FAL SYSTEMS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
Company Registration No. 06998388 (England and Wales)
FAL SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
FAL SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
15,189
8,806
Current assets
Stocks
69,998
175,410
Debtors
168,355
109,432
Cash at bank and in hand
46,080
10,496
284,433
295,338
Creditors: amounts falling due within one year
(267,497)
(359,434)
Net current liabilities
16,936
(64,096)
Total assets less current liabilities
32,125
(55,290)
Creditors: amounts falling due after more than one year
(163,721)
(163,721)
(131,596)
(219,011)
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
(132,596)
(220,011)
Shareholders' funds
(131,596)
(219,011)
For the financial year ended 31 March 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 and authorised for issue on 30 December 2015
Mr C Warden
Director
Company Registration No. 06998388
FAL SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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:
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
25% Straight Line
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.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
FAL SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
45,498
Additions
16,186
At 31 March 2015
61,684
Depreciation
At 1 April 2014
36,692
Charge for the year
9,803
At 31 March 2015
46,495
Net book value
At 31 March 2015
15,189
At 31 March 2014
8,806
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary of £1 each
1,000
1,000