Elite Bands Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC459246 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 17 SEPTEMBER 2013 TO 31 DECEMBER 2014

FOR

ELITE BANDS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

J I Duffin

REGISTERED OFFICE:

9 Glasgow Road

Paisley

PA1 3QS

REGISTERED NUMBER:

SC459246 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

Tangible assets

2

14,137

CURRENT ASSETS

Debtors

1,617

CREDITORS

Amounts falling due within one year

3

6,385

NET CURRENT LIABILITIES

(4,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,369

CREDITORS

Amounts falling due after more than one year

3

(4,083

)

PROVISIONS FOR LIABILITIES

(2,827

)

NET ASSETS

2,459

CAPITAL AND RESERVES

Called up share capital

4

1

Profit and loss account

2,458

SHAREHOLDERS' FUNDS

2,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 16 July 2015 and were signed by:

J I Duffin - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Sales Revenue is recognised when and to the extent that the company obtains the right to consideration in

exchange for its performance. Revenue is measured at the fair value of the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful

life or , if held under a finance lease, over the lease term, whichever is the shorter

Fixture & Fittings - 15% on reducing balance

Plant & Machinery - 33% on cost

Motor Vehicles - 25% on reducing balance

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

they will be taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates

that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been

enacted by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

23,831

Disposals

(4,600

)

At 31 December 2014

19,231

DEPRECIATION

At 17 September 2013

and 31 December 2014

5,094

NET BOOK VALUE

At 31 December 2014

14,137

At 16 September 2013

(5,094

)

3.

CREDITORS

Creditors include an amount of £ 5,483 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

1 Ordinary share of £1 was allotted and fully paid for cash at par during the period.