Norfolk Tool & Industrial Supplies Ltd - Abbreviated accounts 16.1
Norfolk Tool & Industrial Supplies Ltd - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| FOR |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED (REGISTERED NUMBER: 06824755) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 3 |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED (REGISTERED NUMBER: 06824755) |
| ABBREVIATED BALANCE SHEET |
| 31 MARCH 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 3 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors on |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED (REGISTERED NUMBER: 06824755) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparation of accounts |
| The financial statements 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 all amounts received and receivable in respect of goods and services supplied by the company |
| during the year excluding value added tax and trade discounts. |
| Tangible fixed assets |
| Office equipment | - |
| Motor vehicles | - |
| Deferred taxation |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of |
| certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing |
| differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are |
| recognised only to the extent that the directors consider that it is more likely than not that they will be recovered |
| against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a |
| non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, |
| based on tax rates and laws that have been enacted by the balance sheet date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
| sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
| transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets |
| acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by |
| hire purchase 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 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. |
| Operating leases |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the |
| lessor are charged to the profit and loss account as incurred. |
| NORFOLK TOOL & INDUSTRIAL SUPPLIES |
| LIMITED (REGISTERED NUMBER: 06824755) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2015 |
| and 31 March 2016 |
| DEPRECIATION |
| At 1 April 2015 |
| Charge for year |
| At 31 March 2016 |
| NET BOOK VALUE |
| At 31 March 2016 |
| At 31 March 2015 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary A | £1 |
| Ordinary B | £1 |
| Ordinary C | £1 |
| Ordinary D | £1 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2016 and |
| 31 March 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| The above loan is included within other debtors, has been provided interest free and is repayable on demand. |