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COMPANY REGISTRATION NUMBER 07228481
7 ENERGY LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
31 December 2015
STEWART ASSOCIATES SHREWSBURY LTD
Chartered Accountants
Emstrey House North
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
7 ENERGY LIMITED
ABBREVIATED BALANCE SHEET
31 December 2015
2015
2014
Note
£
£
£
£
Fixed Assets
2
Tangible assets
24,515
4,125
Current Assets
Stocks
9,129
8,375
Debtors
70,408
123,635
Cash at bank and in hand
33,059
2,717
----------
----------
112,596
134,727
Creditors: Amounts Falling due Within One Year
3
74,010
60,117
----------
----------
Net Current Assets
38,586
74,610
---------
---------
Total Assets Less Current Liabilities
63,101
78,735
Creditors: Amounts Falling due after More than One Year
4
12,191
-
---------
---------
50,910
78,735
---------
---------
Capital and Reserves
Called up equity share capital
5
100
100
Profit and loss account
50,810
78,635
---------
---------
Shareholders' Funds
50,910
78,735
---------
---------
For the year ended 31st December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on 28 September 2016 .
Mr M J Dowley
Company Registration Number: 07228481
7 ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31st DECEMBER 2015
1. Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings-15% straight line
Motor Vehicles-15% straight line
Equipment-33.33% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in Progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Hire Purchase Agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2. Fixed Assets
Tangible Assets
£
Cost
At 1st January 2015
13,327
Additions
27,562
---------
At 31st December 2015
40,889
---------
Depreciation
At 1st January 2015
9,202
Charge for year
7,172
---------
At 31st December 2015
16,374
---------
Net Book Value
At 31st December 2015
24,515
---------
At 31st December 2014
4,125
---------
3. Creditors: Amounts Falling due Within One Year
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2015
2014
£
£
Hire purchase agreements
5,807
-
-------
----
4. Creditors: Amounts Falling due after More than One Year
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2015
2014
£
£
Hire purchase agreements
12,191
-
---------
----
5. Share Capital
Allotted, called up and fully paid:
2015
2014
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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----
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