Registered Number NI035373

ACCEPTABLE ENTERPRISES LTD

Abbreviated Accounts

31 July 2016

ACCEPTABLE ENTERPRISES LTD Registered Number NI035373

Abbreviated Balance Sheet as at 31 July 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets - -
Tangible assets 3 113,409 94,472
113,409 94,472
Current assets
Stocks 72,672 55,052
Debtors 110,687 96,408
Cash at bank and in hand 47,636 40,848
230,995 192,308
Creditors: amounts falling due within one year (52,178) (48,336)
Net current assets (liabilities) 178,817 143,972
Total assets less current liabilities 292,226 238,444
Total net assets (liabilities) 292,226 238,444
Reserves
Income and expenditure account 292,226 238,444
Members' funds 292,226 238,444
  • For the year ending 31 July 2016 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 19 January 2017

And signed on their behalf by:
Mr Cecil Graham, Director

ACCEPTABLE ENTERPRISES LTD Registered Number NI035373

Notes to the Abbreviated Accounts for the period ended 31 July 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and Part 8 of the Charities Act (Northern Ireland) 2008. They also comply with the Statement of Recommended Practice FRS102 and with the financial reporting standards. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Turnover policy
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows
Leasehold Property Improvements 10% Straight line
Plant and machinery 10% Straight line
Fixtures, fittings & equipment 10% Straight line

Other accounting policies
Fund Accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific artistic projects being undertaken by the Charity.

Stock
Stock consists of raw materials, consumables and products for resale. Stock is valued at the lower of cost and net realisable value.

Transition to FRS102
The charity transitioned to FRS102 during the year. There were no material prior year adjustments required upon transition. The transition date was 1 August 2015.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated on the basis of a judgement as to the proportion of time spent on each of the activities.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets
£
Cost
At 1 August 2015 130,279
Additions 37,103
Disposals (3,189)
Revaluations -
Transfers -
At 31 July 2016 164,193
Depreciation
At 1 August 2015 35,807
Charge for the year 16,272
On disposals (1,295)
At 31 July 2016 50,784
Net book values
At 31 July 2016 113,409
At 31 July 2015 94,472