Securebid Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 07702726

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

SECUREBID LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Directors:

Mrs S E Bourn

Mr H C Bourn

Registered office:

The Old Rectory

Louth Road

West Barkwith

Market Rasen

Lincolnshire

LN3 5LF

Registered number:

07702726

Accountants:

Haines Watts

Chartered Accountants

23 Algitha Road

Skegness

Lincolnshire

PE25 2AG

Fixed assets

Tangible assets

2

1,187,663

1,159,705

Current assets

Stocks

52,616

25,461

Debtors

10,092

20,008

62,708

45,469

Creditors

Amounts falling due within one year

3

1,206,243

1,163,275

Net current liabilities

(1,143,535

)

(1,117,806

)

Total assets less current liabilities

44,128

41,899

Capital and reserves

Called up share capital

4

1

1

Profit and loss account

44,127

41,898

Shareholders' funds

44,128

41,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 December 2015 and were signed on its behalf by:

Mrs S E Bourn - Director

1.	Accounting policies

Basis of preparing the financial statements

At the financial year end the company had net current liabilities of £1,143,535. (2014 - £1,117,806). The Directors

continue to support the company, and the bank overdraft is secured on farm land with a value far in excess of the

companies liabilities. The Director's are of the opinion that it is appropriate to prepare these financial statements on a

going concern basis.

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land

-

Farm land is not depreciated

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

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.

Single farm payment

The single farm payment is recognised in the financial statements in accordance with H M Revenue and Customs

guidance.

2.	Tangible fixed assets

Total

£

Cost

At 1 April 2014

1,159,705

Additions

27,958

At 31 March 2015

1,187,663

Net book value

At 31 March 2015

1,187,663

At 31 March 2014

1,159,705

3.

Creditors

Creditors include an amount of £ 517,911 (2014 - £ 471,952 ) for which security has been given.

4.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1

Ordinary shares

£1

1

1

5.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2015 and 31 March 2014:

2015

2014

£

£

Mrs S E Bourn and Mr H C Bourn

Balance outstanding at start of year

654,986

378,093

Amounts advanced

28,105

276,950

Amounts repaid

(30,000

)

(57

)

Balance outstanding at end of year

653,091

654,986

The directors current account is unsecured interest free and repayable on demand, no amounts have been written off

during the year.