Abbreviated Company Accounts - LIQUIDCHEFS INVESTMENTS LTD
Abbreviated Company Accounts - LIQUIDCHEFS INVESTMENTS LTD
Registered Number 06607259
LIQUIDCHEFS INVESTMENTS LTD
Abbreviated Accounts
31 May 2014
LIQUIDCHEFS INVESTMENTS LTD Registered Number 06607259
Abbreviated Balance Sheet as at 31 May 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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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 |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
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:
LIQUIDCHEFS INVESTMENTS LTD Registered Number 06607259
Notes to the Abbreviated Accounts for the period ended 31 May 2014
1Accounting Policies
Basis of measurement and preparation of accounts
accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
We believe that the company's financial statements should be prepared on a going concern basis
on the grounds that current and future sources of funding or support will be more than adequate
for the company's needs as the company has net current liabilities of £213,515 and net liabilities
of £189,708. We believe that no further disclosures relating to the company's ability to continue
as a going concern need to be made in the financial statements. In assessing going concern, we
have paid particular attention to a period of not less than one year from the date of approval of
the financial statements.
Turnover policy
exclusive of Value Added Tax.
Tangible assets depreciation policy
over the useful economic life of that asset as follows:
Plant & Machinery - 25% reducing balance
Fixtures & Fittings - 25% reducing balance
Motor Vehicles - 25% reducing balance
Equipment - 25% reducing balance
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of
ownership remain with the lessor are charged against profits on a straight line basis over the
period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with the
following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value
adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over
into replacement assets, only to the extent that, at the balance sheet date, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely than not that the
taxable gain will be rolled over into replacement assets and charged to tax only where the
replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in
the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
£ | |
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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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Depreciation | |
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 | 23,807 |
At 31 May 2013 | 35,415 |