow Statement because it is classified as a small company.
Stock
Stocks are stated at the lower of cost and net realisable value. Cost in respect of finished goods represents direct materials, direct labour and a proportion of appropriate overheads. Net realisable value is the price at which stock can be realised in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective stock.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet Date.
Tax deferred as a result of timing differences between accounting and taxable profits is provided for in full in respect of deferred tax liabilities. Such provision or recognition is made at the taxation rates at which the differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable.
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it related. Revenue grants are credited to the profit and loss account when received.
£ | |
---|---|
Cost | |
At 1 April 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 March 2016 |
|
Depreciation | |
At 1 April 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 March 2016 |
|
Net book values | |
At 31 March 2016 | 412,043 |
At 31 March 2015 | 427,391 |