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Norfolk Solar Ltd
For the year ended 31 March 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 06487748
2
Contents Page
Norfolk Solar Ltd
For the year ended 31 March 2015
1
Balance Sheet
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Notes to the Abbreviated Financial Statements
3
Abbreviated Balance Sheet
Norfolk Solar Ltd
As at 31 March 2015
06487748
Registered Number :
£
£
2015
Notes
2014
Fixed assets
Intangible assets
2
30,000
40,000
Tangible assets
3
6,504
8,366
36,504
48,366
Current assets
Stocks
21,269
21,286
Debtors
5,631
21,117
Cash at bank and in hand
21,260
6,498
63,663
33,398
Creditors: amounts falling due within one year
(45,380)
(92,270)
(11,982)
(28,607)
Net current liabilities
Total assets less current liabilities
7,897
36,384
-
(1,673)
Provisions for liabilities
7,897
Net assets
34,711
Capital and reserves
Called up share capital
100
4
100
Profit and loss account
7,797
34,611
7,897
34,711
Shareholders funds
For the year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The director acknowledges his 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.
Date approved by the board: 22 September 2015
B Sayward Director
Signed on behalf of the board of directors
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4
Notes to the Abbreviated Financial Statements
Norfolk Solar Ltd
For the year ended 31 March 2015
1 Accounting Policies
Basis of accounting
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.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the
estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
20% Straight line
Plant and Machinery
15 / 25% Reducing balance
Motor Vehicles
25% Reducing balance
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5
Notes to the Abbreviated Financial Statements
Norfolk Solar Ltd
For the year ended 31 March 2015
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 April 2014
100,000
100,000
At 31 March 2015
Amortisation
60,000
At 01 April 2014
10,000
Charge for year
70,000
At 31 March 2015
30,000
Net Book Values
At 31 March 2015
40,000
At 31 March 2014
3 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
24,112
At 01 April 2014
At 31 March 2015
24,112
Depreciation
15,746
At 01 April 2014
1,862
Charge for year
17,608
At 31 March 2015
Net book values
At 31 March 2015
6,504
8,366
At 31 March 2014
4 Share capital
Allotted called up and fully paid
2015
2014
£
£
100 Ordinary shares of £1.00 each
100
100
100
100
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