Registered number |
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Registered number: |
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Abbreviated Balance Sheet | |||||||
as at |
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Notes | 2016 | 2015 | |||||
£ | £ | ||||||
Current assets | |||||||
Cash at bank and in hand |
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Creditors: amounts falling due within one year | ( |
( |
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Net current liabilities | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
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Daniel Ivan Lanczi Wilson | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Abbreviated Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
Turnover also includes sponsorship, event income and fees for competitions. |
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Depreciation | ||||||||
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. | ||||||||
Plant and machinery |
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Motor vehicles |
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Stocks | ||||||||
Stock is valued at the lower of cost and net realisable value. | ||||||||
Deferred taxation | ||||||||
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. | ||||||||
Foreign currencies | ||||||||
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. | ||||||||
Leasing and hire purchase commitments | ||||||||
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Pensions | ||||||||
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |