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Registered number: 4501986
Fairacre Services (Midlands) Limited
Abbreviated accounts
For The Year Ended 31 August 2014
Abbreviated Balance Sheet
2014 2013
Notes £ £ £ £
FIXED ASSETS
Tangible assets 2 1,353 1,815
1,353 1,815
CURRENT ASSETS
Stocks 13,247 11,879
Debtors 20,831 17,278
Cash at bank and in hand 8,596 25,187
42,674 54,344
Creditors: Amounts Falling Due Within One Year (22,832) (23,864)
NET CURRENT ASSETS (LIABILITIES) 19,842 30,480
TOTAL ASSETS LESS CURRENT LIABILITIES 21,195 32,295
NET ASSETS 21,195 32,295
CAPITAL AND RESERVES
Called up share capital 3 4 4
Profit and Loss account 21,191 32,291
SHAREHOLDERS' FUNDS 21,195 32,295
Page 1
For the year ending 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
On behalf of the board
Mr Martyn Ward
27 February 2015
Page 2
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance basis
Motor Vehicles 25% on straight line basis
Stocks and Work in Progress
Stocks and work in progress 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Tangible Assets
Total
Cost £
As at 1 September 2013 7,447
As at 31 August 2014 7,447
Depreciation
As at 1 September 2013 5,632
Provided during the period 462
As at 31 August 2014 6,094
Net Book Value
As at 31 August 2014 1,353
As at 1 September 2013 1,815
Share Capital
Value Number 2014 2013
Allotted, called up and fully paid: £ £ £
Ordinary shares 1.000 4 4 4
Ultimate Controlling Party
Mr M J and Mrs H J Ward are together the ultimate controlling party of the company by virtue of their 100% joint shareholding
Page 3