Pinkswan Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06446275 (England and Wales)

PINKSWAN LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

to

4

Chartered Accountants' Report

5

DIRECTOR:

A J King

REGISTERED OFFICE:

Manor Farm

Fen Road

Holbeach

Spalding

Lincolnshire

PE12 8QA

REGISTERED NUMBER:

06446275 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

CURRENT ASSETS

Stocks

1,025,282

1,023,029

CREDITORS

Amounts falling due within one year

(1,320,127

)

(1,341,473

)

NET CURRENT LIABILITIES

(294,845

)

(318,444

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(294,845

)

(318,444

)

CAPITAL AND RESERVES

Called up share capital

2

1

1

Profit and loss account

(294,846

)

(318,445

)

SHAREHOLDERS' FUNDS

(294,845

)

(318,444

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 6 March 2015 and were signed by:

A J King - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company made a net profit after taxation of £23,599 (2013: £111,439) during the year.

At the balance sheet date the company had net current liabilities and net liabilities of £294,845 (2013:

£318,444).

The company meets its day to day working capital requirements from Ashley King (Developments) Limited, the

parent company, via a bank overdraft and bank loan facilities. The director has no reason to believe that the

banks will not continue to support the company for the foreseeable future. The company also relies on loans

provided by related parties under the common control of the director. The director has given assurances that

he will not withdraw this funding to the extent that it would jeopardise the company's ability to continue as a

going concern. The director will continue to provide additional financial support to the company as required.

The director is confident that the company will continue to be profitable.

For the above reasons, the director believes it is appropriate to prepare the financial statements on the going

concern basis.

Accounting convention

The financial statements 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 net invoiced sale of property on a completion basis, excluding value added tax, where

applicable.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

balance sheet date.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1

3.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Ashley King (Developments) Limited, a company incorporated in

the United Kingdom.

4.	SECURED DEBTS

The parent company, Ashley King (Developments) Limited, has a loan facility of £1,700,000 that is partly used

to fund Pinkswan Limited. This loan facility is secured against the property held by the company, a property

held by the parent company and a property held by the director. At the balance sheet date, this loan facility

had been fully drawn down.

The director has also given a personal guarantee in respect of this loan facility.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Pinkswan Limited for the year ended 30 June 2014 which comprise the Profit and Loss Account,

the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject

to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Pinkswan Limited in accordance with our terms of engagement. Our work

has been undertaken solely to prepare for your approval the financial statements of Pinkswan Limited and state those

matters that we have agreed to state to the director of Pinkswan Limited in this report in accordance with AAF 2/10 as

detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility

to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Pinkswan Limited has kept adequate accounting records and to prepare statutory

financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pinkswan

Limited. You consider that Pinkswan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pinkswan Limited. For this

reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

6 March 2015