DEVON_WOOD_FLOORS_LTD - Accounts

DEVON WOOD FLOORS LTD - Company Information

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Company Registration No. 07336365 (England and Wales)

DEVON WOOD FLOORS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

DEVON WOOD FLOORS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

DEVON WOOD FLOORS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

721

2,742

Current assets

Stocks

4,000

3,158

Debtors

35,160

42,627

Cash at bank and in hand

5,610

1,680

44,770

47,465

Creditors: amounts falling due within one year

(50,325)

(28,905)

Net current liabilities/(assets)

(5,555)

18,560

Total assets less current liabilities

(4,834)

21,302

Creditors: amounts falling due after more than one year

(5,000)

(4,834)

16,302

Capital and reserves

Called up share capital

100

Profit and loss account

(4,934)

16,202

Shareholders' funds

(4,834)

16,302

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

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 31 May 2017

Mr A M D King

Mrs V M King

Director

Company Registration No. 07336365

DEVON WOOD FLOORS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 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

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

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:

Plant and machinery

25% straight line

Computer equipment

25% straight line

Motor vehicles

25% straight line

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock

Stock is valued at the lower of cost and net realisable value, using the FIFO method of valuation.

DEVON WOOD FLOORS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2015

31,862

Additions

1,522

Disposals

(13,525)

At 31 August 2016

19,859

Depreciation

At 1 September 2015

29,120

On disposals

(10,144)

Charge for the year

162

At 31 August 2016

19,138

Net book value

At 31 August 2016

721

At 31 August 2015

2,742

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Advances & Credits

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

Amounts advanced

3.00

31,890

122,332

693

134,610

20,305

31,890

122,332

693

134,610

20,305