Company Registration No. 07145090 (England and Wales)
POWDER COSMETIC AND FRAGRANCE COMPANY LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2014
POWDER COSMETIC AND FRAGRANCE COMPANY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
POWDER COSMETIC AND FRAGRANCE COMPANY LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,045
7,551
Current assets
Stocks
16,927
18,187
Debtors
6,044
6,115
Cash at bank and in hand
1,130
2,623
24,101
26,925
Creditors: amounts falling due within one year
(75,143)
(74,412)
Net current liabilities
(51,042)
(47,487)
Total assets less current liabilities
(44,997)
(39,936)
Capital and reserves
Called up share capital
4
2
2
Profit and loss account
(44,999)
(39,938)
Shareholders' funds
(44,997)
(39,936)
For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her 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 26 February 2015
K Moore
Director
Company Registration No. 07145090
POWDER COSMETIC AND FRAGRANCE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 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 pharmaceutical goods provided net of VAT and trade discounts. Income is recognised in the period to which it relates.
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
10% straight line
Fixtures, fittings and equipment
25% reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net current liabilities of £51,042 (2013: £47,487).
The director considers the going concern basis to be appropriate because, in her opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
If the company was unable to continue obtaining sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
POWDER COSMETIC AND FRAGRANCE COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 3 -
3
Fixed assets
Tangible assets
£
Cost
At 1 June 2013 & at 31 May 2014
14,268
Depreciation
At 1 June 2013
6,717
Charge for the year
1,506
At 31 May 2014
8,223
Net book value
At 31 May 2014
6,045
At 31 May 2013
7,551
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2
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