Schapiro Limited - Period Ending 2013-12-31

Registration number: NI055839

Schapiro Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 December 2013
 

J R McKee & Co
Chartered Accountants
Ratheane House
32 Hillsborough Road
Lisburn
County Antrim
BT28 1AQ

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 Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Schapiro Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Schapiro Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Schapiro Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Schapiro Limited and state those matters that we have agreed to state to them, as a body . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Schapiro Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Schapiro Limited 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 Schapiro Limited. You consider that Schapiro Limited 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 Schapiro Limited. 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.

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

J R McKee & Co
Chartered Accountants
Ratheane House
32 Hillsborough Road
Lisburn
County Antrim
BT28 1AQ

11 September 2014

Page 1

Schapiro Limited
(Registration number: NI055839)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					1,761			3,846
Current assets
Debtors					349,440			241,815
Cash at bank and in hand					41,888			76,302
					391,328			318,117
Creditors: Amounts falling due within one year					(96,913)			(24,002)
Net current assets					294,415			294,115
Total assets less current liabilities					296,176			297,961
Provisions for liabilities					-			(439)
Net assets					296,176			297,522
Capital and reserves
Called up share capital		3			6,000			6,000
Profit and loss account					290,176			291,522
Shareholders' funds					296,176			297,522

For the year ending 31 December 2013 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 .

These financial statements were approved and authorised for issue by the Board on 11 September 2014 and signed on its behalf by:

Mr George Walker  Director

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

Schapiro Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... 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 goods and services 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
Office equipment	15% straight line basis.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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

Schapiro Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		13,899			13,899
At 31 December 2013		13,899			13,899
Depreciation
At 1 January 2013		10,053			10,053
Charge for the year		2,085			2,085
At 31 December 2013		12,138			12,138
Net book value
At 31 December 2013		1,761			1,761
At 31 December 2012		3,846			3,846

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		6,000			6,000			6,000			6,000

Page 4