Abbreviated Company Accounts - FACTIONBIKECO LIMITED

FACTIONBIKECO LIMITED - Company Information

Registered Number 05584735

FACTIONBIKECO LIMITED

Abbreviated Accounts

31 October 2013

FACTIONBIKECO LIMITED Registered Number 05584735

Abbreviated Balance Sheet as at 31 October 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	18,628	17,066
		18,628	17,066
Current assets
Stocks		15,000	12,757
Cash at bank and in hand		218	6,727
		15,218	19,484
Creditors: amounts falling due within one year		(17,308)	(6,554)
Net current assets (liabilities)		(2,090)	12,930
Total assets less current liabilities		16,538	29,996
Creditors: amounts falling due after more than one year		(58,609)	(70,207)
Total net assets (liabilities)		(42,071)	(40,211)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(42,171)	(40,311)
Shareholders' funds		(42,071)	(40,211)

For the year ending 31 October 2013 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 31 July 2014

And signed on their behalf by:
P Easom, Director

FACTIONBIKECO LIMITED Registered Number 05584735

Notes to the Abbreviated Accounts for the period ended 31 October 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-15% straight line
Motor Vehicles -15% straight line
Research & Development- 4% straight line

Other accounting policies
Going Concern

The financial statements have been prepared on a going concern basis which assumes the continued support of the director and his brother.

2Tangible fixed assets

	£
Cost
At 1 November 2012	22,759
Additions	3,216
Disposals	-
Revaluations	-
Transfers	-
At 31 October 2013	25,975
Depreciation
At 1 November 2012	5,693
Charge for the year	1,654
On disposals	-
At 31 October 2013	7,347
Net book values
At 31 October 2013	18,628
At 31 October 2012	17,066