Abbreviated Company Accounts - FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED
Abbreviated Company Accounts - FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED
Registered Number 03451621
FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED
Abbreviated Accounts
31 October 2015
FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED Registered Number 03451621
Abbreviated Balance Sheet as at 31 October 2015
Notes | 2015 | 2014 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|||
Current assets | |||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
For the year ending 31 October 2015 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 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.
Approved by the Board on
And signed on their behalf by:
FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED Registered Number 03451621
Notes to the Abbreviated Accounts for the period ended 31 October 2015
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in
accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:
Plant & Machinery - 16.67% straight line
Motor Vehicles - 25% reducing balance
Equipment - 25% reducing balance
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with the
following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value
adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over
into replacement assets, only to the extent that, at the balance sheet date, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely than not that the
taxable gain will be rolled over into replacement assets and charged to tax only where the
replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in
the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either 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.
RELATED PARTY TRANSACTIONS
The company was under the control of Mr A.C. Freeman and Mr B.D. Hook throughout the
current and previous financial years. Mr A.C. Freeman and Mr B.D. Hook are the directors and
each own 50% of the issued share capital of the company.
At the year end, Mr A.C. Freeman was owed £1,922 (2014 - £1,252) and Mr B.D. Hook was
owed £1,916 (2014 - £1,244) by the company. There was no interest charged on these amounts
and there were no fixed terms for repayment.
Included in debtors are amounts due from companies in which both Mr A.C. Freeman and Mr
B.D. Hook together hold a controlling interest.
Freeman and Hook Bricklaying Contractors Limited owed to the company £80,077 in 2015 and £80,077 in 2014.
Fernwood Developments (MK) Limited owed to the company £926,148 in 2015 and £926,148 in 2014.
£ | |
---|---|
Cost | |
At 1 November 2014 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 31 October 2015 |
|
Depreciation | |
At 1 November 2014 |
|
Charge for the year |
|
On disposals |
( |
At 31 October 2015 |
|
Net book values | |
At 31 October 2015 | 1,526,806 |
At 31 October 2014 | 926,816 |