SPC Bathrooms Limited - Period Ending 2016-01-31

Registration number: 09380345

SPC Bathrooms Limited

Unaudited Abbreviated Accounts

for the Period from 8 January 2015 to 31 January 2016

 

Ledger Accounting Services Limited
12 West Links
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TG

SPC Bathrooms Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

SPC Bathrooms Limited
(Registration number: 09380345)
Abbreviated Balance Sheet at 31 January 2016

		Note			31 January 2016 £
Fixed assets
Intangible fixed assets					11,200
Tangible fixed assets					19,816
					31,016
Current assets
Stocks					17,725
Debtors					28,024
					45,749
Creditors: Amounts falling due within one year					(52,738)
Net current liabilities					(6,989)
Total assets less current liabilities					24,027
Creditors: Amounts falling due after more than one year					(6,978)
Provisions for liabilities					(3,963)
Net assets					13,086
Capital and reserves
Called up share capital		3			100
Profit and loss account					12,986
Shareholders' funds					13,086

For the year ending 31 January 2016 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 director acknowledges his 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 director on 14 June 2016

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

SPC Bathrooms Limited
(Registration number: 09380345)
Abbreviated Balance Sheet at 31 January 2016
......... continued

.........................................
Mr Steve Clark
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

SPC Bathrooms Limited
Notes to the Abbreviated Accounts for the Period from 8 January 2015 to 31 January 2016
......... continued

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20% on cost

Depreciation

Depreciation is provided on tangible 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	25% on cost
Motor vehicles	25% on cost
Computer equipment	25% on cost

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

Page 3

SPC Bathrooms Limited
Notes to the Abbreviated Accounts for the Period from 8 January 2015 to 31 January 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
Additions		14,000			25,324			39,324
At 31 January 2016		14,000			25,324			39,324
Depreciation
Charge for the period		2,800			5,508			8,308
At 31 January 2016		2,800			5,508			8,308
Net book value
At 31 January 2016		11,200			19,816			31,016

Page 4

SPC Bathrooms Limited
Notes to the Abbreviated Accounts for the Period from 8 January 2015 to 31 January 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	31 January 2016
		No.			£
Ordinary of £1 each		100			100

4

Control

The company is controlled by the directors who own 100% of the share capital. .

Page 5