Company Registration No. 05809783 (England and Wales)
EASY BEAN LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
EASY BEAN LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
EASY BEAN LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
61,603
69,919
Current assets
Stocks
21,645
24,548
Debtors
52,644
55,695
Cash at bank and in hand
57,265
14,129
131,554
94,372
Creditors: amounts falling due within one year
3
(146,837)
(163,051)
Net current liabilities
(15,283)
(68,679)
Total assets less current liabilities
46,320
1,240
Creditors: amounts falling due after more than one year
4
(8,475)
(15,119)
37,845
(13,879)
Capital and reserves
Called up share capital
5
1,250
1,250
Profit and loss account
36,595
(15,129)
Shareholders' funds
37,845
(13,879)
EASY BEAN LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2016 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 15 November 2016
Ms C L Baskerville
Director
Company Registration No. 05809783
EASY BEAN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 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. Revenue is recognised when goods are made available to the customer.
Revenue is recognised when goods are made available to the customer.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Property improvements
Kitchen equipment
15% reducing balance
Office equipment
33.33% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
15% reducing balance
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.
1.6
Stock
Stock is valued at the lower of cost and net realisable value
, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
EASY BEAN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
140,733
Additions
2,597
At 31 May 2016
143,330
Depreciation
At 1 June 2015
70,814
Charge for the year
10,913
At 31 May 2016
81,727
Net book value
At 31 May 2016
61,603
At 31 May 2015
69,919
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £6,540 (2015 - £6,540).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £8,475 (2015 - £15,119).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,250 Ordinary shares of £1 each
1,250
1,250