FTS Care Ltd - Period Ending 2015-02-28

Registration number: SC355267

FTS Care Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
1 Melgund Place
Hawick
Borders
TD9 9HY

FTS Care Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

FTS Care Ltd
(Registration number: SC355267)
at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					10,006			20,008
Tangible fixed assets					256,549			8,765
					266,555			28,773
Current assets
Debtors					55,129			36,140
Cash at bank and in hand					150,215			81,638
					205,344			117,778
Creditors: Amounts falling due within one year					(101,013)			(58,786)
Net current assets					104,331			58,992
Total assets less current liabilities					370,886			87,765
Creditors: Amounts falling due after more than one year					(130,500)			(19,550)
Net assets					240,386			68,215
Capital and reserves
Called up share capital		4			8,500			8,500
Profit and loss account					231,886			59,715
Shareholders' funds					240,386			68,215

For the year ending 28 February 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 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 21 August 2015 and signed on its behalf by:

.........................................
D J Scott
Director

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

FTS Care Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015

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 in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful lives as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over five years

Depreciation

Depreciation is provided 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
Motor vehicles	25% straight line basis
Office equipment	15% straight line basis
Fixtures and fittings	15% straight line basis
Equipment	15% 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.

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

FTS Care Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2014		50,008			19,443			69,451
Additions		-			251,100			251,100
At 28 February 2015		50,008			270,543			320,551
Depreciation
At 1 March 2014		30,000			10,678			40,678
Charge for the year		10,002			3,316			13,318
At 28 February 2015		40,002			13,994			53,996
Net book value
At 28 February 2015		10,006			256,549			266,555
At 28 February 2014		20,008			8,765			28,773

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		14,500			-
Amounts falling due after more than one year		130,500			-
Total secured creditors		145,000			-

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

		2015 £			2014 £
After more than five years by instalments		72,500			-

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000
B shares of £1 each		7,500			7,500			7,500			7,500
		8,500			8,500			8,500			8,500

5

Control

The company is controlled by FTS Homes Holdings Limited which owns 100% of the share capital. The directors of FTS Care Limited own 100% of the share capital of FTS Homes Holdings Limited

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Page 3