PRIESTLEY_DEVELOPMENTS_LI - Accounts

PRIESTLEY DEVELOPMENTS LIMITED - Company Information

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Company Registration No. 04213073 (England and Wales)

PRIESTLEY DEVELOPMENTS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

PRIESTLEY DEVELOPMENTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PRIESTLEY DEVELOPMENTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

16,659

1,274

Current assets

Stocks

112,693

Debtors

119,369

12,738

Cash at bank and in hand

498

36,671

232,560

162,102

Creditors: amounts falling due within one year

(173,859)

(138,101)

Net current assets

58,701

24,001

Total assets less current liabilities

75,360

25,275

Provisions for liabilities

(3,332)

(96)

72,028

25,179

Capital and reserves

Called up share capital

100

Profit and loss account

71,928

25,079

Shareholders' funds

72,028

25,179

PRIESTLEY DEVELOPMENTS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2014

- 2 -

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 his 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 27 February 2015

P K Priestley

Director

Company Registration No. 04213073

PRIESTLEY DEVELOPMENTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

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

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

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:

Plant and machinery

20% Straight line

Fixtures, fittings & equipment

33 1/3% Straight line

Motor vehicles

25% Straight line

1.4

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

Fixed assets

Tangible assets

Cost

At 1 June 2013

37,729

Additions

21,195

Disposals

(18,889)

At 31 May 2014

40,035

Depreciation

At 1 June 2013

36,455

On disposals

(18,889)

Charge for the year

5,810

At 31 May 2014

23,376

Net book value

At 31 May 2014

16,659

At 31 May 2013

1,274

PRIESTLEY DEVELOPMENTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 4 -

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Loans to directors

The following transaction took place during the year:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

P K Priestley - Loan

4,338

105,403

109,741

4,338

105,403

109,741