Veasey & Smith Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02329741

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 MARCH 2015 TO 30 JUNE 2016

FOR

VEASEY & SMITH LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

B Veasey

J W Veasey

SECRETARY:

B Veasey

REGISTERED OFFICE:

Hawthorne Tree Works

Broad Lane

Coventry

CV5 7AX

REGISTERED NUMBER:

02329741

ACCOUNTANTS:

Prime

Chartered Accountants

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

FIXED ASSETS

Tangible assets

2

524

658

CURRENT ASSETS

Stocks

12,215

14,325

Debtors

31,014

26,016

Cash at bank

18,205

4,212

61,434

44,553

CREDITORS

Amounts falling due within one year

20,615

15,147

NET CURRENT ASSETS

40,819

29,406

TOTAL ASSETS LESS CURRENT
LIABILITIES

41,343

30,064

CREDITORS

Amounts falling due after more than one
year

77,487

82,558

NET LIABILITIES

(36,144

)

(52,494

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(36,244

)

(52,594

)

SHAREHOLDERS' FUNDS

(36,144

)

(52,494

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 17 November 2016 and were signed on
its behalf by:

B Veasey - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have agreed that they will postpone repayment of loans made to the company until such

time that there are sufficient funds within the company for the loans to be repaid. Therefore, with the

support of the company's bankers, trade and other creditors and its directors, the financial statements

have been prepared on the going concern basis.

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

-

15% on reducing balance

Fixtures and fittings

-

25% 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

and 30 June 2016

3,096

DEPRECIATION

At 1 March 2015

2,438

Charge for period

134

At 30 June 2016

2,572

NET BOOK VALUE

At 30 June 2016

524

At 28 February 2015

658

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100