Bailey__Taylor_Limited_30_Nov_2016_abbreviated_set_of_accounts.html
Bailey__Taylor_Limited_30_Nov_2016_abbreviated_set_of_accounts.html
Company registration number:
Abbreviated Balance Sheet
| 2016 | 2015 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 2 |
|
|
||
| Current assets | |||||
| Stocks |
|
|
|||
| Debtors |
|
|
|||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: amounts falling due within one year | 3 |
(
|
) |
(
|
) |
| Net current assets |
|
|
|||
| Total assets less current liabilities |
|
|
|||
| Creditors: amounts falling due after more than one year | 4 |
(
|
) | - | |
| Provision for liabilities |
(
|
) |
(
|
) | |
| Net assets |
|
|
|||
| Capital and reserves | |||||
| Called up share capital | 5 |
|
|
||
| Revaluation reserve |
|
|
|||
| Profit and loss account |
|
|
|||
| Shareholders funds |
|
|
|||
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 were approved by the board of directors and authorised for issue on 31 March 2017 , and are signed on behalf of the board by:
| Director |
Company registration number: 02843702
Notes to the Abbreviated Accounts
Year ended 30 November 2016
1 Accounting policies
Basis of preparation
Turnover
Current tax
Current tax is recognised in the profit and loss account, except to the extent that it is attributable to a gain or loss that has been recognised directly in the statement of total recognised gains or losses. In this case, tax is recognised in this statement. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Plant and machinery | |
| Fixtures fittings and equipment | 20% Reducing Balance |
| Motor vehicles | 25% Reducing Balance |
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Leases are classified as finance leases whenever the terms of the leases transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under hire purchase and finance lease agreements are capitalised and disclosed under tangible fixed assets at their fair value and depreciated over their useful life. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight-line basis.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet date.
Provision for liabilities
Provisions are recognised when it is probable that a present obligation exists, as a result of a past event, and a transfer of economic benefits is required in settlement that can be estimated reliably.
Provisions are recorded at the best estimate of the expenditure required to settle the obligation at the balance sheet date. A review is carried out at each balance sheet date and the amount adjusted to reflect the current best estimate.
Where discounting is used, the unwinding of the discount is recognised as a finance cost in the profit and loss account.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Financial instruments
Financial instruments are classified and accounted for according to the substance of contractual arrangements, as either financial assets, financial liabilities or equity instruments.
Operating leases
Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
2 Tangible assets
| £ | ||
|---|---|---|
| Cost | ||
| At |
|
|
| Additions |
|
|
| Disposals |
(
|
) |
| At |
|
|
| Depreciation | ||
| At |
|
|
| Charge |
|
|
| Disposals |
(
|
) |
| At |
|
|
| Net book value | ||
| At |
|
|
| At 30 November 2015 |
|
|
3 Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given represented by obligations under finance leases amounted to £4,878 (2015: £1,294). Security was given over the assets acquired.
4 Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given represented by obligations under finance leases amounted to £7,054. (2015: £0) Security was given over the assets acquired.