OCHRE_FRAMING_LIMITED - Accounts

OCHRE FRAMING LIMITED - Company Information

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Company Registration No. 4920606 (England and Wales)

OCHRE FRAMING LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

OCHRE FRAMING LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

OCHRE FRAMING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

2,925

3,550

Current assets

Stocks

12,210

13,361

Debtors

18,321

19,961

Cash at bank and in hand

353

952

30,884

34,274

Creditors: amounts falling due within one year

(20,031)

(19,011)

Net current assets

10,853

15,263

Total assets less current liabilities

13,778

18,813

Creditors: amounts falling due after more than one year

(8,545)

(11,337)

Provisions for liabilities

(585)

(710)

4,648

6,766

Capital and reserves

Called up share capital

Profit and loss account

4,646

6,764

Shareholders' funds

4,648

6,766

For the financial year ended 31 December 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 10 August 2016

Mr D R Shaw

Mrs C Shaw

Director

Company Registration No. 4920606

OCHRE FRAMING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 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 January 2015).

1.2

Turnover

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

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.

1.4

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

25% per annum reducing balance

1.5

Leasing

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

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

VAT flat rate scheme

The company is currently operating the VAT flat rate scheme. Turnover is shown net of flat rate scheme VAT declared and input VAT, being non claimable under the scheme, is shown as a separate administrative cost.

OCHRE FRAMING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

20,000

7,943

27,943

Additions

406

Disposals

(219)

At 31 December 2015

20,000

8,130

28,130

Depreciation

At 1 January 2015

20,000

4,393

24,393

On disposals

(167)

Charge for the year

979

At 31 December 2015

20,000

5,205

25,205

Net book value

At 31 December 2015

2,925

At 31 December 2014

3,550

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £6,174 (2014 - £4,517).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £8,545 (2014 - £11,337).

The bank loan and overdraft facility are secured by a personal guarantee of £20,650 given by the directors.

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each

OCHRE FRAMING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Advances

14,442

26,054

26,031

14,465

14,442

26,054

26,031

14,465