Abbreviated Company Accounts - ELLIOTS CONSTRUCTION LTD
Abbreviated Company Accounts - ELLIOTS CONSTRUCTION LTD
Registered Number 08443103
ELLIOTS CONSTRUCTION LTD
Abbreviated Accounts
28 February 2016
ELLIOTS CONSTRUCTION LTD Registered Number 08443103
Abbreviated Balance Sheet as at 28 February 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: amounts falling due after more than one year | 3 |
( |
( |
Provisions for liabilities |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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( |
For the year ending 28 February 2016 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
And signed on their behalf by:
ELLIOTS CONSTRUCTION LTD Registered Number 08443103
Notes to the Abbreviated Accounts for the period ended 28 February 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant & machinery - 15% reducing balance
Motor vehicles - 25% reducing balance
Office equipment - 15% reducing balance
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stock and work in progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either, financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities.
£ | |
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Cost | |
At 1 March 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 28 February 2016 |
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Depreciation | |
At 1 March 2015 |
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Charge for the year |
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On disposals |
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At 28 February 2016 |
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Net book values | |
At 28 February 2016 | 44,708 |
At 28 February 2015 | 58,296 |
2016
£ |
2015
£ |
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Secured Debts |
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5Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 March 2015: | £ |
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Advances or credits made: | ||
Advances or credits repaid: | £ |
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Balance at 28 February 2016: | £ |