HOLBORN_DIAMOND_POLISHING - Accounts

HOLBORN DIAMOND POLISHING COMPANY LIMITED - Company Information

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Company Registration No. 00449953 (England and Wales)

HOLBORN DIAMOND POLISHING COMPANY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

HOLBORN DIAMOND POLISHING COMPANY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

HOLBORN DIAMOND POLISHING COMPANY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

961

688

Current assets

Stocks

1,143,396

1,219,843

Debtors

226,073

267,128

Cash at bank and in hand

432,790

414,359

1,802,259

1,901,330

Creditors: amounts falling due within one year

(593,335)

(640,118)

Net current assets

1,208,924

1,261,212

Total assets less current liabilities

1,209,885

1,261,900

Capital and reserves

Called up share capital

21,000

Other reserves

17,500

Profit and loss account

1,171,385

1,223,400

Shareholders' funds

1,209,885

1,261,900

For the financial year ended 28 February 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 November 2015

K Eichner

Director

Company Registration No. 00449953

HOLBORN DIAMOND POLISHING COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

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:

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

20% reducing balance

1.4

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock

Stock is valued at the lower of cost and estimated net realisable value after making due allowance for obsolete and slow-moving stocks.

1.6

Pensions

The company operates a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

1.7

Deferred taxation

Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and legislation. Timing differences arise from the inclusion of items of income and expenditure in the taxation computation in periods different from those in which they are included in the accounts.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. On the grounds of immateriality deferred tax assets and liabilities are not discounted.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

HOLBORN DIAMOND POLISHING COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 March 2014

13,116

Additions

460

At 28 February 2015

13,576

Depreciation

At 1 March 2014

12,428

Charge for the year

187

At 28 February 2015

12,615

Net book value

At 28 February 2015

961

At 28 February 2014

688

Share capital

2015

2014

Allotted, called up and fully paid

21,000 Ordinary shares of £1 each

21,000