Steven Morton Felt Roofing Limited - Filleted accounts

Steven Morton Felt Roofing Limited - Filleted accounts


Steven Morton Felt Roofing Limited
Registered number: 09351224
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 161,479 10,456
Current assets
Stocks 17,500 16,000
Debtors 4 32,163 123,178
Cash at bank and in hand 57,390 84,382
107,053 223,560
Creditors: amounts falling due within one year 5 (74,289) (104,862)
Net current assets 32,764 118,698
Total assets less current liabilities 194,243 129,154
Creditors: amounts falling due after more than one year 6 (60,356) -
Provisions for liabilities - (2,091)
Net assets 133,887 127,063
Capital and reserves
Called up share capital 2 2
Profit and loss account 133,885 127,061
Shareholders' funds 133,887 127,063
The directors are 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 directors acknowledge their 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 and delivered 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.
SJ Morton
Director
Approved by the board on 17 March 2017
Steven Morton Felt Roofing Limited
Notes to the Accounts
for the year ended 31 December 2016
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
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.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2016 - 3,838 9,875 13,713
Additions 143,510 1,579 14,185 159,274
At 31 December 2016 143,510 5,417 24,060 172,987
Depreciation
At 1 January 2016 - 788 2,469 3,257
Charge for the year 2,870 1,063 4,318 8,251
At 31 December 2016 2,870 1,851 6,787 11,508
Net book value
At 31 December 2016 140,640 3,566 17,273 161,479
At 31 December 2015 - 3,050 7,406 10,456
4 Debtors 2016 2015
£ £
Trade debtors 24,563 48,214
Other debtors 7,600 74,964
32,163 123,178
5 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 10,002 -
Obligations under finance lease and hire purchase contracts 3,447 -
Trade creditors 28,450 32,447
Corporation tax 21,930 41,030
Other taxes and social security costs 7,815 31,384
Other creditors 2,645 1
74,289 104,862
6 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans 52,600 -
Obligations under finance lease and hire purchase contracts 7,756 -
60,356 -
7 Loans 2016 2015
£ £
Creditors include:
Instalments falling due for payment after more than five years 20,003 -
Secured bank loans 62,602 -
[Give an indication of the nature and form of the security for the bank loans]
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
SJ Morton
Loan 34,311 54,593 (90,227) (1,323)
SM Morton
Loan 34,311 54,593 (90,227) (1,323)
68,622 109,186 (180,454) (2,646)
9 Controlling party
The company is controlled by SJ and SM Morton.
10 Other information
Steven Morton Felt Roofing Limited is a private company limited by shares and incorporated in England. Its registered office is:
296B Lymington Road
Highcliffe
Christchurch
Dorset
BH23 5ET
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