SHAFII_&_SCHMID_ENTERPRIS - Accounts

SHAFII & SCHMID ENTERPRISES LIMITED - Company Information

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Company Registration No. 02888483 (England and Wales)

SHAFII & SCHMID ENTERPRISES LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2015

SHAFII & SCHMID ENTERPRISES LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SHAFII & SCHMID ENTERPRISES LTD

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

4,250

5,683

Current assets

Debtors

282,876

993,122

Cash at bank and in hand

656,764

397,919

939,640

1,391,041

Creditors: amounts falling due within one year

(248,076)

(264,384)

Net current assets

691,564

1,126,657

Total assets less current liabilities

695,814

1,132,340

Capital and reserves

Called up share capital

100

Profit and loss account

695,714

1,132,240

Shareholders' funds

695,814

1,132,340

For the financial year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 May 2015

A Shafii

P Schmid

Director

Company Registration No. 02888483

SHAFII & SCHMID ENTERPRISES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% straight line

Fixtures, fittings & equipment

25% reducing balance

1.4

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.5

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.

Fixed assets

Tangible assets

Cost

At 1 February 2014

76,066

Additions

1,422

At 31 January 2015

77,488

Depreciation

At 1 February 2014

70,384

Charge for the year

2,854

At 31 January 2015

73,238

Net book value

At 31 January 2015

4,250

At 31 January 2014

5,683

SHAFII & SCHMID ENTERPRISES LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

98 Ordinary "A" of £1 each

1 Ordinary "B" of £1 each

1 Ordinary "C" of £1 each

100

Related party relationships and transactions

Loans to directors

The following directors had interest free loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

A Shafii -

817,045