OXSTALLS_SERVICE_STATION_ - Accounts
OXSTALLS_SERVICE_STATION_ - Accounts
Company Registration number 02021544
Abbreviated Accounts
For the year ended 31 August 2014
Financial statements for the year ended 31 August 2014
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
Abbreviated balance sheet as at 31 August 2014
2014
2013
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stock
Debtors
Cash at bank and in hand
Creditors:
amounts falling due within one year
(83,497 )
(102,737 )
Net current assets
Total assets less current liabilities
Provision for liabilities
(741 )
(286 )
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Director's responsibilities:
Approved by the board of directors on 15 October 2014 and signed on its behalf.
Company Registration No: 02021544
The notes on pages 2 to 3 form part of these financial statements.
1
Notes to the abbreviated accounts for the year ended 31 August 2014
1
Accounting policies
a)
Basis of accounting
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
b)
Turnover
c)
Depreciation of tangible fixed assets
Equipment, fixtures and fittings
Plant and machinery
Computer equipment
d)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value.
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
e)
Deferred taxation
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, 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 is measured on a [discounted\nondiscounted] basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, 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 is measured on a [discounted\nondiscounted] basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
f)
Pension scheme
2
Notes to the abbreviated accounts for the year ended 31 August 2014 (continued)
2
Fixed assets
Tangible
fixed
assets
£
£
£
Cost:
At 1 September 2013
18,172
Additions
3,995
At 31 August 2014
22,167
Depreciation:
At 1 September 2013
14,835
Provision for the year
2,066
At 31 August 2014
16,901
Net book value:
At 31 August 2014
At 31 August 2013
3,337
3
Called-up share capital
2014
2013
2014
2013
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
3