FINESSE_CARPETS_LIMITED - Accounts

FINESSE_CARPETS_LIMITED - Accounts

FINESSE CARPETS LIMITED - Company Information

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Company Registration No. 04388832 (England and Wales)
FINESSE CARPETS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
FINESSE CARPETS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
FINESSE CARPETS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
18,000
21,000
Tangible assets
2
37,948
19,597
55,948
40,597
Current assets
Stocks
125,456
105,000
Debtors
16,216
8,637
Cash at bank and in hand
347
451
142,019
114,088
Creditors: amounts falling due within one year
3
(158,810)
(140,454)
Net current liabilities
(16,791)
(26,366)
Total assets less current liabilities
39,157
14,231
Creditors: amounts falling due after more than one year
4
(25,367)
(9,076)
Provisions for liabilities
(7,590)
(3,937)
6,200
1,218
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
6,100
1,118
Shareholders'  funds
6,200
1,218
FINESSE CARPETS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 9 February 2017
Mr D Cash
Mr T Porter
Director
Director
Company Registration No. 04388832
FINESSE CARPETS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). At the balance sheet date, the current liabilities exceeded the current assets by £16,791 (2015 - £26,366). The directors are of the opinion that they intend to assist and meet the company's day to day working capital requirements when necessary and offer their continued support. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis

At the balance sheet date, the current liabilities exceeded the current assets by £16,791 (2015 - £26,366). The directors are of the opinion that they intend to assist and meet the company's day to day working capital requirements when necessary and offer their continued support. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 July 2015
60,000
45,337
105,337
Additions
-
28,281
28,281
At 30 June 2016
60,000
73,618
133,618
Depreciation
At 1 July 2015
39,000
26,586
65,586
Charge for the year
3,000
9,084
12,084
At 30 June 2016
42,000
35,670
77,670
Net book value
At 30 June 2016
18,000
37,948
55,948
At 30 June 2015
21,000
19,597
40,597
FINESSE CARPETS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £22,530 (2015 - £29,781).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £25,367 (2015 - £9,076).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 ordinary of £1 each
100
100
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