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Registration number: 04704143

Nick Rowland Furniture Maker & Joiner Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

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
Balance Sheet as at 31 March 2016

   

Note

   

2016

   

2015

 
 

£

   

£

   

£

   

£

 

Fixed assets

 

   

         

       

Tangible fixed assets

 

2

   

   

8,689

   

   

13,773

 

Current assets

 

   

         

       

Stocks

 

   

8,262

   

   

29,000

   

 

Debtors

 

   

24,464

   

   

25,236

   

 

Cash at bank and in hand

 

   

37,991

   

   

61,369

   

 
   

   

70,717

   

   

115,605

   

 

Creditors: Amounts falling due within one year

 

   

(80,295)

   

   

(87,565)

   

 

Net current (liabilities)/assets

 

   

   

(9,578)

   

   

28,040

 

Total assets less current liabilities

 

   

   

(889)

   

   

41,813

 

Creditors: Amounts falling due after more than one year

 

   

   

(18,999)

   

   

(27,140)

 

Provisions for liabilities

 

   

   

(554)

   

   

(1,984)

 

Net (liabilities)/assets

 

   

   

(20,442)

   

   

12,689

 

Capital and reserves

 

   

         

       

Called up share capital

 

3

   

10

   

   

10

   

 

Profit and loss account

 

   

(20,452)

   

   

12,679

   

 

Shareholders' (deficit)/funds

 

   

   

(20,442)

   

   

12,689

 

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
Balance Sheet as at 31 March 2016
......... continued

For the year ending 31 March 2016 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.

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

Approved by the Board on 23 December 2016 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 2016
......... 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 January 2015).

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

 

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

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 2015

 

99,428

   

99,428

 

Additions

 

170

   

170

 

Disposals

 

(863)

   

(863)

 

At 31 March 2016

 

98,735

   

98,735

 

Depreciation

 

   

 

At 1 April 2015

 

85,655

   

85,655

 

Charge for the year

 

4,973

   

4,973

 

Eliminated on disposals

 

(582)

   

(582)

 

At 31 March 2016

 

90,046

   

90,046

 

Net book value

 

   

 

At 31 March 2016

 

8,689

   

8,689

 

At 31 March 2015

 

13,773

   

13,773

 
 

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

10

   

10

   

10

   

10

 
                         
 

Nick Rowland Furniture Maker & Joiner Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4

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 £Nil (2015 - £40,719). At the balance sheet date the amount due from Mr N Rowland and Mrs J Rowland was £7,967 (2015 - £1,355).


Cotswold Wood Finishers Ltd
(A company with common directors)

During the year the company borrowed funds totalling £554 from Cotswold Wood Finishers Ltd.

5

Control

The company is controlled by Mr N Rowland.