FEAR_OF_TOAST_LIMITED - Accounts

FEAR OF TOAST LIMITED - Company Information

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Company Registration No. SC302795 (Scotland)

FEAR OF TOAST LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

FEAR OF TOAST LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

FEAR OF TOAST LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

584

834

Current assets

Debtors

52,712

42,827

Cash at bank and in hand

210,300

243,204

263,012

286,031

Creditors: amounts falling due within one year

(18,749)

(35,533)

Net current assets

244,263

250,498

Total assets less current liabilities

244,847

251,332

Provisions for liabilities

(105)

244,742

251,332

Capital and reserves

Called up share capital

Profit and loss account

244,741

251,331

Shareholders' funds

244,742

251,332

For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 28 February 2017

Mr Martin Harley

Director

Company Registration No. SC302795

FEAR OF TOAST LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 2 -

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 January 2015).

1.2

Turnover

The company applies flat rate VAT scheme, therefore turnover represents sales of services excluding flat rate adjustment and is recognised in the financial statements when the company has earned the rights to consideration.

1.3

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:

Computer equipment

25% on cost

Fixtures, fittings & equipment

25% on reducing balance

1.4

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.5

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

FEAR OF TOAST LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 June 2015

4,462

Disposals

(3,267)

At 31 May 2016

1,195

Depreciation

At 1 June 2015

3,628

On disposals

(3,267)

Charge for the year

250

At 31 May 2016

611

Net book value

At 31 May 2016

584

At 31 May 2015

834

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary share of £1 each

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Martin Harley - Loan

2,382

This loan is interest free and has no specific repayment terms.