2015-07-01
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Private Limited Company
06598399
2016-06-30
06598399
2015-07-01
2016-06-30
06598399
2015-06-30
06598399
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2015-06-30
06598399
uk-bus:Director1
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iso4217:GBP
| Readymade Picture Frame Company Ltd |
For the year ended 30 June 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 06598399
2
Readymade Picture Frame Company Ltd
For the year ended 30 June 2016
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
| Abbreviated Balance Sheet |
Readymade Picture Frame Company Ltd
2016
2015
2
44,903
63,485
44,903
63,485
203,434
218,111
218,818
226,205
35,659
12,210
479,975
434,462
| Creditors: amounts falling due within one year |
(452,670)
(479,553)
(18,208)
422
Net current assets
| Total assets less current liabilities |
45,325
45,277
| Creditors: amounts falling due after more than one year |
(26,520)
(29,674)
(3,681)
20
| Provisions for liabilities |
11,970
Net assets
18,777
20
3
20
11,950
18,757
11,970
18,777
Shareholders funds
| For the year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. |
| Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; |
| 2) 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. |
| Date approved by the board: 23 March 2017 |
| Mr Martyn Cheetham Director |
| Signed on behalf of the board of directors |
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4
| Notes to the Abbreviated Financial Statements |
Readymade Picture Frame Company Ltd
For the year ended 30 June 2016
| The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
| Finance lease and hire purchase charges |
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
| Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities. |
| Proposed dividends are only included as liabilities in the financial statements when their payment has been approved |
| by the shareholders prior to the balance sheet date. |
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
2 of 3
5
| Notes to the Abbreviated Financial Statements |
Readymade Picture Frame Company Ltd
For the year ended 30 June 2016
| Assets on finance lease and hire purchase |
| Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and |
| rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets |
| and depreciated over the shorter of the lease term and their estimated expected useful lives. |
| Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods. |
| Stocks and work in progress |
| Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work done after provision for contingencies and any anticipated future losses on contracts, less amounts received as progress payments on account. Any excess progress payments are included in creditors as payments on account. |
| The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the |
| factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the |
| proceeds received from the factor. |
188,573
19,738
208,311
125,088
38,320
Charge for year
163,408
44,903
63,485
| Allotted called up and fully paid |
2016
2015
| 20 Class A shares of £1.00 each |
20
20
20
20
3 of 3
