Ferry Fabrications Limited - Period Ending 2015-12-31

Registration number: 03683084

Ferry Fabrications Limited

Abbreviated Accounts

for the Year Ended 31 December 2015
 

787878787
Ferry Fabrications Limited
Registration number: 03683084
Abbreviated Balance Sheet at 31 December 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Tangible fixed assets		2						5,184						5,883
Current assets
Stocks					200						235
Debtors					1,890						-
Cash at bank and in hand					9,975						12,878
					12,065						13,113
Creditors: Amounts falling due within one year					(15,964)						(15,365)
Net current liabilities								(3,899)						(2,252)
Total assets less current liabilities								1,285						3,631
Provisions for liabilities								(662)						(720)
Net assets								623						2,911
Capital and reserves
Called up share capital		3			2						2
Profit and loss account					621						2,909
Shareholders' funds								623						2,911

For the year ending 31 December 2015 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the director on 27 May 2016

Mr JE Proctor
Director

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

787878787
Ferry Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

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 January 2015).

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 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
Plant and machinery	15% reducing balance/over three years
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

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.

Pensions

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

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

787878787
Ferry Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		24,910			24,910
Additions		690			690
At 31 December 2015		25,600			25,600
Amortisation
At 1 January 2015		19,027			19,027
Charge for the year		1,389			1,389
At 31 December 2015		20,416			20,416
Net book value
At 31 December 2015		5,184			5,184
At 31 December 2014		5,883			5,883

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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