Abbreviated Company Accounts - ELIOT ROSEWATER LIMITED
Abbreviated Company Accounts - ELIOT ROSEWATER LIMITED
Registered Number 07041739
ELIOT ROSEWATER LIMITED
Abbreviated Accounts
31 October 2014
ELIOT ROSEWATER LIMITED Registered Number 07041739
Abbreviated Balance Sheet as at 31 October 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
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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( |
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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 |
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For the year ending 31 October 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:
ELIOT ROSEWATER LIMITED Registered Number 07041739
Notes to the Abbreviated Accounts for the period ended 31 October 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the
value of work done in the year, including estimates of amounts not invoiced. Turnover in
respect of long-term contracts and contracts for on-going services is recognised by reference to
the stage of completion.
Tangible assets depreciation policy
over the useful economic life of that asset as follows:
Fixtures & Fittings - 25% reducing balance
Equipment - 33% reducing balance
Other accounting policies
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 director considers 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that evidences a
residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are
equivalent to a similar debt instrument, those financial instruments are classed as financial
liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and
gains or losses relating to financial liabilities are included in the profit and loss account. Finance
costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a
financial liability then this is classed as an equity instrument. Dividends and distributions
relating to equity instruments are debited direct to equity.
£ | |
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Cost | |
At 1 November 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 October 2014 |
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Depreciation | |
At 1 November 2013 |
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Charge for the year |
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On disposals |
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At 31 October 2014 |
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Net book values | |
At 31 October 2014 | 2,142 |
At 31 October 2013 | 3,134 |
4Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 November 2013: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 31 October 2014: | £ |
the director in full by 31 July 2014. During the year to 31 October 2014 the director was
provided with an interest free advance of £11,174 from the company which remained
outstanding at the year end, of which £8,500 was partly repaid by 31 July 2015. A provision for
additional corporation tax due on the balance in accordance with s455 CTA2010 has been made.