AB Chemicals (Stoke) Ltd - Period Ending 2011-10-31

Depreciation

Charge for the year

At 31 October 2011

Net book value

At 31 October 2011

Howsons
Chartered Accountants
50 Broad Street
Leek
Staffordshire
ST13 5NS

AB Chemicals (Stoke) Ltd
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 3

AB Chemicals (Stoke) Ltd
(Registration number: 07057046)
Abbreviated Balance Sheet at 31 October 2011

	Note	31 October 2011 £	31 October 2010 £
Fixed assets
Tangible fixed assets		213	-
Current assets
Stocks		564	399
Debtors		52,804	72,344
Cash at bank and in hand		14,998	3,605
		68,366	76,348
Creditors: Amounts falling due within one year		(67,126)	(72,536)
Net current assets		1,240	3,812
Net assets		1,453	3,812
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		1,353	3,712
Shareholders' funds		1,453	3,812

For the year ending 31 October 2011 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 8 October 2012

.........................................
Mr A J Bourne
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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AB Chemicals (Stoke) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2011
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue Recognition

Turnover represents amounts chargeable in respect of the sale of goods and services to customers. In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

	Tangible assets £	Total £
Cost
Additions	266	266
At 31 October 2011	266	266

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AB Chemicals (Stoke) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2011
......... continued

3	Share capital

Allotted, called up and fully paid shares

	31 October 2011			31 October 2010
		No.	£		No.	£
Ordinary of £1 each		100	100		100	100

4	Going Concern

The director has reviewed the performance of the company since the end of the accounting period. The level of turnover remains consistent, there are sufficient cashflows to meet the ongoing liabilities and the company is continuing to generate a profit. Therefore the director is satisfied that there are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern.

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