Dailyfamous Limited,Ltd - Accounts

Dailyfamous Limited,Ltd - Accounts

DAILYFAMOUS LIMITED - Company Information

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2015-09-01 true false Private Limited Company 02153027 2016-08-31 02153027 2015-09-01 2016-08-31 02153027 2015-08-31 02153027 2014-09-01 2015-08-31 02153027 uk-bus:Director1 2015-09-01 2016-08-31 02153027 uk-gaap:Buildings 2015-09-01 2016-08-31 02153027 uk-gaap:PlantMachinery 2015-09-01 2016-08-31 02153027 uk-gaap:CommercialMotorVehicles 2015-09-01 2016-08-31 02153027 uk-gaap:FixturesFittings 2015-09-01 2016-08-31 02153027 uk-gaap:WithinOneYear 2016-08-31 02153027 uk-gaap:WithinOneYear 2015-08-31 02153027 uk-gaap:AfterOneYear 2016-08-31 02153027 uk-gaap:AfterOneYear 2015-08-31 iso4217:GBP
Dailyfamous Limited
For the year ended 31 August 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02153027
2
Contents Page
Dailyfamous Limited
For the year ended 31 August 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
Dailyfamous Limited
Accountants' Report
For the year ended 31 August 2016
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
ended 31 August 2016 and you consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
Graeme Hinchliffe Associates Ltd
6-8 Manvers Road
Swallownest
Sheffield
S26 4UD
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4
Abbreviated Balance Sheet
Dailyfamous Limited
As at 31 August 2016
02153027
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Tangible assets
2
363,778
372,056
363,778
372,056
Current assets
Stocks
134,724
138,996
Debtors
131,212
274,742
Cash at bank and in hand
83,831
31,034
497,569
296,970
Creditors: amounts falling due within one year
3
(202,624)
(381,935)
94,346
115,634
Net current assets
Total assets less current liabilities
479,412
466,402
Creditors: amounts falling due after more than one year
4
(50,353)
(25,561)
(2,372)
(3,284)
Provisions for liabilities
451,479
Net assets
412,765
Capital and reserves
Called up share capital
11,000
10,000
Profit and loss account
440,479
402,765
451,479
412,765
Shareholders funds
For the year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) 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.
Date approved by the board: 22 November 2016
Mr John E Ward Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
Dailyfamous Limited
For the year ended 31 August 2016
1 Accounting Policies
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
2% Straight line
Plant and Machinery
15% Reducing balance
Motor Vehicles
25% Reducing balance
Fixtures and Fittings
15% Reducing balance
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Notes to the Abbreviated Financial Statements
Dailyfamous Limited
For the year ended 31 August 2016
No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
463,887
At 01 September 2015
At 31 August 2016
463,887
Depreciation
91,831
At 01 September 2015
8,278
Charge for year
100,109
At 31 August 2016
Net book values
At 31 August 2016
363,778
372,056
At 31 August 2015
2016
3 Creditors: amounts falling due within one year
£
£
2015
24,792
24,792
Bank loans and overdrafts (secured)
2015
2016
4 Creditors due after more than one year
£
£
25,561
50,353
Bank loans and overdrafts (secured)
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