Veasey & Smith Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02329741

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

FOR

VEASEY & SMITH LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

B Veasey

J W Veasey

SECRETARY:

B Veasey

REGISTERED OFFICE:

Hawthorne Tree Works

Broad Lane

Coventry

CV5 7AX

REGISTERED NUMBER:

02329741

ACCOUNTANTS:

Prime

Chartered Accountants

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

FIXED ASSETS

Tangible assets

2

658

783

CURRENT ASSETS

Stocks

14,325

13,695

Debtors

26,016

23,612

Cash at bank

4,212

-

44,553

37,307

CREDITORS

Amounts falling due within one year

15,147

14,674

NET CURRENT ASSETS

29,406

22,633

TOTAL ASSETS LESS CURRENT LIABILITIES

30,064

23,416

CREDITORS

Amounts falling due after more than one year

82,558

85,059

NET LIABILITIES

(52,494

)

(61,643

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(52,594

)

(61,743

)

SHAREHOLDERS' FUNDS

(52,494

)

(61,643

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 July 2015 and were signed on its behalf by:

B Veasey - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have agreed that they will postpone repayment of loans made to the company until such

time that there are sufficient funds within the company for the loans to be repaid. Therefore, with the

support of the company's bankers, trade and other creditors and its directors, the financial statements

have been prepared on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2014

and 28 February 2015

3,096

DEPRECIATION

At 1 March 2014

2,313

Charge for year

125

At 28 February 2015

2,438

NET BOOK VALUE

At 28 February 2015

658

At 28 February 2014

783

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100