Abbreviated Company Accounts - FAHRENHEIT 55 LIMITED

FAHRENHEIT 55 LIMITED - Company Information

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Registered Number 05059677

FAHRENHEIT 55 LIMITED

Abbreviated Accounts

31 March 2014

FAHRENHEIT 55 LIMITED Registered Number 05059677

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	-	15,745
Tangible assets	3	35,291	39,381
		35,291	55,126
Current assets
Stocks		8,150	14,250
Debtors		32,319	59,157
Cash at bank and in hand		791	5,757
		41,260	79,164
Creditors: amounts falling due within one year		(80,468)	(129,637)
Net current assets (liabilities)		(39,208)	(50,473)
Total assets less current liabilities		(3,917)	4,653
Creditors: amounts falling due after more than one year		(268,605)	(241,605)
Total net assets (liabilities)		(272,522)	(236,952)
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		(272,622)	(237,052)
Shareholders' funds		(272,522)	(236,952)

For the year ending 31 March 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 11 July 2014

And signed on their behalf by:
T A CROXFORD, Director

FAHRENHEIT 55 LIMITED Registered Number 05059677

Notes to the Abbreviated Accounts for the period ended 31 March 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
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 25% reducing balance
Leasehold premises over period of lease

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Leasing and hire purchase commitments
"Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term."

Going concern
The company is reliant on the continuing support of the directors and the associated company. As a result the directors have adopted the going concern basis of accounting.

2Intangible fixed assets

	£
Cost
At 1 April 2013	156,649
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	156,649
Amortisation
At 1 April 2013	140,904
Charge for the year	15,745
On disposals	-
At 31 March 2014	156,649
Net book values
At 31 March 2014	0
At 31 March 2013	15,745

3Tangible fixed assets

	£
Cost
At 1 April 2013	169,034
Additions	7,673
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	176,707
Depreciation
At 1 April 2013	129,653
Charge for the year	11,763
On disposals	-
At 31 March 2014	141,416
Net book values
At 31 March 2014	35,291
At 31 March 2013	39,381

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:	J Croxford
Description of the transaction:	Directors loan
Balance at 1 April 2013:	£ 31,310
Advances or credits made:	-
Advances or credits repaid:	£ 7,918
Balance at 31 March 2014:	£ 23,392