F & L Accessories Limited - Period Ending 2015-09-30

Registration number: 01363068

F & L Accessories Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

F & L Accessories Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

F & L Accessories Limited
(Registration number: 01363068)
Abbreviated Balance Sheet
at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					21,109			27,157
Tangible fixed assets					150,797			73,494
Investments					1,171			1,171
					173,077			101,822
Current assets
Stocks					55,729			54,729
Debtors					358,400			206,454
Cash at bank					248,633			194,198
					662,762			455,381
Creditors: Amounts falling due within one year					(288,212)			(145,687)
Net current assets					374,550			309,694
Total assets less current liabilities					547,627			411,516
Provisions for liabilities					(27,468)			(13,290)
Net assets					520,159			398,226
Capital and reserves
Called up share capital		3			30,000			30,000
Profit and loss account					490,159			368,226
Shareholders' funds					520,159			398,226

For the year ended 30 September 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 within Part 15 of the Companies Act 2006.

Approved by the Board and authorised for issue on 22 June 2016 and signed on its behalf by:

 I G Francis
 Director

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F & L Accessories Limited
Notes to the Abbreviated Accounts
for the Year Ended 30 September 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 April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Purchased goodwill, including that attributable to the acquisition of subsidiary and associated undertakings, is capitalised and written off over a period of ten years. This period is considered by the directors to be its useful economic life.

Tangible fixed assets and 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.

Asset class	Depreciation method and rate
Plant and equipment	15% of written down value
Computer and office equipment	15-33% of written down value
Motor vehicles	25% of written down value

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock and work in progress

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.

Operating leases

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

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F & L Accessories Limited
Notes to the Abbreviated Accounts
for the Year Ended 30 September 2015

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 recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 October 2014		60,479			439,958			1,171			501,608
Additions		-			90,865			-			90,865
At 30 September 2015		60,479			530,823			1,171			592,473
Depreciation
At 1 October 2014		33,322			366,464			-			399,786
Charge for the year		6,048			13,562			-			19,610
At 30 September 2015		39,370			380,026			-			419,396
Net book value
At 30 September 2015		21,109			150,797			1,171			173,077
At 30 September 2014		27,157			73,494			1,171			101,822

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		30,000			30,000			30,000			30,000

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