Functional Furniture Limited - Period Ending 2016-03-31

Registration number: 03676249

Functional Furniture Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Kajaine Limited
Kajaine House
57-67 High Street
Edgware
HA8 7DD

Functional Furniture Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2

Functional Furniture Limited
(Registration number: 03676249)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Current assets
Stocks					500			720
Debtors					1,080			2,123
Cash at bank and in hand					245			216
					1,825			3,059
Creditors: Amounts falling due within one year					(1,608)			(2,883)
Net assets					217			176
Capital and reserves
Called up share capital		2			100			100
Profit and loss account					117			76
Shareholders' funds					217			176

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 special provisions for small companies under Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the director on 15 December 2016

.........................................
Mr A W Smith
Director

The notes on page 2 form an integral part of these financial statements.
Page 1

Functional 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 amounts chargeable in respect of the sale of goods and services to customers.

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.

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.

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.

2	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 2