Abbreviated Company Accounts - SCHOFIELD GROUNDWORKS LIMITED

SCHOFIELD GROUNDWORKS LIMITED - Company Information

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Registered Number 03464288

SCHOFIELD GROUNDWORKS LIMITED

Abbreviated Accounts

31 December 2015

SCHOFIELD GROUNDWORKS LIMITED Registered Number 03464288

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	243,535	186,104
		243,535	186,104
Current assets
Stocks		99,380	42,408
Debtors	3	111,669	178,218
Cash at bank and in hand		5,758	-
		216,807	220,626
Creditors: amounts falling due within one year		(347,927)	(392,421)
Net current assets (liabilities)		(131,120)	(171,795)
Total assets less current liabilities		112,415	14,309
Creditors: amounts falling due after more than one year		(60,635)	(54,309)
Total net assets (liabilities)		51,780	(40,000)
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		51,680	(40,100)
Shareholders' funds		51,780	(40,000)

For the year ending 31 December 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 21 June 2016

And signed on their behalf by:
Edward Schofield, Director

SCHOFIELD GROUNDWORKS LIMITED Registered Number 03464288

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents the value of revenue earned during the period, exclusive of VAT

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Plant & Machinery - 20% reducing balance
Fixtures & Fittings - 20% reducing balance
Motor Vehicles - 25% reducing balance
Office Equipment - 25% reducing balance

Valuation information and policy
Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2Tangible fixed assets

	£
Cost
At 1 January 2015	515,210
Additions	119,811
Disposals	(25,000)
Revaluations	-
Transfers	-
At 31 December 2015	610,021
Depreciation
At 1 January 2015	329,106
Charge for the year	52,895
On disposals	(15,515)
At 31 December 2015	366,486
Net book values
At 31 December 2015	243,535
At 31 December 2014	186,104

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:
Plant & Machinery - 20% reducing balance
Fixtures & Fittings - 20% reducing balance
Motor Vehicles - 25% reducing balance
Office Equipment - 25% reducing balance

3Debtors

The debtors balance includes £82,246 owed to the company by the directors at the year-end (prior year end balance £82,246)

4Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100

5Transactions with directors

Name of director receiving advance or credit:	Edward Schofield
Description of the transaction:	Loan
Balance at 1 January 2015:	£ 82,246
Advances or credits made:	-
Advances or credits repaid:	-
Balance at 31 December 2015:	£ 82,246

During the financial year the directors interest free loan from the company amounting to £82,246 has remained unchanged (prior year end balance - £82,246)