Abbreviated Company Accounts - COMPASS ROOFING LIMITED
Abbreviated Company Accounts - COMPASS ROOFING LIMITED
Registered Number SC236810
COMPASS ROOFING LIMITED
Abbreviated Accounts
30 June 2015
COMPASS ROOFING LIMITED Registered Number SC236810
Abbreviated Balance Sheet as at 30 June 2015
Notes | 2015 | 2014 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
For the year ending 30 June 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
And signed on their behalf by:
COMPASS ROOFING LIMITED Registered Number SC236810
Notes to the Abbreviated Accounts for the period ended 30 June 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Motor Vehicles - 25% reducing balance
Office Equipment - 15% reducing balance
Intangible assets amortisation policy
Goodwill - 10% Straight Line
Other accounting policies
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Fixed assets
All fixed assets are initially recorded at cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
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.
£ | |
---|---|
Cost | |
At 1 July 2014 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 June 2015 |
|
Amortisation | |
At 1 July 2014 |
|
Charge for the year |
|
On disposals |
|
At 30 June 2015 |
|
Net book values | |
At 30 June 2015 | 0 |
At 30 June 2014 | 0 |
£ | |
---|---|
Cost | |
At 1 July 2014 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 30 June 2015 |
|
Depreciation | |
At 1 July 2014 |
|
Charge for the year |
|
On disposals |
( |
At 30 June 2015 |
|
Net book values | |
At 30 June 2015 | 26,525 |
At 30 June 2014 | 17,116 |
5Transactions with directors
Name of director receiving advance or credit: | ||
---|---|---|
Description of the transaction: | ||
Balance at 1 July 2014: | £ |
|
Advances or credits made: | £ |
|
Advances or credits repaid: | £ |
|
Balance at 30 June 2015: | £ |