Abbreviated Company Accounts - F. & M. STEED LIMITED
Abbreviated Company Accounts - F. & M. STEED LIMITED
Registered Number 00850142
F. & M. STEED LIMITED
Abbreviated Accounts
31 May 2014
F. & M. STEED LIMITED Registered Number 00850142
Abbreviated Balance Sheet as at 31 May 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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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 | 4 |
( |
( |
Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
( |
( |
Provisions for liabilities |
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( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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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
And signed on their behalf by:
F. & M. STEED LIMITED Registered Number 00850142
Notes to the Abbreviated Accounts for the period ended 31 May 2014
1Accounting Policies
Basis of measurement and preparation of accounts
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).
Turnover policy
Tangible assets depreciation policy
Freehold buildings 2% per annum of cost
Plant & machinery 20% per annum of net book value
Fixtures, fittings & equipment 10%, 25% & 33% per annum of cost
Motor vehicles 25% per annum of net book value
Intangible assets amortisation policy
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. 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 payable under operating leases are charged against income on a straight line basis over the lease term.
Stock
Stock is valued at the lower of cost and net realisable value.
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
£ | |
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Cost | |
At 1 June 2013 |
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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 May 2014 |
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Amortisation | |
At 1 June 2013 |
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Charge for the year |
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On disposals |
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At 31 May 2014 |
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Net book values | |
At 31 May 2014 | 3,500 |
At 31 May 2013 | 5,250 |
£ | |
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Cost | |
At 1 June 2013 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 May 2014 |
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Depreciation | |
At 1 June 2013 |
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Charge for the year |
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On disposals |
( |
At 31 May 2014 |
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Net book values | |
At 31 May 2014 | 681,920 |
At 31 May 2013 | 652,490 |
2014
£ |
2013
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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