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SNP REFURB LIMITED
REGISTERED NUMBER: 07782373
ABBREVIATED BALANCE SHEET
AS AT 30 SEPTEMBER 2014
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CREDITORS: amounts falling due within one year
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 14 January 2015.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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SNP REFURB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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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:
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Stocks comprises properties bought for renovation and the work done on those properties to the balance sheet date. A comparison between purchase cost plus work done on each individual property and a directors' view of market value of the properties has been carried out to identify any potential shortfalls and adjustment has been made where necessary.
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2.TANGIBLE FIXED ASSETS
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At 1 October 2013 and 30 September 2014
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3.CREDITORS:
Amounts falling due within one year
Included within Other Creditors is a loan from Paul Handford, a director, of £56,408 (2013 - £18,408). Interest is charged on this loan at the rate of 5% pa and the loan is secured on the development properties. There are no agreed repayments terms.
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