Petchells (Furnishings) Limited - Abbreviated accounts

PETCHELLS (FURNISHINGS) LIMITED - Company Information

Registered number

00743540

Petchells (Furnishings) Limited

Abbreviated Accounts

31 May 2014

Petchells (Furnishings) Limited
Registered number:		00743540
Abbreviated Balance Sheet
as at 31 May 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	2		80,214			91,123

Current assets
Stocks		299,141			257,550
Debtors		96,587			86,913
Cash at bank and in hand		108,347			68,578
		504,075			413,041

Creditors: amounts falling due within one year		(186,621)			(154,358)

Net current assets			317,454			258,683

Net assets			397,668			349,806

Capital and reserves
Called up share capital	3		5,000			5,030
Capital redemption reserve			5,000			4,970
Profit and loss account			387,668			339,806

Shareholders' funds			397,668			349,806

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mr J A Stevenson
Director
Approved by the board on 5 February 2015

Petchells (Furnishings) Limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2014

1	Accounting policies

	Basis of preparation
	The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Leasehold property and improvements			10% reducing balance
	Fixtures and fittings			15% reducing balance
	Motor vehicles			25% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision has not been made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes, as the potential provision is immaterial.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations 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. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Tangible fixed assets					£

	Cost
	At 1 June 2013					293,134
	At 31 May 2014					293,134

	Depreciation
	At 1 June 2013					202,011
	Charge for the year					10,909
	At 31 May 2014					212,920

	Net book value
	At 31 May 2014					80,214
	At 31 May 2013					91,123


3	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	B Ordinary shares	£1 each		5,000		5,000		5,030