Registered number
07401071
Absolute Homes (Lakes) Limited
Unaudited Filleted Accounts
For the Year Ended
31 January 2017
Absolute Homes (Lakes) Limited
Registered number: 07401071
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Current assets
Stocks 339,183 235,933
Cash at bank and in hand 2,089 5,319
341,272 241,252
Creditors: amounts falling due within one year 2 (245,074) (145,054)
Net current assets 96,198 96,198
Net assets 96,198 96,198
Capital and reserves
Called up share capital 2 2
Profit and loss account 96,196 96,196
Shareholders' funds 96,198 96,198
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B R Nelson
Director
Approved by the board on 23 August 2017
Absolute Homes (Lakes) Limited
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Creditors: amounts falling due within one year 2017 2016
£ £
Other creditors 245,074 145,054
3 Other information
Absolute Homes (Lakes) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crosby Barn Workshop
Ackenthwaite
Milnthorpe
Cumbria
LA7 7DQ
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