Company Registration No. 01202709 (England and Wales)
F. B. ROSS & CO LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
F. B. ROSS & CO LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
F. B. ROSS & CO LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
72,866
62,198
Current assets
Stocks
1,200
1,200
Debtors
262,752
290,894
Cash at bank and in hand
197,379
391,232
461,331
683,326
Creditors: amounts falling due within one year
3
(258,464)
(481,025)
Net current assets
202,867
202,301
Total assets less current liabilities
275,733
264,499
Provisions for liabilities
(14,533)
(12,104)
261,200
252,395
Capital and reserves
Called up share capital
4
230
230
Other reserves
770
770
Profit and loss account
260,200
251,395
Shareholders' funds
261,200
252,395
For the financial year ended 31 October 2015 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 26 February 2016
S Hunt
Director
Company Registration No. 01202709
F. B. ROSS & CO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The accounts have been prepared in accordance with applicable accounting standards. There were no material departures from those standards.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Short leasehold property
Straight line over the length of the lease
Plant and machinery
20% per annum of net book value
Fixtures, fittings & equipment
15% per annum of net book value
Motor vehicles
25% per annum of net book value
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Revenue recognition
Income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
F. B. ROSS & CO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
1
Accounting policies
(Continued)
- 3 -
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
196,786
Additions
53,475
Disposals
(38,392)
At 31 October 2015
211,869
Depreciation
At 1 November 2014
134,588
On disposals
(24,799)
Charge for the year
29,214
At 31 October 2015
139,003
Net book value
At 31 October 2015
72,866
At 31 October 2014
62,198
3
Creditors: amounts falling due within one year
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
230 Ordinary shares of £1 each
230
230
5
Ultimate parent company
The company is under the control of S Hunt by virtue of his majority share holding in the parent company.