Registered Number NI070794
A MCKEOWN & SONS LIMITED
Abbreviated Accounts
31 May 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Fixtures, fittings and equipment 10% Straight Line
Motor vehicles 20% Straight Line
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Intangible assets amortisation policy
Other accounting policies
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Statement of compliance
The financial statements of the company for the year ended 31 May 2016 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102. There have been no transitional adjustments made.
ADOPTION OF FRS 102
This is the first set of financial statements prepared by A McKeown & Sons Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at 1 January 2014.
£ | |
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Cost | |
At 1 June 2015 |
|
Additions |
|
Disposals |
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Revaluations |
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Transfers |
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At 31 May 2016 |
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Amortisation | |
At 1 June 2015 |
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Charge for the year |
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On disposals |
|
At 31 May 2016 |
|
Net book values | |
At 31 May 2016 | 45,000 |
At 31 May 2015 | 48,000 |
£ | |
---|---|
Cost | |
At 1 June 2015 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 31 May 2016 |
|
Depreciation | |
At 1 June 2015 |
|
Charge for the year |
|
On disposals |
( |
At 31 May 2016 |
|
Net book values | |
At 31 May 2016 | 175,178 |
At 31 May 2015 | 181,532 |