Registered Number 02856539
CORTS LIMITED
Abbreviated Accounts
31 December 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors | 3 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Other accounting policies
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Trade and other debtors
Trade debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off to the profit and loss account when the directors deem that the balance is no longer collectable. Prepayments are recognised when a purchase invoice has been paid relating to the period after the year end date.
Cash at bank and in hand
Cash comprises cash at bank after adjustments for any uncredited lodgements and unpresented cheques clearing the bank account following the year end.
Trade and other creditors
Trade and other creditors are recognised and carried forward at invoiced amounts. Accruals are recognised for costs relating to the year where an invoice has not been received as at the year end date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
£ | |
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2014 |
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Depreciation | |
At 1 January 2014 |
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Charge for the year |
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On disposals |
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At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 46,201 |
At 31 December 2013 | 56,154 |
2014
£ |
2013
£ |
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Debtors include the following amounts due after more than one year |
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