Direct Furniture Suppliers Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 07964118 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

DIRECT FURNITURE SUPPLIERS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Z Patel

SECRETARY:

REGISTERED OFFICE:

Unit 2

Waterfall Mill

Queen Victoria Street

Blackburn

Lancashire

BB2 2QG

REGISTERED NUMBER:

07964118 (England and Wales)

ACCOUNTANTS:

SKM Chartered Accountants

Pegasus House

5 Winckley Court

Mount Street

Preston

Lancashire

PR1 8BU

FIXED ASSETS

Tangible assets

2

7,635

7,497

CURRENT ASSETS

Stocks

589,664

606,485

Debtors

36,778

46,179

Cash at bank and in hand

34,847

30,092

661,289

682,756

CREDITORS

Amounts falling due within one year

524,584

560,178

NET CURRENT ASSETS

136,705

122,578

TOTAL ASSETS LESS CURRENT LIABILITIES

144,340

130,075

PROVISIONS FOR LIABILITIES

1,527

1,499

NET ASSETS

142,813

128,576

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

142,713

128,476

SHAREHOLDERS' FUNDS

142,813

128,576

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 29 September 2016 and were signed by:

Z Patel - 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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

11,577

Additions

2,543

At 31 December 2015

14,120

DEPRECIATION

At 1 January 2015

4,080

Charge for year

2,405

At 31 December 2015

6,485

NET BOOK VALUE

At 31 December 2015

7,635

At 31 December 2014

7,497

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100