Sarah Wright Kitchens Limited - Period Ending 2014-03-31

Registration number: 06775438

Sarah Wright Kitchens Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

The Melia Partnership
Chartered Certified Accountants
Park House
91 Garstang Road
Preston
PR1 1LD

Sarah Wright Kitchens Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Sarah Wright Kitchens Limited
(Registration number: 06775438)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					9,500			11,500
Tangible fixed assets					1,229			1,639
					10,729			13,139
Current assets
Stocks					10,100			300
Debtors					14,986			19,820
Cash at bank and in hand					11,363			-
					36,449			20,120
Creditors: Amounts falling due within one year					(27,921)			(36,057)
Net current assets/(liabilities)					8,528			(15,937)
Total assets less current liabilities					19,257			(2,798)
Creditors: Amounts falling due after more than one year					(11,808)			-
Net assets/(liabilities)					7,449			(2,798)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					7,349			(2,898)
Shareholders' funds/(deficit)					7,449			(2,798)

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Sarah Wright Kitchens Limited
(Registration number: 06775438)
Abbreviated Balance Sheet at 31 March 2014
......... continued

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 director acknowledges her 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 director on 28 August 2014

.........................................
Mrs Sarah Russell Wright Cookson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Sarah Wright Kitchens Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Acquired goodwill is written off in equal annual installments over its estimated useful economic life of 10 years.

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
office equipment	33% straight line

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Sarah Wright Kitchens Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		20,000			6,646			26,646
At 31 March 2014		20,000			6,646			26,646
Depreciation
At 1 April 2013		8,500			5,007			13,507
Charge for the year		2,000			410			2,410
At 31 March 2014		10,500			5,417			15,917
Net book value
At 31 March 2014		9,500			1,229			10,729
At 31 March 2013		11,500			1,639			13,139

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4