Registered Number 02793843

ASLES (TOOL HIRE AND SALES) LTD.

Abbreviated Accounts

31 March 2015

ASLES (TOOL HIRE AND SALES) LTD. Registered Number 02793843

Abbreviated Balance Sheet as at 31 March 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 167,387 194,185
167,387 194,185
Current assets
Stocks 11,395 10,950
Debtors 115,096 94,435
Cash at bank and in hand 143,014 114,453
269,505 219,838
Creditors: amounts falling due within one year (29,677) (24,109)
Net current assets (liabilities) 239,828 195,729
Total assets less current liabilities 407,215 389,914
Provisions for liabilities (15,231) (13,124)
Total net assets (liabilities) 391,984 376,790
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 391,884 376,690
Shareholders' funds 391,984 376,790
  • For the year ending 31 March 2015 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 22 September 2015

And signed on their behalf by:
Mrs AP Clare, Director

ASLES (TOOL HIRE AND SALES) LTD. Registered Number 02793843

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting

The financial statements 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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold property - straight line over 50 years
Plant & Machinery - 20% reducing balance basis
Fixtures & Fittings - 20% reducing balance basis
Motor Vehicles - 20% reducing balance basis

Other accounting policies
Stocks

Stocks are valued at the lower of the cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leasing and hire purchase commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligation are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of balance of capital repayments outstanding.

Deferred Taxation

Deferred tax is recognised in respect if 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:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distribution relating to equity instruments are debited direct to equity.

2Tangible fixed assets
£
Cost
At 1 April 2014 672,197
Additions -
Disposals -
Revaluations -
Transfers -
At 31 March 2015 672,197
Depreciation
At 1 April 2014 478,012
Charge for the year 26,798
On disposals -
At 31 March 2015 504,810
Net book values
At 31 March 2015 167,387
At 31 March 2014 194,185
3Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
100 Ordinary shares of £1 each 100 100