Company Registration No. 05672520 (England and Wales)
BEE LIGHTING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
BEE LIGHTING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BEE LIGHTING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
30 September 2014
- 1 -
2014
2013
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
2
13,272
-
Tangible assets
2
83,052
59,206
96,324
59,206
Current assets
Stocks
23,887
159,497
Debtors
671,447
447,532
Cash at bank and in hand
248,138
266,601
943,472
873,630
Creditors: amounts falling due within one year
(500,564)
(365,756)
Net current assets
442,908
507,874
Total assets less current liabilities
539,232
567,080
Provisions for liabilities
-
(10,376)
539,232
556,704
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
539,230
556,702
Shareholders' funds
539,232
556,704
BEE LIGHTING LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2014
30 September 2014
- 2 -
For the financial year ended 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 17 June 2015
Mr Colin Fulford
Mr Paul Crees
Director
Director
Company Registration No. 05672520
BEE LIGHTING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 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 April 2008).
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
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
Any such carried forward development expenditure is amortised from teh date upon which it becomes available for use over a period of up to 12 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:
Land and buildings Leasehold
15% reducing balance
Plant and machinery
10% reducing balance
Computer equipment/Specialist software
33%/10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock and work in progress
Stock is valued at the lower of cost and net realisable value.
1.8
Revenue recognition
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under the individual contracts undertaken on behalf of its customers. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
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.
BEE LIGHTING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2013
-
166,929
166,929
Additions
13,272
50,697
63,969
Disposals
-
(90,706)
(90,706)
At 30 September 2014
13,272
126,920
140,192
Depreciation
At 1 October 2013
-
107,723
107,723
On disposals
-
(90,706)
(90,706)
Charge for the year
-
26,851
26,851
At 30 September 2014
-
43,868
43,868
Net book value
At 30 September 2014
13,272
83,052
96,324
At 30 September 2013
-
59,206
59,206
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Related party relationships and transactions
BEE LIGHTING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
4
Related party relationships and transactions
(Continued)
- 5 -
Loans with directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Colin Fulford
Director's loan account
-
8,768
77,000
(183)
65,123
20,462
Paul Crees
Director's loan account
-
3,645
77,120
(303)
60,000
20,462
12,413
154,120
(486)
125,123
40,924