Company Registration No. 05604162 (England and Wales)
A & A C Salton Limited
Abbreviated Accounts
For The Period Ended 30 January 2015
A & A C SALTON LIMITED
A & A C Salton Limited
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
A & A C SALTON LIMITED
A & A C Salton Limited
ABBREVIATED BALANCE SHEET
AS AT
30 JANUARY 2015
30 January 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
43,302
73,239
Tangible assets
2
18,917
36,034
62,219
109,273
Current assets
Stocks
17,460
24,377
Debtors
29,588
11,525
Cash at bank and in hand
55,632
330
102,680
36,232
Creditors: amounts falling due within one year
3
(406,522)
(383,183)
Net current liabilities
(303,842)
(346,951)
Total assets less current liabilities
(241,623)
(237,678)
Capital and reserves
Called up share capital
4
4,538
4,538
Share premium account
327,978
327,978
Profit and loss account
(574,139)
(570,194)
Shareholders' funds
(241,623)
(237,678)
For the financial period ended 30 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges his 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 19 January 2016
Mr A Salton
Director
Company Registration No. 05604162
A & A C SALTON LIMITED
A & A C Salton Limited
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 JANUARY 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).
The accounts have been prepared on a going concern basis as the director believes he has taken the necessary actions to curtail the losses and return the company to profitability. In particular, the director has implemented measures to reduce costs, primarily by downsizing the business and reducing overheads. This has been coupled with a revision to stock/product lines having regard to margins and local competition. Additionally, the director has agreed to provide support as necessary to enable the company to continue in business for the foreseeable future.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years. Due to its closure in the year, the goodwill on the shop at Holme Upon Spalding Moor has been written down to £nil.
Due to its closure in the year, the goodwill on the shop at Holme Upon Spalding Moor has been written down to £nil.
1.4
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:
Leasehold improvements
5 - 10 years straight line
Fixtures, fittings and equipment
10% straight line
Motor vehicles
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
A & A C SALTON LIMITED
A & A C Salton Limited
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 February 2014
130,732
78,291
209,023
Additions
-
3,500
3,500
Disposals
-
(35,216)
(35,216)
At 30 January 2015
130,732
46,575
177,307
Depreciation
At 1 February 2014
57,493
42,257
99,750
On disposals
-
(19,351)
(19,351)
Charge for the period
29,937
4,752
34,689
At 30 January 2015
87,430
27,658
115,088
Net book value
At 30 January 2015
43,302
18,917
62,219
At 31 January 2014
73,239
36,034
109,273
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £28,733).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
4,538 Ordinary shares of £1 each
4,538
4,538