Newbury Tools Limited - Period Ending 2015-10-31

Registration number: 01281010

Newbury Tools Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Newbury Tools Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Newbury Tools Limited
(Registration number: 01281010)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					312,319			275,450
Investments					1			1
					312,320			275,451
Current assets
Stocks					185,645			167,027
Debtors					220,580			199,451
Cash at bank and in hand					196,303			194,589
					602,528			561,067
Creditors: Amounts falling due within one year					(240,847)			(223,694)
Net current assets					361,681			337,373
Total assets less current liabilities					674,001			612,824
Creditors: Amounts falling due after more than one year					(6,111)			(12,778)
Provisions for liabilities					(49,015)			(40,320)
Net assets					618,875			559,726
Capital and reserves
Called up share capital		3			2,996			2,996
Profit and loss account					615,879			556,730
Shareholders' funds					618,875			559,726

For the year ending 31 October 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 17 December 2015 and signed on its behalf by:

.........................................
Mrs EL Langley
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Newbury Tools Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods, services and hire equipment to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance basis
Computer equipment	33% reducing balance basis
Fixtures and fittings	15% reducing balance basis
Plant and machinery	25% reducing balance basis
Leasehold property improvements	over the remaining lease term

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Newbury Tools Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 November 2014		744,612			1			744,613
Additions		147,612			-			147,612
Disposals		(80,719)			-			(80,719)
At 31 October 2015		811,505			1			811,506
Depreciation
At 1 November 2014		469,162			-			469,162
Charge for the year		103,055			-			103,055
Eliminated on disposals		(73,031)			-			(73,031)
At 31 October 2015		499,186			-			499,186
Net book value
At 31 October 2015		312,319			1			312,320
At 31 October 2014		275,450			1			275,451

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Shares of £1 each		1,496			1,496			1,496			1,496
B Shares of £1 each		2			2			2			2
C Shares of £1 each		2			2			2			2
D Shares of £1 each		1,496			1,496			1,496			1,496
		2,996			2,996			2,996			2,996

Page 3

Newbury Tools Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

4

Control

The company is controlled by the directors by virtue of their shareholding.

Page 4