Company Registration No. 03578239 (England and Wales)
ADAM MILES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
ADAM MILES LIMITED
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CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ADAM MILES LIMITED
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ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
14,179
19,619
Current assets
Stocks
19,223
22,788
Debtors
2,042
3,079
Cash at bank and in hand
2,199
4,536
23,464
30,403
Creditors: amounts falling due within one year
3
(50,933)
(61,751)
Net current liabilities
(27,469)
(31,348)
Total assets less current liabilities
(13,290)
(11,729)
Creditors: amounts falling due after more than one year
4
-
(2,294)
(13,290)
(14,023)
Capital and reserves
Called up share capital
5
25,002
25,002
Profit and loss account
(38,292)
(39,025)
Shareholders' funds
(13,290)
(14,023)
For the financial year ended 29 February 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 13 July 2016
Mr A P Miles
Mrs C D Miles
Director
Director
Company Registration No. 03578239
ADAM MILES LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 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).
The financial statements have been prepared on a going concern basis which assumes that the company will receive financial support from its directors.
The directors have indicated that they will continue to provide this support for the foreseeable future.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.3
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
10% on cost
Plant and machinery
25% on the reducing balance
Fixtures, fittings & equipment
25% on the reducing balance
1.4
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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
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.
ADAM MILES LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015 & at 29 February 2016
95,875
Depreciation
At 1 March 2015
76,256
Charge for the year
5,440
At 29 February 2016
81,696
Net book value
At 29 February 2016
14,179
At 28 February 2015
19,619
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £27,294 (2015 - £31,590).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £2,294).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
25,002 Ordinary of £1 each
25,002
25,002
6
Related party relationships and transactions
Guarantees
The bank overdraft facility of £25,000 is secured by a personal guarantee given by Mr A Miles.