Company Registration No. 07351863 (England and Wales)
STONES CARPETS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
STONES CARPETS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
STONES CARPETS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
15,000
Tangible assets
2
2,598
1,264
2,598
16,264
Current assets
Stocks
18,000
18,000
Debtors
(1)
33,341
Cash at bank and in hand
66,605
-
84,604
51,341
Creditors: amounts falling due within one year
(84,652)
(66,202)
Net current liabilities
(48)
(14,861)
Total assets less current liabilities
2,550
1,403
Capital and reserves
Called up share capital
3
4
4
Profit and loss account
2,546
1,399
Shareholders' funds
2,550
1,403
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 and authorised for issue on 31 May 2017
Mr Martin Stones
Director
Company Registration No. 07351863
STONES CARPETS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
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:
Motor vehicles
25% reducing balance
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
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.
STONES CARPETS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 September 2015
100,000
2,995
102,995
Additions
-
2,200
2,200
At 31 August 2016
100,000
5,195
105,195
Depreciation
At 1 September 2015
85,000
1,731
86,731
Charge for the year
15,000
866
15,866
At 31 August 2016
100,000
2,597
102,597
Net book value
At 31 August 2016
-
2,598
2,598
At 31 August 2015
15,000
1,264
16,264
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4 ordinary of £1 each
4
4
4
Related party relationships and transactions
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
-
-
-
-
-