Company Registration No. 04756286 (England and Wales)
SECURE IT DISPOSALS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
SECURE IT DISPOSALS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
SECURE IT DISPOSALS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
375,735
350,307
Current assets
Stocks
1,719
3,080
Debtors
511,698
441,234
Cash at bank and in hand
22,295
30,676
535,712
474,990
Creditors: amounts falling due within one year
(436,741)
(410,502)
Net current assets
98,971
64,488
Total assets less current liabilities
474,706
414,795
Creditors: amounts falling due after more than one year
(54,079)
(33,462)
Provisions for liabilities
(26,666)
(13,536)
393,961
367,797
Capital and reserves
Called up share capital
3
600
600
Revaluation reserve
241,680
281,738
Profit and loss account
151,681
85,459
Shareholders' funds
393,961
367,797
SECURE IT DISPOSALS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 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 8 October 2015
A H Speedie
Director
Company Registration No. 04756286
SECURE IT DISPOSALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
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.
SECURE IT DISPOSALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 June 2014
505,148
Additions
131,522
At 31 May 2015
636,670
Depreciation
At 1 June 2014
154,842
Charge for the year
106,093
At 31 May 2015
260,935
Net book value
At 31 May 2015
375,735
At 31 May 2014
350,307
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
400 Ordinary shares of £1 each
400
200
200 Ordinary B shares of £1 each
200
400
600
600
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 Burgoyne
-
63,703
52,305
-
71,463
44,545
L Speedie
-
36,013
56,009
-
71,563
20,459
M Burke
-
47,927
60,500
-
69,190
39,237
147,643
168,814
-
212,216
104,241
Included within other creditors is loan from A H Speedie of £911 (2014 - £44,054). The loan is repayable on demand, no interest is charged on the loan.