D & R TAYLOR (CONTRACTORS) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
Company Registration No. SC033708 (Scotland)
D & R TAYLOR (CONTRACTORS) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
D & R TAYLOR (CONTRACTORS) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2015
28 February 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
591
738
Current assets
Debtors
201,701
208,679
201,701
208,679
Creditors: amounts falling due within one year
(20,658)
(24,900)
Net current assets
181,043
183,779
Total assets less current liabilities
181,634
184,517
Capital and reserves
Called up share capital
3
9,000
9,000
Profit and loss account
172,634
175,517
Shareholders' funds
181,634
184,517
For the financial year ended 28 February 2015 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 30 October 2015
D A Taylor
Director
Company Registration No. SC033708
D & R TAYLOR (CONTRACTORS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2015
- 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 April 2008).
1.2
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:
Plant, tools and equipment
20% per annum of net book value
Furnishings and fittings
20% per annum of net book value
1.3
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured on a non-discounted basis.
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2014 & at 28 February 2015
17,732
Depreciation
At 1 March 2014
16,994
Charge for the year
147
At 28 February 2015
17,141
Net book value
At 28 February 2015
591
At 28 February 2014
738
D & R TAYLOR (CONTRACTORS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
9,000 Ordinary shares of £1 each
9,000
9,000