Company Registration No. 02888483 (England and Wales)
SHAFII & SCHMID ENTERPRISES LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
SHAFII & SCHMID ENTERPRISES LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SHAFII & SCHMID ENTERPRISES LTD
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
6,511
4,250
Current assets
Debtors
61,753
282,876
Cash at bank and in hand
327,172
656,764
388,925
939,640
Creditors: amounts falling due within one year
(117,339)
(248,076)
Net current assets
271,586
691,564
Total assets less current liabilities
278,097
695,814
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
277,997
695,714
Shareholders' funds
278,097
695,814
For the financial year ended 31 January 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 20 July 2016
A Shafii
P Schmid
Director
Director
Company Registration No. 02888483
SHAFII & SCHMID ENTERPRISES LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 2 -
1
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Computer equipment
33% straight line
Fixtures, fittings & equipment
25% reducing balance
1.4
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.
1.5
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.
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2015
77,488
Additions
6,052
At 31 January 2016
83,540
Depreciation
At 1 February 2015
73,237
Charge for the year
3,792
At 31 January 2016
77,029
Net book value
At 31 January 2016
6,511
At 31 January 2015
4,250
SHAFII & SCHMID ENTERPRISES LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
98 Ordinary "A" of £1 each
98
98
1 Ordinary "B" of £1 each
1
1
1 Ordinary "C" of £1 each
1
1
100
100
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