Company Registration No. 04756286 (England and Wales)
SECURE IT DISPOSALS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2013
SECURE IT DISPOSALS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
SECURE IT DISPOSALS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2013
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
407,624
428,459
Current assets
Stocks
2,257
2,100
Debtors
433,969
412,538
Cash at bank and in hand
75,537
76,585
511,763
491,223
Creditors: amounts falling due within one year
(361,100)
(334,246)
Net current assets
150,663
156,977
Total assets less current liabilities
558,287
585,436
Creditors: amounts falling due after more than one year
(26,132)
(19,544)
Provisions for liabilities
(11,308)
(11,509)
520,847
554,383
Capital and reserves
Called up share capital
3
600
600
Revaluation reserve
322,827
363,916
Profit and loss account
197,420
189,867
Shareholders' funds
520,847
554,383
SECURE IT DISPOSALS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2013 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 9 October 2013
A H Speedie
Director
Company Registration No. 04756286
SECURE IT DISPOSALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2013
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.
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 or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
12.5%/25% straight line basis
Fixtures, fittings & equipment
25%/50% straight line basis
Motor vehicles
25% straight line basis
1.5
Leasing and hire purchase commitments
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 a constant periodic rate of charge on the net obligation outstanding in each period.
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.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
SECURE IT DISPOSALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2013
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 June 2012
474,372
Additions
52,766
Disposals
(250)
At 31 May 2013
526,888
Depreciation
At 1 June 2012
45,912
On disposals
(36)
Charge for the year
73,388
At 31 May 2013
119,264
Net book value
At 31 May 2013
407,624
At 31 May 2012
428,459
3
Share capital
2013
2012
£
£
Allotted, called up and fully paid
200 Ordinary shares of £1 each
200
200
400 Ordinary B shares of £1 each
400
400
600
600
SECURE IT DISPOSALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2013
- 5 -
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
M G Burgoyne
-
89,018
-
-
(894)
88,124
L R W Speedie
-
72,150
-
-
(5,068)
67,082
M J Burke
-
14,627
29,575
-
-
44,202
175,795
29,575
-
(5,962)
199,408
Included within other creditors is loan from A H Speedie of £41,747 (2012 - £45,895). The loan is repayable on demand, no interest is charged on the loan.