Company Registration No. 05983013 (England and Wales)
REFURB AND DEVELOPMENT LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
REFURB AND DEVELOPMENT LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
REFURB AND DEVELOPMENT LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
25,408
-
Current assets
Stocks
902,896
902,896
Debtors
26,995
33,311
Cash at bank and in hand
34,156
11,927
964,047
948,134
Creditors: amounts falling due within one year
(512,607)
(531,227)
Net current assets
451,440
416,907
Total assets less current liabilities
476,848
416,907
Creditors: amounts falling due after more than one year
3
(367,295)
(250,000)
109,553
166,907
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
109,453
166,807
Shareholders' funds
109,553
166,907
For the financial year ended 31 October 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 25 February 2017
Christopher John Selvey
Director
Company Registration No. 05983013
REFURB AND DEVELOPMENT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
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:
Fixtures, fittings & equipment
25% straight line
Motor vehicles
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.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2015
-
Additions
33,878
At 31 October 2016
33,878
Depreciation
At 1 November 2015
-
Charge for the year
8,470
At 31 October 2016
8,470
Net book value
At 31 October 2016
25,408
REFURB AND DEVELOPMENT LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
3
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £358,285 (2015 - £250,000).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100