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COMPANY REGISTRATION NUMBER
04519035
K SHIRLEY PLUMBING AND HEATING LIMITED
Unaudited Abbreviated Accounts
for the year ended
31 August 2016
K SHIRLEY PLUMBING AND HEATING LIMITED
Report to the Director on the Preparation of the
Unaudited Statutory Accounts of K Shirley Plumbing and
Heating Limited
for the year ended 31st August 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of K Shirley Plumbing and Heating Limited for the year ended 31st August 2016 as set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the director of K Shirley Plumbing and Heating Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of K Shirley Plumbing and Heating Limited and state those matters that we have agreed to state to him in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K Shirley Plumbing and Heating Limited and its director for our work or for this report.
It is your duty to ensure that K Shirley Plumbing and Heating Limited has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of K Shirley Plumbing and Heating Limited. You consider that K Shirley Plumbing and Heating Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of K Shirley Plumbing and Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
MOORE THOMPSON
Chartered Accountants
Bank House
Broad Street
Spalding
PE11 1TB
20 February 2017
K SHIRLEY PLUMBING AND HEATING LIMITED
Abbreviated Balance Sheet
as at 31st August 2016
Fixed assets
|
2
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|
|
|
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Tangible assets
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3,464
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|
4,340
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|
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Current assets
Stocks
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2,900
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3,350
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|
Debtors
|
30,307
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|
28,421
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|
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33,207
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31,771
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|
Creditors: amounts falling due within one year
|
36,266
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35,697
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|
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Net current liabilities
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(3,059)
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(3,926)
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Total assets less current liabilities
|
|
405
|
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414
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|
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|
|
|
Provisions for liabilities
|
|
217
|
|
288
|
|
|
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|
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188
|
|
126
|
|
|
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-----------
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|
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Capital and reserves
Called-up equity share capital
|
4
|
|
100
|
|
100
|
Profit and loss account
|
|
88
|
|
26
|
|
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Shareholders' funds
|
|
188
|
|
126
|
|
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-----------
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For the year ended 31st August 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 accounts for the year in question in accordance with section 476; and
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on
20 February 2017
.
K. Shirley
Director
Company Registration Number:
04519035
K SHIRLEY PLUMBING AND HEATING LIMITED
Notes to the Abbreviated Accounts
for the year ended 31st August 2016
1.
Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents the invoice value of goods and services provided during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery-15% reducing balance
Fixtures and fittings-15% reducing balance
Motor vehicles-25% reducing balance
Computer equipment-3 years straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is 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 is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.
Fixed assets
Cost
At 1st September 2015 and 31st August 2016
|
32,488
|
|
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|
|
|
Depreciation
At 1st September 2015
|
28,148
|
Charge for year
|
876
|
|
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At 31st August 2016
|
29,024
|
|
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Net book value
At 31st August 2016
|
3,464
|
|
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At 31st August 2015
3.
Related party transactions
The company was under the control of
K Shirley
throughout the current and previous year. K Shirley is the sole director and owns 100% of the share capital
. During the year the company lent K Shirley an amount of £33,927 (2015 £25,957), of which
£ 23,050
(2015 £25,957) was outstanding at the year end. During the year the company paid dividends of £12,000 to K Shirley (2015 £7,000). There were no balances outstanding in this respect.
4.
Share capital
Allotted, called up and fully paid:
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
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