RAYLEIGH HI-FI SOUND & VISION LIMITED Accounts filed on 31-03-2014
RAYLEIGH HI-FI SOUND & VISION LIMITED Accounts filed on 31-03-2014
RAYLEIGH HI-FI SOUND & VISION LIMITED
Company Registration Number:
03744542 (England and Wales)
Abbreviated (Unaudited) Accounts
Period of accounts
Start date: 01st April 2013
End date: 31st March 2014
SUBMITTED
RAYLEIGH HI-FI SOUND & VISION LIMITED
Company Information
for the Period Ended
31st March 2014
Director: |
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Company secretary: |
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Registered office: |
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Essex | ||
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Company Registration Number: |
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RAYLEIGH HI-FI SOUND & VISION LIMITED
Abbreviated Balance sheet
As at 31st March 2014
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2013 £ |
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Fixed assets | |||
Intangible assets: | 6 |
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Tangible assets: | 7 |
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Total fixed assets: |
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Current assets | |||
Stocks: |
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Debtors: | 8 |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors | |||
Creditors: amounts falling due within one year | 9 |
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Net current assets (liabilities): | ( |
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Total assets less current liabilities: |
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Provision for liabilities: | 10 |
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Total net assets (liabilities): |
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The notes form part of these financial statements
RAYLEIGH HI-FI SOUND & VISION LIMITED
Abbreviated Balance sheet
As at 31st March 2014
continued
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2013 £ |
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Capital and reserves | |||
Called up share capital: | 11 |
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Revaluation reserve: |
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Profit and Loss account: |
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Total shareholders funds: |
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The financial statements were approved by the Board of Directors on
SIGNED ON BEHALF OF THE BOARD BY:
Name: L V Cantle
Status: Director
The notes form part of these financial statements
RAYLEIGH HI-FI SOUND & VISION LIMITED
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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1. Accounting policies
Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Standard for Smaller Entities (effective 2008). Turnover policy
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Tangible fixed assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Land and buildings – at directors' discretion Motor vehicles – 25% reducing balance basis Shop fittings and equipment – 15% reducing balance basis Intangible fixed assets amortisation policy
Goodwill is stated at cost less amortisation. Amortisation is provided at a rate calculated to write off the cost over the expected useful life of 20 years. Other accounting policies
Leasing and hire purchase contracts; Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 applicable to operating leases where substantially all of the benefits and risks of ownership remains with the lessor are charged to profit and loss account as incurred. Stocks and work in progress; Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Deferred taxation; The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. Pension scheme; The company operates a defined contribution pension scheme for the employees. The pension charge represents the amount paid by the company to the scheme during the year.
RAYLEIGH HI-FI SOUND & VISION LIMITED
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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6. Intangible assets
Total Cost £ At 01st April 2013: 73,600 73,600 Amortisation £ At 01st April 2013: 18,400 Provided during the period: 3,680 At 31st March 2014: 22,080 Net book value £ At 31st March 2014: 51,520 At 31st March 2013: 55,200
RAYLEIGH HI-FI SOUND & VISION LIMITED
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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7. Tangible assets
Total Cost £ At 01st April 2013: 484,604 At 31st March 2014: 484,604 Depreciation At 01st April 2013: 101,807 Charge for year: 11,914 At 31st March 2014: 113,721 Net book value At 31st March 2014: 370,883 At 31st March 2013: 382,797
RAYLEIGH HI-FI SOUND & VISION LIMITED
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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8. Debtors
2014
£2013
£Trade debtors: 34,620 44,786 Other debtors: 18,941 22,737 Total: 53,561 67,523
RAYLEIGH HI-FI SOUND & VISION LIMITED
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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9. Creditors: amounts falling due within one year
2014
£2013
£Bank loans and overdrafts: 7,718 40,012 Trade creditors: 125,858 113,592 Taxation and social security: 56,554 36,812 Other creditors: 684,424 782,006 Total: 874,554 972,422