Abbreviated Company Accounts - JOHN SMITH & SONS LIMITED
Abbreviated Company Accounts - JOHN SMITH & SONS LIMITED
Registered Number 05625923
JOHN SMITH & SONS LIMITED
Abbreviated Accounts
31 March 2014
JOHN SMITH & SONS LIMITED Registered Number 05625923
Abbreviated Balance Sheet as at 31 March 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: amounts falling due after more than one year | 3 |
( |
( |
Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
For the year ending 31 March 2014 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 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.
Approved by the Board on
And signed on their behalf by:
JOHN SMITH & SONS LIMITED Registered Number 05625923
Notes to the Abbreviated Accounts for the period ended 31 March 2014
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared on the basis of going concern despite the deficiency in net current assets. The company is dependent upon the support of the shareholders, who have confirmed that they will continue to support the company for the foreseeable future.
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).
Turnover policy
Tangible assets depreciation policy
Plant and machinery 20% reducing balance
Computer and office equipment 20% to 25% reducing balance
Motor vehicles 15% reducing balance
Other accounting policies
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.
Rentals payable under operating leases are charged agianst income on a straight line basis over the lease term.
Stock
Stock is valued at the lower of cost and net realisable value.
£ | |
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Cost | |
At 1 April 2013 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2014 |
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Depreciation | |
At 1 April 2013 |
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Charge for the year |
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On disposals |
( |
At 31 March 2014 |
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Net book values | |
At 31 March 2014 | 168,291 |
At 31 March 2013 | 194,365 |
2014
£ |
2013
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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