Abbreviated Company Accounts - ASPINS BAKERY LIMITED
Abbreviated Company Accounts - ASPINS BAKERY LIMITED
Registered Number 06778045
ASPINS BAKERY LIMITED
Abbreviated Accounts
30 December 2014
ASPINS BAKERY LIMITED Registered Number 06778045
Abbreviated Balance Sheet as at 30 December 2014
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 30 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
And signed on their behalf by:
ASPINS BAKERY LIMITED Registered Number 06778045
Notes to the Abbreviated Accounts for the period ended 30 December 2014
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors and bankers during this time.
Turnover policy
Tangible assets depreciation policy
Leasehold Property - 10% straight line
Plant & Machinery - 25% reducing balance
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% straight line
Intangible assets amortisation policy
Goodwill - 10% straight line
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Financial instruments
Financial liabilities are classified and accounted for, according to the substance of the contractual arrangements, as either 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 financial liabilities.
RELATED PARTY TRANSACTIONS
D.P. Thompson and Ms. T.A. Lyons are directors and controlling shareholders of Monument Foods Limited.
During the financial year, Aspins Bakery Limited sold goods, at market price, to Monument Foods Limited of £178,101 (2013 - £243,935).
At 30th December 2014, £18,688 (2013 - £30,211) was outstanding and is included in trade debtors.
Aspins Bakery Limited paid a management charge of £2,496 (2013 - £7,016) to Monument Foods Limited and made purchases of £73,664 (2013 - £27,643) from Monument Foods Limited during the financial year. All amounts owing were paid at the year end date.
At 30th December 2014, a loan amount of £27,047 (2013 - £22,487) was due to Monument Foods Limited and in shown in year end creditors.
No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (effective April 2008).
ULTIMATE CONTROLLING PARTY OF THE COMPANY
D.P. Thompson and Ms. T.A. Lyons are the ultimate controlling parties of the company.
£ | |
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Cost | |
At 31 December 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 December 2014 |
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Amortisation | |
At 31 December 2013 |
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Charge for the year |
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On disposals |
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At 30 December 2014 |
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Net book values | |
At 30 December 2014 | 2,000 |
At 30 December 2013 | 5,000 |
£ | |
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Cost | |
At 31 December 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 December 2014 |
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Depreciation | |
At 31 December 2013 |
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Charge for the year |
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On disposals |
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At 30 December 2014 |
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Net book values | |
At 30 December 2014 | 25,785 |
At 30 December 2013 | 31,435 |