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S VAGGES ELECTRICAL LIMITED
REGISTERED NUMBER: 05885011
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2015
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CREDITORS: amounts falling due within one year
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For the year ending 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 ("the Act") relating to small companies.
Director's responsibilities:
 
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·The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
·The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
 
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The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 10 December 2015.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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S VAGGES ELECTRICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
 
Revenue in respect of service contracts is recognised when the company obtains the right to receive
consideration for the services rendered to its customer.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It has been amortised to the profit and loss account over its estimated economic life of 4 years.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Stocks are valued at the lower of cost and net realisable value. Cost is ascertained by the use of the first-in first-out method of cost calculation. Net realisable value is based on an estimated selling price, less further costs to be incurred to completion and disposal. Provision is also made for obsolete, slow-moving and defective items, where appropriate.
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2.INTANGIBLE FIXED ASSETS
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At 1 April 2014 and 31 March 2015
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At 1 April 2014 and 31 March 2015
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Page 2
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S VAGGES ELECTRICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
3.TANGIBLE FIXED ASSETS
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At 1 April 2014 and 31 March 2015
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4.SHARE CAPITAL
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Allotted, called up and fully paid
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Page 3
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