Tree Craft Limited - Period Ending 2015-05-31

Company registration number: 05455888

Tree Craft Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  Year Ended 31 May 2015
 

Beresfords
  Chartered Accountants
  Castle House
  Castle Hill Avenue
  Folkestone
  Kent
  CT20 2TQ

Tree Craft Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Tree Craft Limited
(Company registration number: 05455888)
Abbreviated Balance Sheet
31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					95,380			89,242
Current assets
Stocks					13,000			-
Debtors					32,886			44,372
Cash at bank and in hand					11,882			16,694
					57,768			61,066
Creditors: Amounts falling due within one year					(88,189)			(83,200)
Net current liabilities					(30,421)			(22,134)
Total assets less current liabilities					64,959			67,108
Creditors: Amounts falling due after more than one year					(39,198)			(49,761)
Provisions for liabilities					(17,111)			(10,099)
Net assets					8,650			7,248
Capital and reserves
Called up share capital		3			300			300
Profit and loss account					8,350			6,948
Shareholders' funds					8,650			7,248

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 1

Tree Craft Limited
(Company registration number: 05455888)
Abbreviated Balance Sheet
31 May 2015......... continued

For the year ending 31 May 2015 the company was entitled to exemption from audit 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 5 November 2015 and signed on its behalf by:

......................................... Mr R Coombs Director

......................................... Mr RJ Arnold Director

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 2

Tree Craft Limited
Notes to the Abbreviated Accounts
Year Ended 31 May 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
Short Leasehold Property	4% on cost
Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Office Equipment	25% reducing balance

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.

Page 3

Tree Craft Limited
Notes to the Abbreviated Accounts
Year Ended 31 May 2015......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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 4

Tree Craft Limited
Notes to the Abbreviated Accounts
Year Ended 31 May 2015......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2014		166,585			166,585
Additions		39,199			39,199
Disposals		(40,210)			(40,210)
At 31 May 2015		165,574			165,574
Depreciation
At 1 June 2014		77,343			77,343
Charge for the year		23,310			23,310
Eliminated on disposals		(30,459)			(30,459)
At 31 May 2015		70,194			70,194
Net book value
At 31 May 2015		95,380			95,380
At 31 May 2014		89,242			89,242

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		300			300			300			300

Page 5