Simon Kohn (Furniture) Limited - Period Ending 2016-03-31

Registration number: 02215813

Simon Kohn (Furniture) Limited

Unaudited abbreviated accounts

for the year ended 31 March 2016
 

Simon Kohn (Furniture) Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 5

Simon Kohn (Furniture) Limited
(Registration number: 02215813)
Abbreviated balance sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			15,391			20,784
Current assets
Stock					190,948			251,953
Debtors					72,133			28,454
					263,081			280,407
Creditors: amounts falling due within one year					(233,740)			(241,171)
Net current assets					29,341			39,236
Total assets less current liabilities					44,732			60,020
Creditors: amounts falling due after more than one year					(6,495)			(10,952)
Provisions for liabilities					(1,782)			(3,784)
Net assets					36,455			45,284
Capital and reserves
Called up share capital		4			70,100			70,100
Profit and loss account					(33,645)			(24,816)
Shareholders' funds					36,455			45,284

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 1

Simon Kohn (Furniture) Limited
(Registration number: 02215813)
Abbreviated balance sheet at 31 March 2016
......... continued

For the year ending 31 March 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board on 16 December 2016 and signed on its behalf by:

 S W Kohn
 Director

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 2

Simon Kohn (Furniture) Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 the sales values of bespoke furniture design and construction, stated net of value added tax, during the year.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation rate and method
Plant and machinery	20% on a straight line basis
Motor vehicles	25% on a straight line basis
Office equipment	20% on a straight line basis

Stock

Stock is valued at the lower of cost and net realisable value after due regard for obsolete and slow moving stocks. Work in progress is valued at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 constant periodic rates of charge on the net obligations outstanding in each period.

Page 3

Simon Kohn (Furniture) Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates defined contrbution schemes for employees. The assets of the schemes are held separately from those of the company in independently administered funds. The contributions payable by the company are charged to the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		141,843			141,843
At 31 March 2016		141,843			141,843
Depreciation
At 1 April 2015		121,059			121,059
Charge for the year		5,393			5,393
At 31 March 2016		126,452			126,452
Net book value
At 31 March 2016		15,391			15,391
At 31 March 2015		20,784			20,784

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		172,299			162,063
Amounts falling due after more than one year		6,495			10,952
Total secured creditors		178,794			173,015

Page 4

Simon Kohn (Furniture) Limited
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £ 1 each		35,050			35,050			70,100			70,100
Ordinary B shares of £ 1 each		35,050			35,050			-			-
		70,100			70,100			70,100			70,100

Page 5