FRECKELTONS_LIMITED - Accounts

FRECKELTONS LIMITED - Company Information

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Company Registration No. 04693544 (England and Wales)

FRECKELTONS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

FRECKELTONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

19,815

14,940

Current assets

Debtors

51,678

35,289

Cash at bank and in hand

8,058

8,234

59,736

43,523

Creditors: amounts falling due within one year

(44,093)

(52,751)

Net current assets/(liabilities)

15,643

(9,228)

Total assets less current liabilities

35,458

5,712

Provisions for liabilities

(2,155)

(783)

33,303

4,929

Capital and reserves

Called up share capital

100

Profit and loss account

33,203

4,829

Shareholders' funds

33,303

4,929

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 October 2014

Mr G S Freckelton

Director

Company Registration No. 04693544

FRECKELTONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for services net of VAT.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over ten years.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment

20% Reducing balance

Fixtures, fittings & equipment

15% Reducing balance

Motor vehicles

25% Reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.7

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

FRECKELTONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2013

275,000

47,187

322,187

Additions

11,099

Disposals

(8,597)

At 31 March 2014

275,000

49,689

324,689

Depreciation

At 1 April 2013

275,000

32,247

307,247

On disposals

(7,789)

Charge for the year

5,416

At 31 March 2014

275,000

29,874

304,874

Net book value

At 31 March 2014

19,815

At 31 March 2013

14,940

Share capital

2014

2013

Allotted, called up and fully paid

50 'A' Ordinary shares of £1 each

50 'B' Ordinary shares of £1 each

100