Farestone Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 07547775 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2014

for

Farestone Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P M Sharp

D Myers

J L Keates

R J Colclough

C Childs

REGISTERED OFFICE:

The Swan with 2 Necks

Nantwich Road

Blackbrook

Newcastle under lyme

ST5 5EH

REGISTERED NUMBER:

07547775 (England and Wales)

FIXED ASSETS

Tangible assets

2

107,481

153,380

CURRENT ASSETS

Stocks

22,506

19,377

Debtors

358,187

298,148

Cash at bank and in hand

143,515

140,092

524,208

457,617

CREDITORS

Amounts falling due within one year

3

434,069

397,063

NET CURRENT ASSETS

90,139

60,554

TOTAL ASSETS LESS CURRENT LIABILITIES

197,620

213,934

CREDITORS

Amounts falling due after more than one year

3

11,988

63,369

NET ASSETS

185,632

150,565

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

185,631

150,564

SHAREHOLDERS' FUNDS

185,632

150,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 October 2014 and were signed on its behalf by:

R J Colclough - Director

P M Sharp - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover is stated net of VAT and discounts. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

and 31 July 2014

243,838

DEPRECIATION

At 1 August 2013

90,458

Charge for year

45,899

At 31 July 2014

136,357

NET BOOK VALUE

At 31 July 2014

107,481

At 31 July 2013

153,380

3.

CREDITORS

Creditors include an amount of £ 27,607 (2013 - £ 61,176 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1

5.	ULTIMATE PARENT COMPANY

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2014 and

31 July 2013:

2014

2013

£

£

C Childs

Balance outstanding at start of year

-

-

Amounts advanced

30,000

-

Amounts repaid

-

-

Balance outstanding at end of year

30,000

-

The advances were interest free, unsecured and repayable on demand.

The balance owing to the company at the year end is included in other debtors.