NEMAC LIMITED - Abbreviated accounts

NEMAC LIMITED - Abbreviated accounts


Registered number
07130683
NEMAC LIMITED
Abbreviated Accounts
31 January 2016
NEMAC LIMITED
Registered number: 07130683
Abbreviated Balance Sheet
as at 31 January 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 1,210 1,820
Current assets
Stocks 1,200 1,708
Debtors 2,000 2,318
Cash at bank and in hand 1,086 5
4,286 4,031
Creditors: amounts falling due within one year (3,756) (5,272)
Net current assets/(liabilities) 530 (1,241)
Total assets less current liabilities 1,740 579
Provisions for liabilities (240) (360)
Net assets 1,500 219
Capital and reserves
Called up share capital 3 1 1
Profit and loss account 1,499 218
Shareholder's funds 1,500 219
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.
N J MacCormack
Director
Approved by the board on 31 October 2016
NEMAC LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 January 2016
1 Accounting policies
Basis of preparation
The accounts 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 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.
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
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.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Tangible fixed assets £
Cost
At 1 February 2015 6,615
At 31 January 2016 6,615
Depreciation
At 1 February 2015 4,795
Charge for the year 610
At 31 January 2016 5,405
Net book value
At 31 January 2016 1,210
At 31 January 2015 1,820
3 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1 1 1
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