Abbreviated Company Accounts - UNIVERSAL LOCKS LIMITED
Abbreviated Company Accounts - UNIVERSAL LOCKS LIMITED
Registered Number 02224035
UNIVERSAL LOCKS LIMITED
Abbreviated Accounts
31 October 2014
UNIVERSAL LOCKS LIMITED Registered Number 02224035
Abbreviated Balance Sheet as at 31 October 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Called up share capital not paid |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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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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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Provisions for 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:
UNIVERSAL LOCKS LIMITED Registered Number 02224035
Notes to the Abbreviated Accounts for the period ended 31 October 2014
1Accounting Policies
Basis of measurement and preparation of accounts
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).
Turnover policy
Tangible assets depreciation policy
Plant and machinery - 15% reducing balance
Fixtures, fittings & equipment - 15% reducing balance
Motor vehicles - 25% reducing balance
Other accounting policies
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.
Stock
Stock is valued at the lower of cost and net realisable value.
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Deferred taxation
Deferred tax 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.
£ | |
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Cost | |
At 1 November 2013 |
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Additions |
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Disposals |
( |
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 |
( |
At 31 October 2014 |
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Net book values | |
At 31 October 2014 | 111,798 |
At 31 October 2013 | 112,271 |