Abbreviated Company Accounts - TAS BUILDING SUPPLIES LIMITED
Abbreviated Company Accounts - TAS BUILDING SUPPLIES LIMITED
Registered Number SC336876
TAS BUILDING SUPPLIES LIMITED
Abbreviated Accounts
31 March 2016
TAS BUILDING SUPPLIES LIMITED Registered Number SC336876
Abbreviated Balance Sheet as at 31 March 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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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
And signed on their behalf by:
TAS BUILDING SUPPLIES LIMITED Registered Number SC336876
Notes to the Abbreviated Accounts for the period ended 31 March 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
In accordance with the principles of revenue recognition, income is recognised as the right to consideration through performance of contractual obligations, and is included in the financial statements when the company is legally entitled to the income.
Tangible assets depreciation policy
Plant and machinery - 10% straight line
Motor vehicles - 25% reducing balance
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 constant periodic rates of charge on the net obligations outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Stock
Stock is valued at the lower of cost and net realisable value.
Pensions
The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.
Deferred Taxation
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
( |
At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 54,367 |
At 31 March 2015 | 69,097 |