Company Registration No. 00520148 (England and Wales)
SALUTATION SALES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
SALUTATION SALES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SALUTATION SALES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
70,460
72,307
Investments
2
26,151
26,151
96,611
98,458
Current assets
Debtors
2,217
3,177
Cash at bank and in hand
73,572
64,644
75,789
67,821
Creditors: amounts falling due within one year
(21,266)
(5,845)
Net current assets
54,523
61,976
Total assets less current liabilities
151,134
160,434
Capital and reserves
Called up share capital
3
602
602
Revaluation reserve
38,920
38,920
Profit and loss account
111,612
120,912
Shareholders' funds
151,134
160,434
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 July 2016
C Crowe
Director
Company Registration No. 00520148
SALUTATION SALES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for site rents, shop sales and commission.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% on cost and
15% on reducing balance
1.4
Investments
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 May 2015 & at 30 April 2016
103,777
26,151
129,928
Depreciation
At 1 May 2015
31,470
-
31,470
Charge for the year
1,847
-
1,847
At 30 April 2016
33,317
-
33,317
Net book value
At 30 April 2016
70,460
26,151
96,611
At 30 April 2015
72,307
26,151
98,458
SALUTATION SALES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
602 Ordinary Shares of £1 each
602
602