Alfred Smith & Son (Penzance) Limited - Period Ending 2014-12-31

Registration number: 661550

Alfred Smith & Son (Penzance) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Alfred Smith & Son (Penzance) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Alfred Smith & Son (Penzance) Limited
(Registration number: 661550)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,008,028			1,029,967
Current assets
Stocks					420,594			408,344
Debtors					72,774			70,224
Cash at bank and in hand					565			463
					493,933			479,031
Creditors: Amounts falling due within one year					(564,599)			(572,090)
Net current liabilities					(70,666)			(93,059)
Total assets less current liabilities					937,362			936,908
Creditors: Amounts falling due after more than one year					(216,560)			(252,612)
Provisions for liabilities					(30,148)			(31,091)
Net assets					690,654			653,205
Capital and reserves
Called up share capital		4			17,850			17,850
Other reserves					1,695			1,695
Profit and loss account					671,109			633,660
Shareholders' funds					690,654			653,205

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

Approved by the Board on 24 September 2015 and signed on its behalf by:

.........................................
Mr Marcus Wilkinson
Director

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

Alfred Smith & Son (Penzance) Limited
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
Land and Buildings	Buildings Straight Line over Fifty years
Fixtures and Fittings	15% to 50% on written down value
Motor Vehicles	25% on written down value

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Alfred Smith & Son (Penzance) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		1,239,683			1,239,683
Additions		2,743			2,743
At 31 December 2014		1,242,426			1,242,426
Depreciation
At 1 January 2014		209,716			209,716
Charge for the year		24,682			24,682
At 31 December 2014		234,398			234,398
Net book value
At 31 December 2014		1,008,028			1,008,028
At 31 December 2013		1,029,967			1,029,967

3

Creditors

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

		2014 £			2013 £
Amounts falling due within one year		31,460			29,852
Amounts falling due after more than one year		184,447			215,915
Total secured creditors		215,907			245,767

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

		2014 £			2013 £
After more than five years by instalments		51,758			95,671

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		17,850			17,850			17,850			17,850

Page 3

Alfred Smith & Son (Penzance) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Marcus Wilkinson
Interest free loan	7,441	9,737	2,296	-

Page 4