A Bit of French Limited
Registered number: 03422989
Balance Sheet
as at 31 August 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 4,760 4,861
Current assets
Stocks 2,975 3,050
Debtors 3 4,788 5,798
Cash at bank and in hand 1,938 2,762
9,701 11,610
Creditors: amounts falling due within one year 4 (16,504) (15,294)
Net current liabilities (6,803) (3,684)
Net (liabilities)/assets (2,043) 1,177
Capital and reserves
Called up share capital 4 4
Profit and loss account (2,047) 1,173
Shareholders' funds (2,043) 1,177
The director is 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 director acknowledges his 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.
J Norris
Director
Approved by the board on 22 May 2017
A Bit of French Limited
Notes to the Accounts
for the year ended 31 August 2016
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2015 15,823 26,133 41,956
Additions 1,303 - 1,303
At 31 August 2016 17,126 26,133 43,259
Depreciation
At 1 September 2015 15,524 21,571 37,095
Charge for the year 264 1,140 1,404
At 31 August 2016 15,788 22,711 38,499
Net book value
At 31 August 2016 1,338 3,422 4,760
At 31 August 2015 299 4,562 4,861
3 Debtors 2016 2015
£ £
Trade debtors 1,343 2,100
Other debtors 3,445 3,698
4,788 5,798
4 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 8,349 -
Trade creditors 6,371 6,137
Corporation tax - 400
Other taxes and social security costs 361 1,325
Director's current account 19 5,854
Other creditors 1,404 1,578
16,504 15,294
5 Other financial commitments 2016 2015
£ £
Total future minimum payments under non-cancellable operating leases 6,846 4,832
6 Other information
A Bit of French Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Calvert Centre
Woodmancott
Winchester
Hampshire
SO21 3BN
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