South West Eco Fuels Ltd - Period Ending 2015-03-31

Registration number: 06840830

South West Eco Fuels Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Redwoods
Chartered Certified Accountants
2 Clyst Works,
Clyst Road, Topsham
Exeter
Exeter
EX3 0DB

South West Eco Fuels Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
South West Eco Fuels Ltd
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South West Eco Fuels Ltd for the year ended 31 March 2015 set out on pages 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://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of South West Eco Fuels Ltd, as a body, in accordance with the terms of our engagement letterdated 6 September 2010. Our work has been undertaken solely to prepare for your approval the accounts of South West Eco Fuels Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South West Eco Fuels Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that South West Eco Fuels Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of South West Eco Fuels Ltd. You consider that South West Eco Fuels Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of South West Eco Fuels Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Redwoods
Chartered Certified Accountants
2 Clyst Works,
Clyst Road, Topsham
Exeter
Exeter
EX3 0DB

11 December 2015

Page 1

South West Eco Fuels Ltd
(Registration number: 06840830)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Current assets
Stocks					9,522			8,947
Debtors					57			1,703
Cash at bank and in hand					3,517			7,417
					13,096			18,067
Creditors: Amounts falling due within one year					(157,683)			(162,841)
Net liabilities					(144,587)			(144,774)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(144,687)			(144,874)
Shareholders' deficit					(144,587)			(144,774)

For the year ending 31 March 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 11 December 2015 and signed on its behalf by:

.........................................
Mr Mark Julian Fassam
Director

.........................................
Mr Jason Fassam
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

South West Eco Fuels Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 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 combustible briquettes 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
Plant and machinery	25% straight line basis
Motor vehciles	20% straight line basis

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

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing difference can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on the tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

Page 3

South West Eco Fuels Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		12,720			12,720
At 31 March 2015		12,720			12,720
Depreciation
At 1 April 2014		12,720			12,720
At 31 March 2015		12,720			12,720
Net book value
At 31 March 2015		-			-
At 31 March 2014		-			-

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4

Control

The company is controlled by Mr Jason Fassam and Mr Mark Fassam who between them own 50% of the voting rights and have control over the remaining 50% voting rights by virtue of a related party shareholder.

Page 4