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RUSSELLS (ELECTRICAL) LIMITED
REGISTERED NUMBER:
02120919
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ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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The directors consider 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 directors acknowledge their 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 April 2015 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 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
26 January 2016
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The notes on pages 2 to 4 form part of these abbreviated accounts.
Page 1
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RUSSELLS (ELECTRICAL) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
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.
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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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Leasehold property improvements
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Stocks 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.
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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.
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Page 2
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RUSSELLS (ELECTRICAL) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
1.
ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
 
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2.
TANGIBLE FIXED ASSETS
3.
DEBTORS
Debtors include £21,260
(2014 - £
71,160
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falling due after more than one year.
4.
CREDITORS:
Amounts falling due within one year
Included in creditors falling due within one year are bank loans and overdraft of £82,072 (2014: £99,054) which are secured by the company.
Page 3
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RUSSELLS (ELECTRICAL) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
5.
CREDITORS:
Amounts falling due after more than one year
Included in creditors falling due after more than one year is a bank loan of £36,518 (2014: £64,200) which is secured by the company.
6.
DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
At the beginning of the year a director owed £7,966 to the company, which was written off when he died.
Loans by the company to the directors are unsecured, interest free and have no fixed repayment date.
7.
SHARE CAPITAL
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Allotted, called up and fully paid
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20
Ordinary
shares of £
0.10
each
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Page 4
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