Object & Line Ltd - Period Ending 2014-12-31

Registration number: 07095451

Object & Line Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Atkinson Saul Fairholm Limited
21A Newland
Lincoln
LN1 1XP

Object & Line Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Object & Line Ltd
(Registration number: 07095451)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			3,884			3,554
Current assets
Stocks					32,899			33,936
Debtors					6,203			6,240
Cash at bank and in hand					16,723			5,138
					55,825			45,314
Creditors: Amounts falling due within one year					(32,237)			(22,897)
Net current assets					23,588			22,417
Total assets less current liabilities					27,472			25,971
Provisions for liabilities					(777)			(711)
Net assets					26,695			25,260
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					26,595			25,160
Shareholders' funds					26,695			25,260

For the year ending 31 December 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 3 September 2015 and signed on its behalf by:

.........................................
B J Hepton
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Object & Line Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Office equipment	20% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

Page 2

Object & Line Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		5,029			5,029
Additions		1,456			1,456
Disposals		(60)			(60)
At 31 December 2014		6,425			6,425
Depreciation
At 1 January 2014		1,475			1,475
Charge for the year		1,096			1,096
Eliminated on disposals		(30)			(30)
At 31 December 2014		2,541			2,541
Net book value
At 31 December 2014		3,884			3,884
At 31 December 2013		3,554			3,554

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3