Slung Low Limited - Period Ending 2015-03-31

Registration number: 07720259

Slung Low Limited
 
  Abbreviated Accounts
 
  for the Year Ended 31 March 2015
 

Slung Low Limited
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					85,595			11,001
Current assets
Debtors					13,059			13,491
Cash at bank and in hand					25,090			18,051
					38,149			31,542
Creditors: Amounts falling due within one year					(51,288)			(36,355)
Net current liabilities					(13,139)			(4,813)
Total assets less current liabilities					72,456			6,188
Creditors: Amounts falling due after more than one year					(62,318)			-
Provisions for liabilities					(4,406)			(1,746)
Net assets					5,732			4,442
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					5,731			4,441
Shareholders' funds					5,732			4,442

For the year ending 31 March 2015 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 director acknowledges his 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 .

These accounts were approved by the director and authorised for issue on 20 July 2015.

.........................................
 A.K. Lane
 Director
 Company Registration Number: 07720259

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Slung Low Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The full accounts, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The accounts have been prepared on a going concern basis on the grounds that the company's sole director will continue his support for the foreseeable future.

Turnover

Turnover represents; grants receivable, income from productions performed and income from the hire of the company's business premises during the year.

Government grants

Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. To the extent that the grant is made as a contribution towards expenditure on a fixed asset, in accordance with FRSSE 2008, the amount so deferred is treated as deferred income.

Other grants

Grants are accounted for on a receivable basis.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant & Machinery	10 years straight line basis
Motor Vehicles	4 years straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Page 2

Slung Low Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		20,255			20,255
Additions		84,261			84,261
At 31 March 2015		104,516			104,516
Depreciation
At 1 April 2014		9,254			9,254
Charge for the year		9,667			9,667
At 31 March 2015		18,921			18,921
Net book value
At 31 March 2015		85,595			85,595
At 31 March 2014		11,001			11,001

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years not by instalments		4,843			-

Page 3

Slung Low Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 4