Functional Designs Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06822134 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 28th February 2016

for

Functional Designs Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

315

469

CURRENT ASSETS

Debtors

9,015

6,541

Cash at bank

70,357

87,386

79,372

93,927

CREDITORS

Amounts falling due within one year

19,937

18,889

NET CURRENT ASSETS

59,435

75,038

TOTAL ASSETS LESS CURRENT
LIABILITIES

59,750

75,507

PROVISIONS FOR LIABILITIES

63

94

NET ASSETS

59,687

75,413

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

59,587

75,313

SHAREHOLDERS' FUNDS

59,687

75,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2016 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 21st November 2016 and were signed by:

S Lane - 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 amounts receivable for goods and services net of VAT and trade discounts. Revenue earned

under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done,

reflecting any uncertainties as to outcome or recoverability. Revenue contingent on events outside the control of the

business is recognised when the contingent event occurs.

Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress

payments on account. Payments on account received in excess of revenue are included in creditors.

Costs attributable to revenue are included in cost of sales. Costs not attributable to revenue are included in work in

progress.

Tangible fixed assets

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 33.33% p.a. reducing balance method

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 1st March 2015

and 28th February 2016

2,078

DEPRECIATION

At 1st March 2015

1,609

Charge for year

154

At 28th February 2016

1,763

NET BOOK VALUE

At 28th February 2016

315

At 28th February 2015

469

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.16

28.2.15

value:

£

100

Ordinary

1

100