Schofield Dyers & Finishers Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 06423227 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2015

for

Schofield Dyers & Finishers Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

A W Queen

SECRETARY:

A W Queen

REGISTERED OFFICE:

Muckle LLP

Time Central

32 Gallowgate

Newcastle Upon Tyne

Tyne and Wear

NE1 4BF

REGISTERED NUMBER:

06423227 (England and Wales)

ACCOUNTANTS:

Stark Main & Co Ltd

Chartered Tax Advisers & Accountants

Old Tweed Mill

Dunsdale Road

Selkirk

Borders

TD7 5DZ

FIXED ASSETS

Tangible assets

2

922,804

771,367

CURRENT ASSETS

Stocks

71,729

70,521

Debtors

596,244

664,223

Cash at bank and in hand

54,912

27,834

722,885

762,578

CREDITORS

Amounts falling due within one year

3

484,507

647,686

NET CURRENT ASSETS

238,378

114,892

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,161,182

886,259

CREDITORS

Amounts falling due after more than one
year

334,935

261,942

NET ASSETS

826,247

624,317

CAPITAL AND RESERVES

Called up share capital

4

10,000

Profit and loss account

816,247

614,317

SHAREHOLDERS' FUNDS

826,247

624,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 11 May 2016 and were signed by:

A W Queen - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Turnover represents the value, net of value added tax and discounts provided to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2014

1,176,099

Additions

255,359

Disposals

(100,645

)

At 30 September 2015

1,330,813

DEPRECIATION

At 1 October 2014

404,732

Charge for year

84,966

Eliminated on disposal

(81,689

)

At 30 September 2015

408,009

NET BOOK VALUE

At 30 September 2015

922,804

At 30 September 2014

771,367

3.

CREDITORS

Creditors include an amount of £ 0 (30.9.14 - £ 167,040 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

10,000

Ordinary

£1

10,000

In September 2015 the company announced a share buy back programme to purchase the 7000 shares held by A

W Queen as Trustee. The purchase of these shares will be over a four year period commencing in October 2015

at £164 per share.

It is proposed that once purchased by the company these shares will be cancelled.

5.

PENSIONS

The company operates a defined contribution scheme on behalf of its employees. The pension charge for the

period was £25,475 (2014 £22,537).

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Schofield Dyers & Finishers Ltd for the year ended 30 September 2015 which comprise the

Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the director of Schofield Dyers & Finishers Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Schofield Dyers & Finishers Ltd and state those matters that we have agreed to state to the director of Schofield Dyers & Finishers Ltd in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Schofield Dyers & Finishers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Schofield Dyers & Finishers Ltd. You consider that Schofield Dyers & Finishers Ltd 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 financial statements of Schofield Dyers & Finishers Ltd. 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 financial statements.

Stark Main & Co Ltd

Chartered Tax Advisers & Accountants

Old Tweed Mill

Dunsdale Road

Selkirk

Borders

TD7 5DZ

11 May 2016