Paul Forward Decorating Contractor Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08581875 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

PAUL FORWARD DECORATING CONTRACTOR LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

10,000

12,000

Tangible assets

5

10,058

13,410

20,058

25,410

CURRENT ASSETS

Stocks

2,763

3,200

Debtors

6

27,568

23,888

Cash at bank

7,225

16,770

37,556

43,858

CREDITORS

Amounts falling due within one year

7

36,665

39,944

NET CURRENT ASSETS

891

3,914

TOTAL ASSETS LESS CURRENT LIABILITIES

20,949

29,324

CREDITORS

Amounts falling due after more than one year

8

(18,164

)

(28,612

)

PROVISIONS FOR LIABILITIES

(1,911

)

-

NET ASSETS

874

712

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

774

612

874

712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 27 March 2019 and were signed by:

P Forward - Director

1.	STATUTORY INFORMATION

Paul Forward Decorating Contractor Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

08581875

Registered office:

SME House

Unit 1 Holme Lacy industrial Estate

Hereford

Herefordshire

HR2 6DR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2017

and 30 June 2018

20,000

AMORTISATION

At 1 July 2017

8,000

Amortisation for year

2,000

At 30 June 2018

10,000

NET BOOK VALUE

At 30 June 2018

10,000

At 30 June 2017

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 July 2017

and 30 June 2018

21,076

638

21,714

DEPRECIATION

At 1 July 2017

8,045

259

8,304

Charge for year

3,257

95

3,352

At 30 June 2018

11,302

354

11,656

NET BOOK VALUE

At 30 June 2018

9,774

284

10,058

At 30 June 2017

13,031

379

13,410

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Trade debtors

20,324

20,121

Other debtors

7,244

3,767

27,568

23,888

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans and overdrafts

6,162

6,162

Hire purchase contracts

4,285

4,013

Trade creditors

14,975

18,395

Taxation and social security

9,564

10,063

Other creditors

1,679

1,311

36,665

39,944

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans

15,919

22,082

Hire purchase contracts

2,245

6,530

18,164

28,612

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Forward.