Eclipse Fencing Ltd - Period Ending 2016-03-31

Registration number: 07196743

Eclipse Fencing Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB

Eclipse Fencing Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Eclipse Fencing Ltd
(Registration number: 07196743)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			26,938			20,407
Current assets
Stocks					54,595			53,491
Debtors					16,579			10,988
Cash at bank and in hand					32,635			17,263
					103,809			81,742
Creditors: Amounts falling due within one year		3			(91,233)			(92,651)
Net current assets/(liabilities)					12,576			(10,909)
Total assets less current liabilities					39,514			9,498
Creditors: Amounts falling due after more than one year		3			(8,164)			(1,583)
Provisions for liabilities					(5,388)			-
Net assets					25,962			7,915
Capital and reserves
Called up share capital		4			200			1
Profit and loss account					25,762			7,914
Shareholders' funds					25,962			7,915

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 director acknowledges his 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 director on 10 August 2016

.........................................
Mr AD Swan
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Eclipse Fencing Ltd
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

Revenue represents the fair value of the consideration received or receivable for sale of timber and building supplies net of discounts and sales taxes. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the company and the amount of revenue and associated costs can be measured reliably.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance
Office equipment	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted 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 held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Eclipse Fencing Ltd
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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		40,216			40,216
Additions		17,350			17,350
Disposals		(6,750)			(6,750)
At 31 March 2016		50,816			50,816
Depreciation
At 1 April 2015		19,809			19,809
Charge for the year		7,022			7,022
Eliminated on disposals		(2,953)			(2,953)
At 31 March 2016		23,878			23,878
Net book value
At 31 March 2016		26,938			26,938
At 31 March 2015		20,407			20,407

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		5,368			6,263
Amounts falling due after more than one year		8,164			1,583
Total secured creditors		13,532			7,846

Page 3

Eclipse Fencing Ltd
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 shares of £1 each		200			200			100			100

New shares allotted

During the year 100 Ordinary shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100.

Page 4