SHEAR CAMBRIDGE LTD - Filleted accounts

SHEAR CAMBRIDGE LTD - Filleted accounts

SHEAR CAMBRIDGE LIMITED - Company Information

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Registered number
04642217
SHEAR CAMBRIDGE LTD
Report and Accounts
31 January 2017
SHEAR CAMBRIDGE LTD
Registered number: 04642217
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 4,728 6,304
Current assets
Stocks 2,500 2,000
Debtors 4 23,263 40,866
Cash at bank and in hand 7,374 -
33,137 42,866
Creditors: amounts falling due within one year 5 (19,232) (29,341)
Net current assets 13,905 13,525
Total assets less current liabilities 18,633 19,829
Creditors: amounts falling due after more than one year 6 (4,484) (2,923)
Net assets 14,149 16,906
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,049 16,806
Shareholders' funds 14,149 16,906
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 members have 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 special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Hill
Director
Approved by the board on 28 February 2017
SHEAR CAMBRIDGE LTD
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 7,181 7,325 15,530 30,036
At 31 January 2017 7,181 7,325 15,530 30,036
Depreciation
At 1 February 2016 5,026 6,861 11,845 23,732
Charge for the year 539 116 921 1,576
At 31 January 2017 5,565 6,977 12,766 25,308
Net book value
At 31 January 2017 1,616 348 2,764 4,728
At 31 January 2016 2,155 464 3,685 6,304
4 Debtors 2017 2016
£ £
Trade debtors 23,263 40,866
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts - 6,272
Trade creditors 2,203 7,559
Corporation tax 9,703 6,705
Other taxes and social security costs 7,326 8,805
19,232 29,341
6 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 4,484 2,923
7 Other information
SHEAR CAMBRIDGE LTD is a private company limited by shares and incorporated in England. Its registered office is:
28 Benet Close
Milton
Cambridge
CB24 6AL
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