FOSSEWAY_TOOL_HIRE_LTD - Accounts

FOSSEWAY TOOL HIRE LIMITED - Company Information

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Company Registration No. 03548023 (England and Wales)

FOSSEWAY TOOL HIRE LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

FOSSEWAY TOOL HIRE LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

FOSSEWAY TOOL HIRE LTD

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

415,047

367,602

Current assets

Stocks

118,316

118,896

Debtors

168,301

210,687

Cash at bank and in hand

20,335

15,212

306,952

344,795

Creditors: amounts falling due within one year

(206,588)

(197,282)

Net current assets

100,364

147,513

Total assets less current liabilities

515,411

515,115

Creditors: amounts falling due after more than one year

(183,188)

(190,501)

Provisions for liabilities

(48,919)

(32,687)

283,304

291,927

Capital and reserves

Called up share capital

Profit and loss account

283,302

291,925

Shareholders' funds

283,304

291,927

FOSSEWAY TOOL HIRE LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2016

- 2 -

For the financial year ended 30 April 2016 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 13 July 2016

Mrs Lesley Butler

Mr Neil Davis

Director

Company Registration No. 03548023

FOSSEWAY TOOL HIRE LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

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 January 2015).

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 and services net of VAT and trade discounts.

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 other than freehold land 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:

Land and buildings Freehold

2% straight line

Plant and machinery

20% straight line

Computer equipment

25% straight line

Fixtures, fittings & equipment

25% straight line

Motor vehicles

25% straight line

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.

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.

FOSSEWAY TOOL HIRE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 May 2015

6,000

1,235,325

1,241,325

Additions

184,989

Disposals

(70,253)

At 30 April 2016

6,000

1,350,061

1,356,061

Depreciation

At 1 May 2015

6,000

867,789

873,789

On disposals

(69,773)

Charge for the year

136,998

At 30 April 2016

6,000

935,014

941,014

Net book value

At 30 April 2016

415,047

At 30 April 2015

367,602

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

22,146

37,355

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary of £1 each

Related party relationships and transactions

FOSSEWAY TOOL HIRE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

Related party relationships and transactions

(Continued)

- 5 -

Transactions in relation to loans from directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Neil Davis

25,471

49,500

25,471

49,500

25,471