| East West Timber (London) Limited |
Registered number: |
01502198 |
| Abbreviated Balance Sheet |
| as at 31 December 2015 |
|
|
Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
2,040 |
|
|
2,400 |
|
| Current assets |
| Stocks |
|
|
14,500 |
|
|
17,250 |
| Debtors: amount falling due within one year |
|
|
7,411 |
|
|
7,333 |
|
|
|
21,911 |
|
|
24,583 |
|
| Creditors: amounts falling due within one year |
3 |
|
(86,198) |
|
|
(79,068) |
|
| Net current liabilities |
|
|
|
(64,287) |
|
|
(54,485) |
|
| Total assets less current liabilities |
|
|
|
(62,247) |
|
|
(52,085) |
|
| Creditors: amounts falling due after more than one year |
3 |
|
|
(437,572) |
|
|
(463,867) |
|
| Net deficit |
|
|
|
(499,819) |
|
|
(515,952) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(499,919) |
|
|
(516,052) |
|
| Shareholder's deficit |
|
|
|
(499,819) |
|
|
(515,952) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| YK Hii |
| Director |
| Approved by the board on 27 September 2016 |
|
| East West Timber (London) Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the history cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective from January 2015) and on a going concern basis, which assumes the continued finanacial support from the director, the bank and the creditotrs. |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Furniture, fittings & equipment |
- |
15% reducing balance |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
| 2 |
Tangible fixed assets |
Total |
| £ |
|
Cost |
|
At 1 January 2015 |
40,033 |
|
At 31 December 2015 |
40,033 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2015 |
37,633 |
|
Charge for the year |
360 |
|
At 31 December 2015 |
2,400 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2015 |
2,040 |
|
At 31 December 2014 |
2,400 |
|
|
|
|
|
|
|
|
|
| 3 |
Creditors |
|
|
|
|
|
|
2015 |
|
2014 |
| £ |
£ |
|
Included in amounts falling due within one year:- |
|
Current instalments due on bank loan (a) |
24,881 |
|
24,881 |
|
Bank overdraft (a) |
58,127 |
|
52,999 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due after more than one year:- |
|
Bank loan (a) |
22,691 |
|
47,572 |
|
Loan from director |
414,881 |
|
416,295 |
|
|
|
|
|
|
437,572 |
|
463,867 |
|
|
|
|
|
|
|
|
|
|
(a) Secured bank loan: |
|
Repayable within 5 year |
22,691 |
|
47,572 |
|
|
|
|
|
|
|
|
|
|
(a) Bank loan and overdraft are secured by a fixed and floating charge over all the property and assets of the company including goodwill, uncalled capital and intellectual property rights and also the general pledge over documents and goods given by the company. |
|
The interest on the loan is charged at 4% per annum over the Bank's Sterling Base Rate. |
| 4 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
