Abbreviated Company Accounts - INDUSTRIAL POWDER AND PAINT SERVICES LIMITED

Abbreviated Company Accounts - INDUSTRIAL POWDER AND PAINT SERVICES LIMITED

INDUSTRIAL POWDER AND PAINT SERVICES LIMITED - Company Information

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Registered Number 02493891

INDUSTRIAL POWDER AND PAINT SERVICES LIMITED

Abbreviated Accounts

31 May 2014

INDUSTRIAL POWDER AND PAINT SERVICES LIMITED Registered Number 02493891

Abbreviated Balance Sheet as at 31 May 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 20,372 12,650
20,372 12,650
Current assets
Stocks 75,228 87,069
Debtors 218,805 190,454
Cash at bank and in hand 74,692 62,917
368,725 340,440
Creditors: amounts falling due within one year (241,773) (213,238)
Net current assets (liabilities) 126,952 127,202
Total assets less current liabilities 147,324 139,852
Creditors: amounts falling due after more than one year (14,969) (24,637)
Provisions for liabilities (3,036) (1,062)
Total net assets (liabilities) 129,319 114,153
Capital and reserves
Called up share capital 6,775 6,775
Profit and loss account 122,544 107,378
Shareholders' funds 129,319 114,153
  • For the year ending 31 May 2014 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 14 February 2015

And signed on their behalf by:
K Stedman, Director

INDUSTRIAL POWDER AND PAINT SERVICES LIMITED Registered Number 02493891

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
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 policy
Turnover represents the value, net of VAT and discounts, of goods supplied to customers and of work done in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation is provided to write off assets over their useful working lives

Plant and machinery 20% of the reducing balance

Valuation information and policy
Stock is valued at the lower of cost or net realisable value.

2Tangible fixed assets
£
Cost
At 1 June 2013 89,214
Additions 14,111
Disposals (6,400)
Revaluations -
Transfers -
At 31 May 2014 96,925
Depreciation
At 1 June 2013 76,564
Charge for the year 5,093
On disposals (5,104)
At 31 May 2014 76,553
Net book values
At 31 May 2014 20,372
At 31 May 2013 12,650