Nick Rowland Furniture Maker & Joiner Ltd

Bank loans and overdrafts

Obligations under finance lease and hire purchase contracts

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Nick Rowland Furniture Maker & Joiner Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

Nick Rowland Furniture Maker & Joiner Ltd
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 6

Nick Rowland Furniture Maker & Joiner Ltd - Registration number: 04704143
at 31 March 2015

		Note		2015				2014
	£		£		£		£
Fixed assets
Tangible fixed assets		2				13,773			18,301
Current assets
Stocks				29,000				16,046
Debtors				25,236				16,954
Cash at bank and in hand				61,369				17,585
				115,605				50,585
Creditors: Amounts falling due within one year				(87,564)				(51,746)
Net current assets/(liabilities)						28,041			(1,161)
Total assets less current liabilities						41,814			17,140
Creditors: Amounts falling due after more than one year						(27,140)			(13,025)
Provisions for liabilities						(1,984)			(823)
Net assets						12,690			3,292
Capital and reserves
Called up share capital		4		10				10
Profit and loss account				12,680				3,282
Shareholders' funds						12,690			3,292

For the year ending 31 March 2015 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.

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Nick Rowland Furniture Maker & Joiner Ltd - Registration number: 04704143
at 31 March 2015
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 4 December 2015 and signed on its behalf by:

.........................................
Mr N Rowland
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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.

Depreciation

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 life as follows:


Plant and machinery	25% straight line
Fixtures and fittings	25% straight line
Motor vehicles	25% reducing balance

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

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Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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

	Tangible assets £	Total £
Cost
At 1 April 2014	97,416	97,416
Additions	2,011	2,011
At 31 March 2015	99,427	99,427
Depreciation
At 1 April 2014	79,115	79,115
Charge for the year	6,539	6,539
At 31 March 2015	85,654	85,654
Net book value
At 31 March 2015	13,773	13,773
At 31 March 2014	18,301	18,301

Page 4

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Creditors

Amounts falling due within one year

	2015 £	2014 £

Trade creditors	35,433	28,290
Obligations under finance lease and hire purchase contracts	3,485	3,485
Corporation Tax	15,171	5,410
Other taxes and social security	8,149	7,015
Other creditors	25,326	7,546
	87,564	51,746

Amounts falling due after more than one year

4	Share capital

Allotted, called up and fully paid shares

	2015			2014
		No.	£		No.	£
Ordinary of £1 each		10	10		10	10

Page 5

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr N Rowland and Mrs J Rowland
(Directors)
During the year dividends paid totalled £40,719 (2014 - £31,500). At the balance sheet date the amount due from/(to) Mr N Rowland and Mrs J Rowland was £1,049 (2014 - (£306)).

Cotswold Wood Finishers Ltd

(A company with common directors)

During the year the company lent funds totalling £15,723 to Cotswold Wood Finishers Ltd.

Control

The company is controlled by Mr N Rowland.

Page 6