Company Registration No. 04873085 (England and Wales)
KEY TOTAL VISION LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2016
KEY TOTAL VISION LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
KEY TOTAL VISION LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JANUARY 2016
30 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
27,273
105,105
Current assets
Stocks
240,321
161,835
Debtors
210,187
350,380
450,508
512,215
Creditors: amounts falling due within one year
3
(404,382)
(506,967)
Net current assets
46,126
5,248
Total assets less current liabilities
73,399
110,353
Creditors: amounts falling due after more than one year
(3,582)
(41,617)
Provisions for liabilities
(611)
(4,758)
69,206
63,978
Capital and reserves
Called up share capital
4
200
200
Other reserves
100
100
Profit and loss account
68,906
63,678
Shareholders' funds
69,206
63,978
KEY TOTAL VISION LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JANUARY 2016
30 January 2016
- 2 -
For the financial year ended 30 January 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 28 October 2016
E Cole-Jones
Director
Company Registration No. 04873085
KEY TOTAL VISION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JANUARY 2016
- 3 -
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.
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
33.3% straight line
Motor vehicles
20-25% straight line
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 against income 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
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods and services it has provided.
1.8
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.
1.9
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.
1.10
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
KEY TOTAL VISION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 31 January 2015
297,370
Additions
15,170
Disposals
(148,992)
At 30 January 2016
163,548
Depreciation
At 31 January 2015
192,265
On disposals
(77,272)
Charge for the period
21,282
At 30 January 2016
136,275
Net book value
At 30 January 2016
27,273
At 30 January 2015
105,105
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £87,460 (2015 - £103,427).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
200 Ordinary of £1 each
200
200