Registered Number 06602778

ACCELERATE DIRECT LTD

Abbreviated Accounts

31 May 2014

ACCELERATE DIRECT LTD Registered Number 06602778

Abbreviated Balance Sheet as at 31 May 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 4,148 4,087
4,148 4,087
Current assets
Debtors 50,968 33,733
50,968 33,733
Creditors: amounts falling due within one year (65,067) (44,458)
Net current assets (liabilities) (14,099) (10,725)
Total assets less current liabilities (9,951) (6,638)
Total net assets (liabilities) (9,951) (6,638)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (10,951) (7,638)
Shareholders' funds (9,951) (6,638)
  • For the year ending 31 May 2014 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.

Approved by the Board on 2 April 2015

And signed on their behalf by:
F Martin, Director

ACCELERATE DIRECT LTD Registered Number 06602778

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings
and equipment - 25% straight line

Other accounting policies
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2Tangible fixed assets
£
Cost
At 1 June 2013 12,362
Additions 1,444
Disposals -
Revaluations -
Transfers -
At 31 May 2014 13,806
Depreciation
At 1 June 2013 8,275
Charge for the year 1,383
On disposals -
At 31 May 2014 9,658
Net book values
At 31 May 2014 4,148
At 31 May 2013 4,087

3Transactions with directors

Name of director receiving advance or credit: F Martin
Description of the transaction: Loan
Balance at 1 June 2013: £ 4,418
Advances or credits made: £ 7,553
Advances or credits repaid: -
Balance at 31 May 2014: £ 11,971

Name of director receiving advance or credit: KC Martin
Description of the transaction: Loan
Balance at 1 June 2013: £ 4,418
Advances or credits made: £ 7,553
Advances or credits repaid: -
Balance at 31 May 2014: £ 11,971