Abbreviated Company Accounts - IAN CHICK CONTRACTS (SOUTH WEST) LIMITED

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED - Company Information

03464922 IAN CHICK CONTRACTS (SOUTH WEST) LIMITED 2014-10-31 false 2013-11-01 2014-10-31 true 03464922 2013-11-01 2014-10-31 03464922 2014-10-31 03464922 2013-10-31 03464922 uk-gaap-cd-bus:Director1 2013-11-01 2014-10-31 03464922 uk-gaap-cd-bus:Director2 2013-11-01 2014-10-31 uk-gaap-cd-bus:Director3 2013-11-01 2014-10-31 uk-gaap-cd-bus:Director3 2014-10-31 uk-gaap-cd-bus:Director3 2013-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-11-01 2014-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-10-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-10-31 iso4217:GBP shares

Registered Number 03464922

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED

Abbreviated Accounts

31 October 2014

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED Registered Number 03464922

Abbreviated Balance Sheet as at 31 October 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	6,435	8,045
		6,435	8,045
Current assets
Debtors		508,827	586,464
Cash at bank and in hand		106	106
		508,933	586,570
Creditors: amounts falling due within one year	3	(430,126)	(381,894)
Net current assets (liabilities)		78,807	204,676
Total assets less current liabilities		85,242	212,721
Provisions for liabilities		(611)	-
Total net assets (liabilities)		84,631	212,721
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		84,531	212,621
Shareholders' funds		84,631	212,721

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 30 July 2015

And signed on their behalf by:
Mr I F Chick, Director

IAN CHICK CONTRACTS (SOUTH WEST) LIMITED Registered Number 03464922

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

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and in accordance with applicable accounting standards, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover represents the total value of goods, excluding value added tax, provided to customers during the year, plus the value of work, excluding value added tax, performed during the year with respect to services.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and Machinery - 20% reducing balance
Fixtures, Fittings and Equipment - 20% reducing balance
Motor Vehicles - 20% reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation.

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Deferred Tax
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.

Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based upon tax rates and laws enacted or substantially enacted at the balance sheet date.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

2Tangible fixed assets

	£
Cost
At 1 November 2013	45,684
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 October 2014	45,684
Depreciation
At 1 November 2013	37,639
Charge for the year	1,610
On disposals	-
At 31 October 2014	39,249
Net book values
At 31 October 2014	6,435
At 31 October 2013	8,045

3Creditors

	2014 £	2013 £
Secured Debts	227,417	222,780

4Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
100 Ordinary shares of £1 each	100	100

5Transactions with directors

Name of director receiving advance or credit:	Mr I F Chick
Description of the transaction:	Advances to Directors
Balance at 1 November 2013:	£ 231,185
Advances or credits made:	£ 24,478
Advances or credits repaid:	£ 114,800
Balance at 31 October 2014:	£ 140,863

During the year the directors had a loan from the company. The loan is repayable on demand. Interest has been charged the official rate of interest.

Maximum balances in the year were: £247,346