Blockfree Services Limited - Period Ending 2014-05-31

Registration number: 04441491

Blockfree Services Limited

Unaudited Abbreviated Accounts

FOR THE Year Ended 31 May 2014
 

Blockfree Services Limited
Contents

			Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Blockfree Services Limited
(Registration number: 04441491)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					54,183			59,333
Tangible fixed assets					239,566			241,085
					293,749			300,418
Current assets
Stocks					8,100			6,500
Debtors					79,223			86,636
Cash at bank and in hand					1,766			-
					89,089			93,136
Creditors: Amounts falling due within one year					(137,711)			(169,656)
Net current liabilities					(48,622)			(76,520)
Total assets less current liabilities					245,127			223,898
Creditors: Amounts falling due after more than one year					(5,882)			(14,998)
Provisions for liabilities					(40,808)			(35,288)
Net assets					198,437			173,612
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					198,435			173,610
Shareholders' funds					198,437			173,612

For the year ending 31 May 2014 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 17 December 2014 and signed on its behalf by:

.........................................
S R Green
Director

.........................................
J D Green
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Blockfree Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line

Depreciation

The depreciation rate has been reduced on two asset classes to reflect an increased expected useful economic life.
Portaloos are now depreciated at 20% reducing balance which has been reduced from 33% reducing balance.
Lorries and trailers included in motor vehicles are now deprectaied at 15% reducing balance which has been reduced from 25% reducing balance. The effect of the above is a reduction in the depreciation charge for the year of £17,825.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15%/20% (previously 33%) reducing balance and 25% straight line
Portaloos and equipment	15% reducing balance and 25% reducing balance
Motor vehicles	25% and 15% reducing balance (previously all 25% reducing balance)

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 2

Blockfree Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2013		103,000			498,005			601,005
Additions		-			55,203			55,203
Disposals		-			(11,874)			(11,874)
At 31 May 2014		103,000			541,334			644,334
Depreciation
At 1 June 2013		43,667			256,920			300,587
Charge for the year		5,150			54,564			59,714
Eliminated on disposals		-			(9,716)			(9,716)
At 31 May 2014		48,817			301,768			350,585
Net book value
At 31 May 2014		54,183			239,566			293,749
At 31 May 2013		59,333			241,085			300,418

Page 3

Blockfree Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		9,116			64,792
Amounts falling due after more than one year		5,882			14,998
Total secured creditors		14,998			79,790

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4