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Private Limited Company
02153027
2014-08-31
02153027
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2014-08-31
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2013-08-31
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2013-08-31
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iso4217:GBP
For the year ended 31 August 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02153027
2
Dailyfamous Limited
For the year ended 31 August 2014
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
Dailyfamous Limited
Accountants' Report
For the year ended 31 August 2014
As described on the balance sheet you are responsible for the preparation of the financial statements for the year |
ended 31 August 2014 and you consider that the company is exempt from an audit under the Companies Act 2006. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you |
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Graeme Hinchliffe Associates Ltd
6-8 Manvers Road
Swallownest
Sheffield
S26 4UD
1 of 4
4
Abbreviated Balance Sheet |
Dailyfamous Limited
2014
2013
2
362,413
369,462
362,413
369,462
62,000
106,381
228,543
172,924
65,731
136,525
345,036
427,068
Creditors: amounts falling due within one year |
3
(267,459)
(217,032)
159,609
128,004
Net current assets
Total assets less current liabilities |
490,417
529,071
Creditors: amounts falling due after more than one year |
4
(80,687)
(57,394)
(4,749)
-
Provisions for liabilities |
428,274
Net assets
448,384
11,000
11,000
417,274
437,384
428,274
448,384
Shareholders funds
For the year ended 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. |
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; |
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. |
Date approved by the board: 25 November 2014 |
Signed on behalf of the board of directors |
2 of 4
5
Notes to the Abbreviated Financial Statements |
Dailyfamous Limited
For the year ended 31 August 2014
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities. |
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges |
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted. |
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved |
by the shareholders prior to the balance sheet date. |
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and Buildings
Plant and Machinery
Motor Vehicles
Fixtures and Fittings
3 of 4
6
Notes to the Abbreviated Financial Statements |
Dailyfamous Limited
For the year ended 31 August 2014
No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected |
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation |
would be immaterial. The directors undertake an annual impairment review of these properties. |
Assets on finance lease and hire purchase |
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and |
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets |
and depreciated over the shorter of the lease term and their estimated expected useful lives. |
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods. |
Stocks 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 costs and an appropriate proportion of fixed and variable overheads. |
470,018
1,091
(14,682)
456,427
100,556
(13,855)
7,313
Charge for year
94,014
362,413
369,462
2014
3 Creditors: amounts falling due within one year |
2013
19,965
15,566
Bank loans and overdrafts (secured)
2013
2014
4 Creditors due after more than one year |
57,394
80,687
Bank loans and overdrafts (secured)
4 of 4