Kinross Convenience Store LTD
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For the year ended 31 March 2015
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC357263
Kinross Convenience Store LTD
For the year ended 31 March 2015
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
Abbreviated Balance Sheet
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Kinross Convenience Store LTD
2015
2014
2
56,250
70,250
3
7,224
8,251
63,474
78,501
27,126
24,531
12,046
11,587
36,577
38,713
Creditors
:
amounts falling due within one year
|
(35,109)
(33,236)
3,604
3,341
Net current assets
Total assets less current liabilities
|
66,815
82,105
Creditors
:
amounts falling due after more than one ye
|
ar
|
(82,031)
(66,464)
351
Net assets
74
2
4
2
349
72
351
74
Shareholders funds
For the 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.
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Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
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Date approved by the board: 31 July 2015
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Mr Shaffique Siddique Director
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Signed on behalf of the board of directors
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1 of 3
Notes to the Abbreviated Financial Statements
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For the year ended 31 March 2015
Kinross Convenience Store LTD
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
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Turnover comprises the invoiced value of goods and services supplied by the company,net of value added tax and trade discounts.
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Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
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by the shareholders prior to the balance sheet date
.
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Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis over the
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estimated expected useful economic life of the goodwill of
10
years
.
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Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Plant and Machinery
Computer Equipment
Motor Vehicles
Fixtures and Fittings
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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2 of 3
Notes to the Abbreviated Financial Statements
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For the year ended 31 March 2015
Kinross Convenience Store LTD
2
Intangible fixed assets
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140,250
140,250
70,000
14,000
Charge for year
84,000
56,250
70,250
18,700
248
18,948
10,449
1,275
Charge for year
11,724
7,224
8,251
Allotted called up and fully paid
|
2015
2014
2
Class A shares of £
1
.
00
each
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2
2
2
2
3 of 3