Spitting Feathers Limited

SPITTING FEATHERS LIMITED - Company Information

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Registered number: 06920021

Abbreviated accounts

For The Year Ended 31 March 2015

Meacher-Jones

Chartered Accountants

6 St John's Court

Vicars Lane

Chester

Cheshire

CH1 1QE

Spitting Feathers Limited

Company No. 06920021

Abbreviated Balance Sheet 31 March 2015

Abbreviated Balance Sheet

		2015		2014
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	2		80,000		85,000
Tangible Assets	3		42,588		50,985

			122,588		135,985
CURRENT ASSETS
Stocks		25,550		16,550
Debtors		137,992		80,891
Cash at bank and in hand		31,091		14,217

		194,633		111,658
Creditors: Amounts Falling Due Within One Year		(227,784)		(164,312)

NET CURRENT ASSETS (LIABILITIES)			(33,151)		(52,654)

TOTAL ASSETS LESS CURRENT LIABILITIES			89,437		83,331

NET ASSETS			89,437		83,331

CAPITAL AND RESERVES
Called up share capital	4		1		1
Share premium account			100,000		100,000
Profit and Loss Account			(10,564)		(16,670)

SHAREHOLDERS' FUNDS			89,437		83,331

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Spitting Feathers Limited

Company No. 06920021

Abbreviated Balance Sheet (continued) 31 March 2015

For the year ending 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Mr Matthew Walley

31 December 2015

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Spitting Feathers Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2015

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of twenty years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% reducing balance
Motor Vehicles	20% reducing balance

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Deferred Taxation

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 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 differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

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Spitting Feathers Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2015

Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Intangible Assets


	Total
Cost	£
As at 1 April 2014	100,000

As at 31 March 2015	100,000

Amortisation
As at 1 April 2014	15,000
Impairment losses	5,000

As at 31 March 2015	20,000

Net Book Value
As at 31 March 2015	80,000

As at 1 April 2014	85,000

Tangible Assets


	Total
Cost	£
As at 1 April 2014	94,168
Additions	2,250

As at 31 March 2015	96,418

Depreciation
As at 1 April 2014	43,183
Provided during the period	10,647

As at 31 March 2015	53,830

Net Book Value
As at 31 March 2015	42,588

As at 1 April 2014	50,985

Share Capital

	Value	Number	2015	2014
Allotted and called up	£		£	£
Ordinary shares	1.000	1	1	1

Page 4

Spitting Feathers Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2015

Ultimate Controlling Party

The company's ultimate controlling party is Mr M Walley, the director, by virtue of his ownership of 100% of the issued share capital in the company.

Page 5