Registered Number 02782409
ABINGTON DECORATING SUPPLIES LIMITED
Abbreviated Accounts
31 January 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Land and buildings - no charge, these are not depreciated as in the opinion of the directors the current market value is in excess of the cost value.
Leasehold improvements - Straight line over the life of the lease.
Plant and machinery - 25% reducing balance.
Computer equipment - 33 1/3% reducing balance.
Motor vehicles - 25% reducing balance.
Other accounting policies
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 constant periodic rates of charge on the net obligations outstanding in each period.
Stock
Stock is valued at the lower of cost and net realisable value .
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
£ | |
---|---|
Cost | |
At 1 February 2015 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 31 January 2016 |
|
Depreciation | |
At 1 February 2015 |
|
Charge for the year |
|
On disposals |
( |
At 31 January 2016 |
|
Net book values | |
At 31 January 2016 | 73,834 |
At 31 January 2015 | 83,750 |
4Transactions with directors
Name of director receiving advance or credit: | ||
---|---|---|
Description of the transaction: | ||
Balance at 1 February 2015: | £ |
|
Advances or credits made: | £ |
|
Advances or credits repaid: | £ |
|
Balance at 31 January 2016: | £ |