Abbreviated Company Accounts - KIRKFIELD TRADING LIMITED

KIRKFIELD TRADING LIMITED - Company Information

Registered Number 03493340

KIRKFIELD TRADING LIMITED

Abbreviated Accounts

30 September 2014

KIRKFIELD TRADING LIMITED Registered Number 03493340

Abbreviated Balance Sheet as at 30 September 2014

	Notes	2014	2013
		£	£
Fixed assets
Investments	2	1,000	1,000
		1,000	1,000
Current assets
Stocks		6,535	-
Debtors		56,882	3,848
Cash at bank and in hand		3,345	3,345
		66,762	7,193
Creditors: amounts falling due within one year		(1,371,919)	(1,331,342)
Net current assets (liabilities)		(1,305,157)	(1,324,149)
Total assets less current liabilities		(1,304,157)	(1,323,149)
Total net assets (liabilities)		(1,304,157)	(1,323,149)
Capital and reserves
Called up share capital		400,000	400,000
Profit and loss account		(1,704,157)	(1,723,149)
Shareholders' funds		(1,304,157)	(1,323,149)

For the year ending 30 September 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 25 June 2015

And signed on their behalf by:
M M Essani, Director

KIRKFIELD TRADING LIMITED Registered Number 03493340

Notes to the Abbreviated Accounts for the period ended 30 September 2014

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of preparing the financial statements
At the balance sheet date, current liabilities exceeded current assets by £1,305,157 (2013: £1,324,149). The company continues to rely on the support of its ultimate holding company, Inter-Commerce (FZC). The directors anticipate the continuing support of its parent undertaking for a period of at least twelve months from the directors' approval of these financial statements and on this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the parent undertaking's support.

Turnover policy
Turnover
Turnover represents amounts receivable for goods and services invoiced less credit notes, discount and value added tax. However, under 'Carriage, Insurance and Freight' (CIF) revenue is recognised once goods are delivered to the customers in the UK.

Tangible assets depreciation policy
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Other accounting policies
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007).

Group accounts
Group accounts have not been prepared on the basis that other companies in the group are immaterial both individually and in aggregate.

2Fixed assets Investments
Fixed Investments are stated at cost.