Richard Cook (Furnishers) Limited - Period Ending 2016-03-31

 
 
 
 
 
 
 
  Richard Cook (Furnishers) Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2016
 
  Company Registration Number: 04510823

Richard Cook (Furnishers) Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Richard Cook (Furnishers) Limited
Abbreviated Balance Sheet
31 March 2016

		Note			31 March 2016 £			31 March 2015 £
Fixed assets
Tangible fixed assets		2			16,978			20,814
Current assets
Stocks					155,113			171,394
Debtors					25,897			43,923
Cash at bank and in hand					319,972			343,409
					500,982			558,726
Creditors: Amounts falling due within one year					(111,069)			(89,563)
Net current assets					389,913			469,163
Total assets less current liabilities					406,891			489,977
Provisions for liabilities					-			(3,326)
Net assets					406,891			486,651
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					405,891			485,651
Shareholders' funds					406,891			486,651

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Richard Cook (Furnishers) Limited
Abbreviated Balance Sheet
31 March 2016 ......... continued

For the year ending 31 March 2016 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 4 June 2016 and signed on its behalf by:

Mrs H L Knights
Director

Mr R E E Nunn
Director

Company Registration Number: 04510823

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Richard Cook (Furnishers) Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... 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 January 2015).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

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
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance

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.

Page 3

Richard Cook (Furnishers) Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		180,000			114,302			294,302
Additions		-			827			827
At 31 March 2016		180,000			115,129			295,129
Depreciation
At 1 April 2015		180,000			93,488			273,488
Charge for the year		-			4,663			4,663
At 31 March 2016		180,000			98,151			278,151
Net book value
At 31 March 2016		-			16,978			16,978
At 31 March 2015		-			20,814			20,814

3	Share capital

Allotted, called up and fully paid shares

	31 March 2016						31 March 2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

4	Related party transactions

Directors' advances and credits

	Year ended 31 March 2016 Advance/ Credit £	Year ended 31 March 2016 Repaid £	1 February 2014 to 31 March 2015 Advance/ Credit £	1 February 2014 to 31 March 2015 Repaid £
Mr R E E Nunn
Interest free loan	120	1,991	1,991	931
Mrs H L Knights
Interest free loan	15	2,362	2,362	2,182

Page 4