Abbreviated Company Accounts - SYSTEMWASH (UK) LIMITED

Abbreviated Company Accounts - SYSTEMWASH (UK) LIMITED

SYSTEMWASH (UK) LIMITED - Company Information

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Registered Number 03260614

SYSTEMWASH (UK) LIMITED

Abbreviated Accounts

31 October 2014

SYSTEMWASH (UK) LIMITED Registered Number 03260614

Abbreviated Balance Sheet as at 31 October 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 206,059 207,361
206,059 207,361
Current assets
Stocks 79,235 68,604
Debtors 73,887 32,689
Cash at bank and in hand 59,845 36,675
212,967 137,968
Creditors: amounts falling due within one year (77,636) (38,437)
Net current assets (liabilities) 135,331 99,531
Total assets less current liabilities 341,390 306,892
Creditors: amounts falling due after more than one year (21,777) (41,948)
Total net assets (liabilities) 319,613 264,944
Capital and reserves
Called up share capital 26,000 26,000
Profit and loss account 293,613 238,944
Shareholders' funds 319,613 264,944
  • 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 31 December 2014

And signed on their behalf by:
Mr B C Roberts, Director

SYSTEMWASH (UK) LIMITED Registered Number 03260614

Notes to the Abbreviated Accounts for the period ended 31 October 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, 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
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property - 1% straight line
Plant & Machinery - 25% WDV
Motor Vehicles - 25% WDV

Other accounting policies
Stocks

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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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.

2Tangible fixed assets
£
Cost
At 1 November 2013 324,516
Additions 10,473
Disposals (798)
Revaluations -
Transfers -
At 31 October 2014 334,191
Depreciation
At 1 November 2013 117,155
Charge for the year 10,977
On disposals -
At 31 October 2014 128,132
Net book values
At 31 October 2014 206,059
At 31 October 2013 207,361

All fixed assets are initially recorded at cost.