Abbreviated Company Accounts - WHARFDALE LIMITED

Abbreviated Company Accounts - WHARFDALE LIMITED


Registered Number 05010771

WHARFDALE LIMITED

Abbreviated Accounts

31 January 2015

WHARFDALE LIMITED Registered Number 05010771

Abbreviated Balance Sheet as at 31 January 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 1,414,674 1,423,373
1,414,674 1,423,373
Current assets
Stocks 58,316 -
Debtors 60,230 42,361
Cash at bank and in hand 69,694 36,399
188,240 78,760
Creditors: amounts falling due within one year 3 (406,001) (1,112,798)
Net current assets (liabilities) (217,761) (1,034,038)
Total assets less current liabilities 1,196,913 389,335
Creditors: amounts falling due after more than one year 3 (949,917) (197,925)
Provisions for liabilities (6,772) (8,302)
Total net assets (liabilities) 240,224 183,108
Capital and reserves
Called up share capital 4 1 1
Profit and loss account 240,223 183,107
Shareholders' funds 240,224 183,108
  • For the year ending 31 January 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 22 October 2015

And signed on their behalf by:
Mr D B Fellows, Director

WHARFDALE LIMITED Registered Number 05010771

Notes to the Abbreviated Accounts for the period ended 31 January 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the sale of properties, the value of work done and rental income, excluding value added tax, during the year and derives from the provision of goods and services falling within the company’s ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 20% per annum on the reducing balance
Fixtures, fittings and equipment – 3 years on the straight line basis
Motor vehicles - 25% per annum on the reducing balance

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), no depreciation is provided in respect of freehold properties held for investment purposes. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the director considers that to depreciate them would not give a true and fair view. Depreciation is only one of the factors reflected in the valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The director considers that this policy results in the accounts giving a true and fair view.

Other accounting policies
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge which is allocated to future periods. The finance element of the rental payment is charged to the profit and loss accounts so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded as recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.

2Tangible fixed assets
£
Cost
At 1 February 2014 1,447,094
Additions 833
Disposals -
Revaluations -
Transfers -
At 31 January 2015 1,447,927
Depreciation
At 1 February 2014 23,721
Charge for the year 9,532
On disposals -
At 31 January 2015 33,253
Net book values
At 31 January 2015 1,414,674
At 31 January 2014 1,423,373
3Creditors
2015
£
2014
£
Secured Debts 1,075,000 972,360
4Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
1 Ordinary shares of £1 each 1 1