MIDLAND_STAIRLIFTS_LIMITE - Accounts

MIDLAND STAIRLIFTS LIMITED - Company Information

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Company Registration No. 04488680 (England and Wales)

MIDLAND STAIRLIFTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2014

MIDLAND STAIRLIFTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MIDLAND STAIRLIFTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

18,285

14,008

Current assets

Stocks

25,000

17,000

Debtors

53,243

63,611

Cash at bank and in hand

1,609

15,089

79,852

95,700

Creditors: amounts falling due within one year

(37,423)

(27,015)

Net current assets

42,429

68,685

Total assets less current liabilities

60,714

82,693

Provisions for liabilities

(2,728)

(2,767)

57,986

79,926

Capital and reserves

Called up share capital

100

Profit and loss account

57,886

79,826

Shareholders' funds

57,986

79,926

For the financial year ended 31 July 2014 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 28 May 2015

Mr S M Whitt

Director

Company Registration No. 04488680

MIDLAND STAIRLIFTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 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

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).

1.3

Turnover

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

1.4

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:

Land and buildings Leasehold

20% straight line

Plant and machinery

15% reducing balance

Computer equipment

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

25% reducing balance

1.5

Leasing and hire purchase commitments

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.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

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.

MIDLAND STAIRLIFTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2013

29,262

Additions

15,566

Disposals

(9,989)

At 31 July 2014

34,839

Depreciation

At 1 August 2013

15,254

On disposals

(4,214)

Charge for the year

5,514

At 31 July 2014

16,554

Net book value

At 31 July 2014

18,285

At 31 July 2013

14,008

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100

Related party relationships and transactions

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

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

S M Whitt

Advances and credits

26,708

44,031

41,312

29,427

J D Whitt

Advances and Credits

7,362

7,372

18,386

(3,652)

34,070

51,403

59,698

25,775