Abbreviated Company Accounts - ADAM & CO. (TEXTILES) LIMITED

ADAM & CO. (TEXTILES) LIMITED Registered Number 01445080

Abbreviated Balance Sheet as at 31 August 2012

	Notes	2012	2011
		£	£
Fixed assets
Tangible assets	2	180,322	143,427
Investments	3	9,179	9,179
		189,501	152,606
Current assets
Stocks		101,777	73,299
Debtors		541,011	355,061
Investments		740,339	804,418
Cash at bank and in hand		2,534	165
		1,385,661	1,232,943
Creditors: amounts falling due within one year		(1,005,800)	(797,491)
Net current assets (liabilities)		379,861	435,452
Total assets less current liabilities		569,362	588,058
Provisions for liabilities		(30,279)	(21,707)
Total net assets (liabilities)		539,083	566,351
Capital and reserves
Called up share capital		80	80
Other reserves		20	20
Profit and loss account		538,983	566,251
Shareholders' funds		539,083	566,351

For the year ending 31 August 2012 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 31 May 2013

And signed on their behalf by:
Mr I A Adam, Director

ADAM & CO. (TEXTILES) LIMITED Registered Number 01445080

Notes to the Abbreviated Accounts for the period ended 31 August 2012

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings Leasehold - 5% on cost
Plant & machinery - 15% Reducing balance basis
Fixtures, fittings & equipment - 20% Reducing balance basis
Motor vehicles - 25% Reducing balance basis

Other accounting policies
Directors
The directors who served the company during the year were Mr I A Adam, Mr N A Adam, Mr A A Adam and Mr S A Adam.

Related Party Transactions
The company rents property from Adam & Co Trust Fund and pays annual rental of £25,576 (2011 £26,576), which represents a commercial rate of rent. Included in trade creditors is a balance of £82,237 (2011 £116,935) which is due to Adam & Co Trust Fund.

2Tangible fixed assets

	£
Cost
At 1 September 2011	1,633,643
Additions	78,855
Disposals	(28,010)
Revaluations	-
Transfers	-
At 31 August 2012	1,684,488
Depreciation
At 1 September 2011	1,490,216
Charge for the year	31,396
On disposals	(17,446)
At 31 August 2012	1,504,166
Net book values
At 31 August 2012	180,322
At 31 August 2011	143,427

Fixed assets
All fixed assets are initially recorded at cost.

3Fixed assets Investments
INVESTMENTS

Listed investments

COST
At 1 September 2011 and 31 August 2012 £9,179

NET BOOK VALUE
At 31 August 2012 and 31 August 2011 £9,179

Listed investments
Listed investments having a net book value of £9,179 (2011 - £9,179) are held by the company and had a market value of £82,668 at the end of the year (2011 - £81,867).