Company Registration No. NI024633 (Northern Ireland)
STEPHEN ROBINSON (TRACTORS) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
STEPHEN ROBINSON (TRACTORS) LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
STEPHEN ROBINSON (TRACTORS) LTD
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
43,031
44,350
Current assets
Stocks
265,486
256,066
Debtors
1,882
2,856
267,368
258,922
Creditors: amounts falling due within one year
(71,039)
(68,332)
Net current assets
196,329
190,590
Total assets less current liabilities
239,360
234,940
Provisions for liabilities
(398)
(402)
238,962
234,538
Capital and reserves
Called up share capital
3
159,972
159,972
Profit and loss account
78,990
74,566
Shareholders' funds
238,962
234,538
For the financial year ended 30 June 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 17 October 2016
Mrs. E A Robinson
Director
Company Registration No. NI024633
STEPHEN ROBINSON (TRACTORS) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 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) and the UK Statute comprising the companies Act 2006.
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 other than freehold land 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 Freehold
Straight line over fifty years
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
Cost is calculated on a first in first out basis. Net realisable value in the amount at which goods can be expected to be realised after all further costs to completion and sale.
1.6
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
1.7
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.
STEPHEN ROBINSON (TRACTORS) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
151,736
Additions
644
At 30 June 2016
152,380
Depreciation
At 1 July 2015
107,386
Charge for the year
1,963
At 30 June 2016
109,349
Net book value
At 30 June 2016
43,031
At 30 June 2015
44,350
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
159,972 Ordinary of £1 each
159,972
159,972