Contents of the Financial Statements

for the Period Ended 31 May 2017

Company Information

for the Period Ended 31 May 2017

Balance sheet

As at 31 May 2017

The notes form part of these financial statements

Balance sheet continued

As at 31 May 2017

For the year ending 31 May 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 May 2017

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are stated at cost less depreciation
  
  Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
  
  Plant and Machinery - 15% per annum of net book value
  Fixtures and Fittings - 15 % per annum of net book value
  Motor Vehicles - 25% per annum of net book value
  

  Other accounting policies

  Cashflow statement The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it is a small company. Debtors The Director has decided that no provision is required for bad or doubtful debts. Deferred taxation Provision is made for taxation deferred as a result of material timing differences between the incidence of income and expenditure for taxation purposes, using the liability method, only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the near future. Leasing Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 a constant periodic rate of charge on the net obligation outstanding in each period.

Notes to the Financial Statements

for the Period Ended 31 May 2017

2. Tangible Assets