Accounts

Accounts

BEST IMPORTS LIMITED - Company Information

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  BEST IMPORTS LIMITED
         
         
  ABBREVIATED UNAUDITED ACCOUNTS
         
         
  FOR THE YEAR ENDED 31 OCTOBER 2014
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
  INDEX TO THE ACCOUNTS
         
 
         
  Pages
         
  1 Abbreviated Balance Sheet    
         
  2-4 Notes to the Abbreviated Accounts    
         
 
         
         
         
         
         
         
         
         
         
         
         
         
         
  BEST IMPORTS LIMITED
  Company registered number: 02659167
  ABBREVIATED BALANCE SHEET
  AT 31 October 2014
           
    Note 2014 2013
      £ £ £
  FIXED ASSETS
  Tangible Assets 2 1,018,440 1,007,832
  Investments 3 1,000 1,000
      1,019,440 1,008,832
         
  CURRENT ASSETS
  Stock 1d 579,563 543,842
  Debtors falling due within one year   1,557,105 1,606,485
  Investments 4 15,000 15,000
  Cash at bank and in hand   272,880 248,158
      2,424,548 2,413,485
  CREDITORS: Amounts falling due within one year   1,739,604 1,801,330
  NET CURRENT ASSETS   684,944 612,155
  NET ASSETS   £1,704,384 £1,620,987
       
  CAPITAL AND RESERVES
  Called up share capital 6 2 2
  Profit and loss account   1,704,382 1,620,985
  SHAREHOLDERS' FUNDS   £1,704,384 £1,620,987
       
         
  In approving these financial statements as directors of the company we hereby confirm the following:
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
         
  Directors' responsibilities:
  1) The members have not required the company to obtain an audit for its accounts for the year in question in accordance with section 476,
  2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
         
  The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
         
  These abbreviated accounts were approved by the board of directors on 16 February 2015
 
 
         
  G Alfano, Director
   
  The notes on pages 2 to 4 form part of these accounts
  page 1
  NOTES TO THE ABBREVIATED ACCOUNTS
  FOR THE YEAR ENDED 31 OCTOBER 2014
       
 
1. ACCOUNTING POLICIES
     
     
1a. 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).
         
         
1b. Tangible fixed assets
         
  Land and building are shown at original historical cost or subsequent valuation as set out in the note. Other fixed assets are shown at cost.
         
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
  Plant and machinery Reducing balance 25%    
  Vehicles Reducing balance 25%    
  Fixtures and fittings Reducing balance 25%    
  Equipment Reducing balance 25%    
       
       
1c. Investments
       
  Fixed asset investments are shown at cost less amounts written off. Provisions are made for temporary fluctuations in value.
       
       
1d. Stocks
       
  Stocks are stated at the lower of cost and net realisable value. Cost incurred in bringing each product to its present location and condition is based on purchase cost on a first-in, first-out basis, including transport.
       
       
1e. Taxation
       
  Corporation tax payable is provided on taxable profits at the current rate.
       
       
       
1f. Pensions
       
  The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the year.
       
       
1g. Turnover
       
  Turnover comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services in the normal course of business.
  page 2
  BEST IMPORTS LIMITED
  NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 OCTOBER 2014
       
 
1. ACCOUNTING POLICIES (CONT.)
     
     
1h. Leasing and hire purchase contracts
     
  Assets obtained under finance leases and hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
     
  Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
       
       
2. TANGIBLE FIXED ASSETS 2014 2013
    £ £
  Cost
       
  At 1 November 2013 1,663,119 1,603,700
  Additions 56,400 59,419
  At 31 October 2014 1,719,519 1,663,119
   
  Depreciation
       
  At 1 November 2013 655,287 613,033
  For the year 45,792 42,254
  At 31 October 2014 701,079 655,287
   
  Net Book Amounts
       
  At 31 October 2014 £1,018,440 £1,007,832
   
  page 3
  BEST IMPORTS LIMITED
  NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 OCTOBER 2014
       
       
3. FIXED ASSET INVESTMENTS 2014 2013
    £ £
  Cost or valuation
       
  At 1 November 2013 1,000 1,000
  At 31 October 2014 1,000 1,000
   
  Amounts written off
       
  At 31 October 2014 - -
   
  Net Book Amounts
       
  At 31 October 2014 £1,000 £1,000
   
       
       
4. CURRENT ASSET INVESTMENTS 2014 2013
    £ £
  Unlisted investments-Coeptus Ltd 15,000 15,000
    £15,000 £15,000
   
5. CREDITORS
    2014 2013
    £ £
  Creditors include the following amounts of secured liabilities:
  Due within one year 18,058 -
   
6. SHARE CAPITAL 2014 2013
    £ £
  Allotted, issued and fully paid:
  2 Ordinary shares of £1 each £2 £2
   
       
       
7. ULTIMATE PARENT COMPANY
       
  The company is a subsidiary undertaking of ... incorporated in ... registered in England and Wales.
       
       
8. RELATED PARTIES
       
  Directors' loans (eg debtors)
  Directors' material interests (eg tranactions with directors)
  Controlling parties.
  page 4