Abbreviated Company Accounts - FORMA LEATHER LIMITED

FORMA LEATHER LIMITED - Company Information

Registered Number 03058023

FORMA LEATHER LIMITED

Abbreviated Accounts

31 May 2016

FORMA LEATHER LIMITED Registered Number 03058023

Abbreviated Balance Sheet as at 31 May 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	48,830	49,643
		48,830	49,643
Current assets
Stocks		82,670	129,650
Debtors		48,036	73,293
Investments		4,000	4,000
Cash at bank and in hand		2,704	420
		137,410	207,363
Creditors: amounts falling due within one year		(88,503)	(153,571)
Net current assets (liabilities)		48,907	53,792
Total assets less current liabilities		97,737	103,435
Creditors: amounts falling due after more than one year		(94,295)	(94,273)
Total net assets (liabilities)		3,442	9,162
Capital and reserves
Called up share capital		100	100
Profit and loss account		3,342	9,062
Shareholders' funds		3,442	9,162

For the year ending 31 May 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 23 February 2017

And signed on their behalf by:
Mr A. Boga, Director

FORMA LEATHER LIMITED Registered Number 03058023

Notes to the Abbreviated Accounts for the period ended 31 May 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Freehold property 2% per annum on a reducing balance basis
Plant and machinery 25% per annum on a reducing balance basis
Fixtures, Fittings and Equipment 25% per annum on a reducing balance basis

2Tangible fixed assets

	£
Cost
At 1 June 2015	115,169
Additions	1,366
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2016	116,535
Depreciation
At 1 June 2015	65,526
Charge for the year	2,179
On disposals	-
At 31 May 2016	67,705
Net book values
At 31 May 2016	48,830
At 31 May 2015	49,643

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Freehold property 2% per annum on a reducing balance basis
Plant and machinery 25% per annum on a reducing balance basis
Fixtures, Fittings and Equipment 25% per annum on a reducing balance basis