Furbanks (The Stereotypers) Limited - Period Ending 2017-05-31

Furbanks (The Stereotypers) Limited - Period Ending 2017-05-31


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Registration number: 00852403

Furbanks (The Stereotypers) Limited

Information for Filing with The Registrar

31 May 2017

 

Furbanks (The Stereotypers) Limited

(Registration number: 00852403)

Balance Sheet

31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

6,128

9,921

Current assets

 

Stocks

5,923

8,086

Debtors

5

44,622

28,639

Cash at bank and in hand

 

9,271

13,532

 

59,816

50,257

Creditors: Amounts falling due within one year

6

(36,901)

(23,531)

NET CURRENT ASSETS

 

22,915

26,726

TOTAL ASSETS LESS CURRENT LIABILITIES

 

29,043

36,647

Provision for liabilities

-

(1,300)

 

29,043

35,347

Capital and reserves

 

Called up share capital

4,600

4,600

Profit and loss account

24,443

30,747

TOTAL EQUITY

 

29,043

35,347

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.

Approved and authorised by the Board on 8 February 2018 and signed on its behalf by:


P.L. Armstrong

Director

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Beza Street
Hunslet
Leeds
LS10 2BG

These financial statements were authorised for issue by the Board on 8 February 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises corporation and deferred tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 years straight line basis

Fixtures and fittings

10 years straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2016 - 2).

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2017

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2016

14,364

87,811

102,175

At 31 May 2017

14,364

87,811

102,175

Depreciation

At 1 June 2016

11,901

80,353

92,254

Charge for the year

294

3,499

3,793

At 31 May 2017

12,195

83,852

96,047

Carrying amount

At 31 May 2017

2,169

3,959

6,128

At 31 May 2016

2,463

7,458

9,921

5

Debtors

2017
£

2016
£

Trade debtors

44,622

28,639

44,622

28,639

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

13,572

10,946

Amounts due to related parties

3

153

Corporation tax

 

11,891

4,326

Other taxes and social security

 

5,757

2,754

Other creditors

 

5,678

5,352

 

36,901

23,531

 

Furbanks (The Stereotypers) Limited

Notes to the Accounts

Year Ended 31 May 2017

7

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

4,600

4,600

4,600

4,600

         

8

Transition to FRS 102

No adjustment was required to the results to 31 May 2016, as reported, by adopting FRS 102 Section 1A.