Finance & Asset Leasing Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 06446378 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Finance & Asset Leasing Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

I Gibson

SECRETARY:

REGISTERED OFFICE:

Sandridge House

Lings Lane

Hatfield

Doncaster

South Yorkshire

DN7 6AB

REGISTERED NUMBER:

06446378 (England and Wales)

ACCOUNTANTS:

Thieme & Co

18 Thorne Road

Doncaster

South Yorkshire

DN1 2HS

FIXED ASSETS

Intangible assets

2

89,458

107,349

Tangible assets

3

6,526

8,204

95,984

115,553

CURRENT ASSETS

Stocks

265,043

218,543

Debtors

2,050

Cash at bank and in hand

120

7,482

267,213

228,075

CREDITORS

Amounts falling due within one year

400,296

352,691

NET CURRENT LIABILITIES

(133,083

)

(124,616

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(37,099

)

(9,063

)

RESERVES

Profit and loss account

(37,099

)

(9,063

)

(37,099

)

(9,063

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 September 2016 and were signed by:

I Gibson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

133,560

AMORTISATION

At 1 January 2015

26,211

Amortisation for year

17,891

At 31 December 2015

44,102

NET BOOK VALUE

At 31 December 2015

89,458

At 31 December 2014

107,349

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

12,214

Additions

399

At 31 December 2015

12,613

DEPRECIATION

At 1 January 2015

4,010

Charge for year

2,077

At 31 December 2015

6,087

NET BOOK VALUE

At 31 December 2015

6,526

At 31 December 2014

8,204

4.	POST BALANCE SHEET EVENTS

The Director confirms his intention, within 9 months of the Balance Sheet date, to capitalise part of his Directors

Loan Account by issuing £40,000 £1 Ordinary Shares.