Company Registration No. 06986224 (England and Wales)
NATURAL CUT STONE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
NATURAL CUT STONE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
NATURAL CUT STONE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2014
31 August 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
50,203
40,051
Current assets
Stocks
41,271
32,969
Debtors
17,501
20,743
Cash at bank and in hand
16,704
25,455
75,476
79,167
Creditors: amounts falling due within one year
(70,062)
(84,486)
Net current assets/(liabilities)
5,414
(5,319)
Total assets less current liabilities
55,617
34,732
Creditors: amounts falling due after more than one year
(878)
(3,357)
54,739
31,375
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
54,639
31,275
Shareholders' funds
54,739
31,375
For the financial year ended 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:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 March 2015
Mr J R Barrett
Director
Company Registration No. 06986224
NATURAL CUT STONE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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 less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NATURAL CUT STONE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2013
77,993
Additions
22,434
At 31 August 2014
100,427
Depreciation
At 1 September 2013
37,942
Charge for the year
12,282
At 31 August 2014
50,224
Net book value
At 31 August 2014
50,203
At 31 August 2013
40,051
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100