Fourmasters Limited Accounts


Fourmasters Limited ABBREVIATED ACCOUNTS COVER
Fourmasters Limited
Company No. 02165876
Abbreviated Accounts
30 September 2016
Fourmasters Limited ABBREVIATED BALANCE SHEET
at
30 September 2016
Company No.
02165876
Notes
2016
2015
£
£
Fixed assets
Tangible assets
2
82,16093,088
82,16093,088
Current assets
Stocks
40,00038,000
Debtors
127,659206,403
Cash at bank and in hand
18,03925,282
185,698269,685
Creditors: Amounts falling due within one year
3
(180,967)
(268,823)
Net current assets
4,731862
Total assets less current liabilities
86,89193,950
Creditors: Amounts falling due after more than one year
-
(3,531)
Provisions for liabilities
Deferred taxation
(10,381)
(10,381)
Net assets
76,51080,038
Capital and reserves
Called up share capital
4
150150
Profit and loss account
76,36079,888
Shareholder's funds
76,51080,038
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the year ended 30 September 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 07 March 2017
And signed on its behalf by:
M. Cox
Director
07 March 2017
Fourmasters Limited NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 30 September 2016
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].
Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Leasehold land and buildings
15% straight line
Plant and machinery
10% reducing balance
Motor vehicles
25% reducing balance
Furniture, fittings and equipment
15% reducing balance
Computers are depreciated at 33.33% straight line
Stocks
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 expenditure and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
Pension costs
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
2
Fixed assets
Tangible fixed assets
Total
£
£
Cost or revaluation
At 1 October 2015
555,982
555,982
Additions
5,497
5,497
At 30 September 2016
561,479
561,479
Amortisation
At 1 October 2015
462,894
462,894
Charge for the year
16,425
16,425
At 30 September 2016
479,319
479,319
Net book values
At 30 September 2016
82,160
82,160
At 30 September 2015
93,088
93,088
3
Creditors
2016
2015
£
£
Liabilities repayable in more than five years after the balance sheet date
The aggregate amount of secured liabilities included within creditors
60,957131,228
4
Share Capital
Nominal value
2016
2016
2015
£
Number
£
£
Allotted, called up and fully paid:
Ordinary1.00150150150
150
150
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