Abbreviated Company Accounts - FMK TRADING LTD
Abbreviated Company Accounts - FMK TRADING LTD
Registered Number 08399113
FMK TRADING LTD
Abbreviated Accounts
28 February 2014
FMK TRADING LTD Registered Number 08399113
Abbreviated Balance Sheet as at 28 February 2014
| Notes | 2014 | ||
|---|---|---|---|
| £ | |||
| 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 |
( |
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| Net current assets (liabilities) |
( |
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| Total assets less current liabilities |
( |
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| Total net assets (liabilities) |
( |
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| Capital and reserves | |||
| Called up share capital | 2 |
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| Profit and loss account |
( |
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| Shareholders' funds |
( |
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For the year ending 28 February 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:
FMK TRADING LTD Registered Number 08399113
Notes to the Abbreviated Accounts for the period ended 28 February 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.
Other accounting policies
The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the directors. The directors have supplied finance with no set date for repayment. If the company was unable to continue trading adjustments would have to be made to reduce the balance sheet values of the assets to recoverable amounts and provide for any further liabilities which may arise.
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.