Interfit Interiors & Manufacturing Ltd Small abbreviated accounts

INTERFIT INTERIORS & MANUFACTURING LTD - Company Information

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COMPANY REGISTRATION NUMBER 07071293

INTERFIT INTERIORS & MANUFACTURING LTD

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

30 November 2016

HILL ECKERSLEY & CO. LTD

Chartered Accountants

62 Chorley New Road

Bolton

Lancashire

BL1 4BY

INTERFIT INTERIORS & MANUFACTURING LTD

ABBREVIATED BALANCE SHEET

30 November 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			19,553	3,156
			--------	-------

CURRENT ASSETS

Stocks	72,979		20,891
Debtors	35,876		123,132
Cash at bank and in hand	36,304		18,802
	---------		---------
	145,159		162,825
CREDITORS: Amounts falling due within one year	106,668		155,211
	---------		---------
NET CURRENT ASSETS		38,491	7,614
		--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES		58,044	10,770

CREDITORS: Amounts falling due after more than one year		12,059	-

PROVISIONS FOR LIABILITIES	3,911	-
	--------	--------
	42,074	10,770
	--------	--------

CAPITAL AND RESERVES

Called up equity share capital	4	100	100
Profit and loss account		41,974	10,670
		--------	--------
SHAREHOLDERS' FUNDS		42,074	10,770
		--------	--------

For the year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved and signed by the director and authorised for issue on 12 July 2017 .

Mr A L Price Director

Company Registration Number: 07071293

INTERFIT INTERIORS & MANUFACTURING LTD

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 NOVEMBER 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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 & Machinery-25% reducing balance

Fixtures & Fittings-25% reducing balance

Motor Vehicles-25% reducing balance

Equipment-25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.

The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.

The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 December 2015	11,353
Additions	22,914
	--------
At 30 November 2016	34,267
	--------

DEPRECIATION

At 1 December 2015	8,197
Charge for year	6,517
	--------
At 30 November 2016	14,714
	--------

NET BOOK VALUE

At 30 November 2016	19,553
	--------

At 30 November 2015	3,156
	--------

3. RELATED PARTY TRANSACTIONS

The company was under the control of Mr A Price throughout the current year. Mr A Price is the managing director and majority shareholder. During the year the company provided a loan to Mr A Price, a director. The amounts outstanding were as follows: beginning of year £959; end of year £nil. The maximum balance outstanding was £959. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for smaller entities.

4. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----