FURNITURE CONCEPT LTD

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FURNITURE CONCEPT LTD
Abbreviated accounts
For The Year Ended 31 July 2015
Proaccounts UK

Unit M228, 89 Bickersteth Road
Tooting
LONDON
SW17 9SH
Abbreviated Balance Sheet
2015 2014
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 2 19,012 3,018
19,012 3,018
CURRENT ASSETS
Stocks 535 731
Debtors 41,435 50,135
Cash at bank and in hand 41,410 37,635
83,380 88,501
Creditors: Amounts Falling Due Within One Year (62,763) (62,235)
NET CURRENT ASSETS (LIABILITIES) 20,617 26,266
TOTAL ASSETS LESS CURRENT LIABILITIES 39,629 29,284
Creditors: Amounts Falling Due After More Than One Year 3 (12,490) (5,210)
NET ASSETS 27,139 24,074
CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and Loss Account 27,039 23,974
SHAREHOLDERS' FUNDS 27,139 24,074
Page 1
For the year ending 31 July 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 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
On behalf of the board
Mr M SUSZYNSKI
28/04/2016
Page 2
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases 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. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. 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.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Tangible Assets
Total
Cost £
As at 1 August 2014 22,384
Additions 20,748
As at 31 July 2015 43,132
Depreciation
As at 1 August 2014 19,366
Provided during the period 4,754
As at 31 July 2015 24,120
Net Book Value
As at 31 July 2015 19,012
As at 1 August 2014 3,018
Page 3
Creditors: Amounts Falling Due After More Than One Year
2015 2014
£ £
Net obligations under finance lease and hire purchase contracts 12,490 5,210
Share Capital
Value Number 2015 2014
Allotted, called up and fully paid £ £ £
Ordinary shares 1.000 100 100 100
Transactions With and Loans to Directors
Dividends paid to directors
Page 4