ACCOUNTS - Final Accounts preparation


04552998 2015-11-01 false true 2016-10-312016-10-31 04552998 2015-11-01 2016-10-31 04552998 2016-10-31 04552998 2015-10-31 04552998 c:MotorVehicles 2015-11-01 2016-10-31 04552998 d:OrdinaryShareClass1 2016-10-31 04552998 d:OrdinaryShareClass1 2015-10-31 04552998 d:OrdinaryShareClass1 2015-11-01 2016-10-31 04552998 d:Director2 2015-11-01 2016-10-31 04552998 d:Director4 2015-11-01 2016-10-31 04552998 c:OfficeEquipment 2015-11-01 2016-10-31 04552998 c:NetGoodwill 2015-11-01 2016-10-31 04552998 c:ProvisionsForDeferredTaxation 2015-10-31 xbrli:shares iso4217:GBP

Registered number: 04552998










SAXOPHONES LIMITED








UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

 
SAXOPHONES LIMITED
REGISTERED NUMBER: 04552998

ABBREVIATED BALANCE SHEET
AS AT 31 OCTOBER 2016

2016
2015
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
3
119,149
151,774
 
CURRENT ASSETS





 
Stocks
637,594
607,588

 
Debtors
153,014
124,846

 
Cash at bank

46,130
52,145







 
836,738
784,579
 
CREDITORS: amounts falling due within one year
(489,625)
(474,152)
 
NET CURRENT ASSETS


347,113

310,427
 
TOTAL ASSETS LESS CURRENT LIABILITIES
466,262
462,201
 
CREDITORS: amounts falling due after more than one year
(46,880)

(50,298)
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(23,257)
(29,657)

NET ASSETS




 396,125


 382,246
  
CAPITAL AND RESERVES

 
Called up share capital
4
2
2
 
Profit and loss account
396,123
382,244
 
SHAREHOLDERS' FUNDS
 

 396,125

 382,246


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 11 April 2017.





P. Straker
C. Straker
Director
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
SAXOPHONES LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

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 January 2015).

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

1.4
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance

1.5
Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

Page 2

 
SAXOPHONES LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES (continued)

1.8
Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.


2.INTANGIBLE FIXED ASSETS



£


Cost



At 1 November 2015 and 31 October 2016

60,000

Amortisation


At 1 November 2015 and 31 October 2016

60,000




Net book value


At 31 October 2016
 -


3.TANGIBLE FIXED ASSETS



£


Cost 


At 1 November 2015
212,941

Additions
11,195

Disposals
(19,246)


At 31 October 2016

204,890



Depreciation


At 1 November 2015
61,167

Charge for the year
37,769

On disposals
(13,195)


At 31 October 2016

85,741




Net book value


At 31 October 2016
 119,149


At 31 October 2015

 151,774

Page 3

 
SAXOPHONES LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016

4.SHARE CAPITAL
        2016
        2015
        £

        £

Authorised




Allotted, called up and fully paid



2 Ordinary shares of £1 each
 2
 2

Page 4