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Private Limited Company
00462319
2014-12-31
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iso4217:GBP
| Frank Salt & Company Limited |
For the year ended 31 December 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 00462319
2
| Abbreviated Balance Sheet |
Frank Salt & Company Limited
2014
2013
2
637,338
800,842
4,340
4,340
3
641,678
805,182
571,189
92,074
135,074
2,645
227,148
573,834
| Creditors: amounts falling due within one year |
4
(543,587)
(178,763)
30,247
48,385
Net current assets
| Total assets less current liabilities |
690,063
835,429
| Creditors: amounts falling due after more than one year |
(435,835)
(290,143)
-
(40,000)
| Provisions for liabilities |
399,920
Net assets
359,594
200
5
200
584,747
466,810
(67,090)
(225,353)
399,920
359,594
Shareholders funds
| For the year ended 31 December 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: 30 November 2017 |
| Signed on behalf of the board of directors |
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3
| Notes to the Abbreviated Financial Statements |
Frank Salt & Company Limited
For the year ended 31 December 2014
| The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
| 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 not provided on timing differences arising from the revaluation of fixed assets in the financial statements. 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. |
| 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: |
Plant and Machinery
Motor Vehicles
Fixtures and Fittings
| The company's freehold properties were professionally valued in January 2013. |
| 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. |
| Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or |
| deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the |
| unexpired lease term is less than 20 years. |
| Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure |
| from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with |
| the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors |
| reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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4
| Notes to the Abbreviated Financial Statements |
Frank Salt & Company Limited
For the year ended 31 December 2014
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
859,797
(160,000)
699,797
58,955
3,504
Charge for year
62,459
637,338
800,842
| Freehold Land and Buildings comprise investment property valued by JWL Fellows Chartered Surveyors on an open market value for existing use basis. |
| 3 Fixed asset investments |
4,340
4,340
4,340
4,340
2014
| 4 Creditors: amounts falling due within one year |
2013
-
330,000
Bank loans and overdrafts (secured)
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5
| Notes to the Abbreviated Financial Statements |
Frank Salt & Company Limited
For the year ended 31 December 2014
| Allotted called up and fully paid |
2014
2013
| 100 Ordinary Shares shares of £1.00 each |
100
100
| 500 Ordianry Shares shares of £0.20 each |
100
100
200
200
100 ordinary shares are fully paid up and 500 ordinary shares are 20p paid.
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