Company Registration No. 03963726 (England and Wales)
Ashbury Tiles Limited
Unaudited Abbreviated Financial Statements
For The Year Ended 31 March 2016
Ashbury Tiles Limited
Contents
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
Ashbury Tiles Limited
Abbreviated Balance Sheet
As At 31 March 2016
Page 1
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
15,753
18,253
Tangible assets
2
39,526
5,764
Investments
2
100,000
100,000
155,279
124,017
Current assets
Debtors
916,943
421,072
Cash at bank and in hand
300,000
642,985
1,216,943
1,064,057
Creditors: amounts falling due within one year
(384,724)
(332,098)
Net current assets
832,219
731,959
Total assets less current liabilities
987,498
855,976
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
987,496
855,974
Shareholders' funds
987,498
855,976
For the financial year ended 31 March 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 30 July 2016
Mr D O'Rourke
Director
Company Registration No. 03963726
Ashbury Tiles Limited
Notes To The Abbreviated Accounts
For The Year Ended 31 March 2016
Page 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 January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Turnover is recognised when goods are physically delivered to the customer and the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to the date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
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:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
Investment properties are included in the balance sheet at
cost
. 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.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Ashbury Tiles Limited
Notes To The Abbreviated Accounts (Continued)
For The Year Ended 31 March 2016
Page 3
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 April 2015
50,000
16,374
100,000
166,374
Additions
-
37,876
-
37,876
Disposals
-
(1,417)
-
(1,417)
At 31 March 2016
50,000
52,833
100,000
202,833
Depreciation
At 1 April 2015
31,747
10,610
-
42,357
On disposals
-
(536)
-
(536)
Charge for the year
2,500
3,233
-
5,733
At 31 March 2016
34,247
13,307
-
47,554
Net book value
At 31 March 2016
15,753
39,526
100,000
155,279
At 31 March 2015
18,253
5,764
100,000
124,017
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2