Company Registration No. 05944428 (England and Wales)
SAFOR LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
SAFOR LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
SAFOR LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAFOR LIMITED FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safor Limited for the year ended 31 March 2015 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.
This report is made solely to the Board of Directors of Safor Limited, as a body, in accordance with the terms of our engagement letter dated 20 June 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Safor Limited and state those matters that we have agreed to state to the Board of Directors of Safor Limited, as a body, in this report in accordance with AAF 2/10 as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safor Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Safor Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Safor Limited. You consider that Safor 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 financial statements of Safor 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 financial statements.
Hogg & Thorburn
16 December 2015
Chartered Accountants
Moat House
14 Gala Park
GALASHIELS
Scottish Borders
TD1 1EX
SAFOR LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,388
7,478
Current assets
Stocks
5,000
10,857
Debtors
994
1,369
Cash at bank and in hand
145
5,017
6,139
17,243
Creditors: amounts falling due within one year
(8,352)
(3,722)
Net current (liabilities)/assets
(2,213)
13,521
Total assets less current liabilities
3,175
20,999
Creditors: amounts falling due after more than one year
-
(20,355)
3,175
644
Capital and reserves
Called up share capital
3
2,374
2,374
Share premium account
253,917
253,917
Profit and loss account
(253,116)
(255,647)
Shareholders' funds
3,175
644
For the financial year ended 31 March 2015 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 10 December 2015
Sarah Southwell
Director
Company Registration No. 05944428
SAFOR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 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 the sale of exotic handbags and accessories 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:
Land and buildings Leasehold
Over the period of the lease
Computer equipment
25% straight line basis
Fixtures, fittings & equipment
15% straight line
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014 & at 31 March 2015
13,129
Depreciation
At 1 April 2014
5,651
Charge for the year
2,090
At 31 March 2015
7,741
Net book value
At 31 March 2015
5,388
At 31 March 2014
7,478
SAFOR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2,374 Ordinary shares of £1 each
2,374
2,374
4
Related party relationships and transactions
Other transactions
During the year the director Lord Michael Forsyth agreed to write off his directors loan amounting to £19,923.
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