Abbreviated Company Accounts - JP TIMBER FRAMES LTD

Abbreviated Company Accounts - JP TIMBER FRAMES LTD


Registered Number NI613705

JP TIMBER FRAMES LTD

Abbreviated Accounts

31 July 2015

JP TIMBER FRAMES LTD Registered Number NI613705

Abbreviated Balance Sheet as at 31 July 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 8,500 9,000
Tangible assets 3 14,465 12,739
22,965 21,739
Current assets
Stocks 9,520 2,706
Debtors 17,691 8,139
Cash at bank and in hand 15,122 1,321
42,333 12,166
Creditors: amounts falling due within one year (49,890) (27,285)
Net current assets (liabilities) (7,557) (15,119)
Total assets less current liabilities 15,408 6,620
Total net assets (liabilities) 15,408 6,620
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,308 6,520
Shareholders' funds 15,408 6,620
  • For the year ending 31 July 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 29 April 2016

And signed on their behalf by:
Mr Seamus O'Neill, Director
Mrs Helen O'Neill, Director

JP TIMBER FRAMES LTD Registered Number NI613705

Notes to the Abbreviated Accounts for the period ended 31 July 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Depreciation


Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 20% Reducing Balance

Intangible assets amortisation policy
Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 5% Straight Line

Other accounting policies
Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2Intangible fixed assets
£
Cost
At 1 August 2014 10,000
Additions -
Disposals -
Revaluations -
Transfers -
At 31 July 2015 10,000
Amortisation
At 1 August 2014 1,000
Charge for the year 500
On disposals -
At 31 July 2015 1,500
Net book values
At 31 July 2015 8,500
At 31 July 2014 9,000
3Tangible fixed assets
£
Cost
At 1 August 2014 19,905
Additions 5,342
Disposals -
Revaluations -
Transfers -
At 31 July 2015 25,247
Depreciation
At 1 August 2014 7,166
Charge for the year 3,616
On disposals -
At 31 July 2015 10,782
Net book values
At 31 July 2015 14,465
At 31 July 2014 12,739