JF Kegs (Scotland) Limited - Abbreviated accounts

JF Kegs (Scotland) Limited - Abbreviated accounts


JF Kegs (Scotland) Limited
Registered number
SC329273
Abbreviated Accounts
28 February 2015
JF Kegs (Scotland) Limited
Report to the director on the preparation of the unaudited abbreviated accounts of JF Kegs (Scotland) Limited for the year ended 28 February 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of JF Kegs (Scotland) Limited for the year ended 28 February 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Accel Business LLP
Chartered Certified Accountants
4 Valentine Court
Dundee Business Park
Dundee
Angus
DD2 3QB
2 October 2015
JF Kegs (Scotland) Limited
Registered number: SC329273
Abbreviated Balance Sheet
as at 28 February 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 50,000 50,000
Tangible assets 3 567,080 634,559
617,080 684,559
Current assets
Stocks 316,032 218,592
Debtors 324,312 142,696
Cash at bank and in hand 115,858 137,356
756,202 498,644
Creditors: amounts falling due within one year (470,587) (362,043)
Net current assets 285,615 136,601
Total assets less current liabilities 902,695 821,160
Creditors: amounts falling due after more than one year (474,650) (460,212)
Net assets 428,045 360,948
Capital and reserves
Called up share capital 4 2 2
Profit and loss account 428,043 360,946
Shareholder's funds 428,045 360,948
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
James Fyffe
Director
Approved by the board on 2 October 2015
JF Kegs (Scotland) Limited
Notes to the Abbreviated Accounts
for the year ended 28 February 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Freehold land & buildings Nil
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations 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.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Intangible fixed assets £
Cost
At 1 March 2014 50,000
At 28 February 2015 50,000
Amortisation
At 28 February 2015 -
Net book value
At 28 February 2015 50,000
At 28 February 2014 50,000
3 Tangible fixed assets £
Cost
At 1 March 2014 740,432
At 28 February 2015 740,432
Depreciation
At 1 March 2014 105,873
Charge for the year 67,479
At 28 February 2015 173,352
Net book value
At 28 February 2015 567,080
At 28 February 2014 634,559
4 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 2 2 2
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
James Fyffe
Director's loan account (1,132) 27,789 24,711 51,368
(1,132) 27,789 24,711 51,368
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