FREEBUTCH_LTD - Accounts

FREEBUTCH LIMITED - Company Information

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Company Registration No. 06965331 (England and Wales)

FREEBUTCH LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2015

FREEBUTCH LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

FREEBUTCH LTD

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

5,126

5,279

Current assets

Stocks

5,253

5,789

Debtors

1,408

755

6,661

6,544

Creditors: amounts falling due within one year

(20,293)

(19,527)

Net current liabilities

(13,632)

(12,983)

Total assets less current liabilities

(8,506)

(7,704)

Creditors: amounts falling due after more than one year

(26,379)

(28,390)

Provisions for liabilities

(845)

(836)

(35,730)

(36,930)

Capital and reserves

Called up share capital

Profit and loss account

(35,734)

(36,934)

Shareholders' funds

(35,730)

(36,930)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 April 2016

T Parsons

D Freeman

Director

Company Registration No. 06965331

FREEBUTCH LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

- 2 -

Accounting policies

1.1

Accounting convention

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

The financial statements have been prepared on the going concern basis as the directors are confident that the company will continue to meet its liabilities as they fall due and are confident of the continuing support of the company's creditors.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods sold.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

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 less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% Reducing Balance

Motor vehicles

25% Reducing Balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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 payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

FREEBUTCH LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 August 2014

40,000

13,021

53,021

Additions

1,555

At 31 July 2015

40,000

14,576

54,576

Depreciation

At 1 August 2014

40,000

7,741

47,741

Charge for the year

1,709

At 31 July 2015

40,000

9,450

49,450

Net book value

At 31 July 2015

5,126

At 31 July 2014

5,279

Share capital

2015

2014

Allotted, called up and fully paid

4 Ordinary Shares of £1 each