Abbreviated Company Accounts - CORREIA & CORREIA LTD

Abbreviated Company Accounts - CORREIA & CORREIA LTD


Registered Number 07260138

CORREIA & CORREIA LTD

Abbreviated Accounts

31 May 2014

CORREIA & CORREIA LTD Registered Number 07260138

Abbreviated Balance Sheet as at 31 May 2014

Notes 2014 2013
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets 2 600 1,200
Tangible assets 3 2,309 6,402
Investments - -
2,909 7,602
Current assets
Stocks 15,270 14,785
Debtors 15,000 16,000
Investments - -
Cash at bank and in hand 72,995 57,630
103,265 88,415
Prepayments and accrued income - -
Creditors: amounts falling due within one year (46,751) (89,101)
Net current assets (liabilities) 56,514 (686)
Total assets less current liabilities 59,423 6,916
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities 0 0
Accruals and deferred income 0 0
Total net assets (liabilities) 59,423 6,916
Capital and reserves
Called up share capital 4 2 2
Profit and loss account 59,421 6,914
Shareholders' funds 59,423 6,916
  • For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 25 February 2015

And signed on their behalf by:
Mr Victor Correia, Director

CORREIA & CORREIA LTD Registered Number 07260138

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 25% Straight line
Motor Vehicles - 25% Straight line
Equipment - 25% Straight line

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 5 Years

Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
These Financial Statements have been prepared under the Going Concern basis, subject to the continued support of the company's bank and directors.

2Intangible fixed assets
£
Cost
At 1 June 2013 3,000
Additions -
Disposals -
Revaluations -
Transfers -
At 31 May 2014 3,000
Amortisation
At 1 June 2013 1,800
Charge for the year 600
On disposals -
At 31 May 2014 2,400
Net book values
At 31 May 2014 600
At 31 May 2013 1,200
3Tangible fixed assets
£
Cost
At 1 June 2013 16,379
Additions -
Disposals -
Revaluations -
Transfers -
At 31 May 2014 16,379
Depreciation
At 1 June 2013 9,977
Charge for the year 4,093
On disposals -
At 31 May 2014 14,070
Net book values
At 31 May 2014 2,309
At 31 May 2013 6,402
4Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
2 Ordinary shares of £1 each 2 2