Torney Limited - Period Ending 2015-06-30

Registration number: 03391202

Torney Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Torney Limited
(Registration number: 03391202)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					13,378			3,793
Current assets
Stocks					9,000			10,006
Debtors					17,612			16,094
Cash at bank and in hand					29,151			8,887
					55,763			34,987
Creditors: Amounts falling due within one year					(18,139)			(13,107)
Net current assets					37,624			21,880
Total assets less current liabilities					51,002			25,673
Provisions for liabilities					(386)			(66)
Net assets					50,616			25,607
Capital and reserves
Called up share capital		3			30			30
Profit and loss account					50,586			25,577
Shareholders' funds					50,616			25,607

For the year ending 30 June 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 .

Approved by the director on 22 September 2015

.........................................
C J Cramp
Director

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

Torney Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... 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
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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

Torney Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2014		11,740			11,740
Additions		14,770			14,770
Disposals		(8,000)			(8,000)
At 30 June 2015		18,510			18,510
Depreciation
At 1 July 2014		7,947			7,947
Charge for the year		2,021			2,021
Eliminated on disposals		(4,836)			(4,836)
At 30 June 2015		5,132			5,132
Net book value
At 30 June 2015		13,378			13,378
At 30 June 2014		3,793			3,793

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		30			30			30			30

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