Precision Abseiling Limited - Limited company - abbreviated

REGISTERED NUMBER: 03253732 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

PRECISION ABSEILING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTOR:

D M Payne

SECRETARY:

Mrs S Payne

REGISTERED OFFICE:

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

REGISTERED NUMBER:

03253732 (England and Wales)

ACCOUNTANTS:

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

2

1,804

1,820

CURRENT ASSETS

Debtors

35,553

39,688

Cash at bank

25

35,578

39,713

CREDITORS

Amounts falling due within one year

3

36,837

41,073

NET CURRENT LIABILITIES

(1,259

)

(1,360

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

545

460

CAPITAL AND RESERVES

Called up share capital

4

100

Capital redemption reserve

200

Profit and loss account

245

160

SHAREHOLDERS' FUNDS

545

460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 9 March 2015 and were signed by:

D M Payne - Director

1.	ACCOUNTING POLICIES

Going concern

The Director has taken appropriate steps to reduce costs as a result of the challenging economic

conditions and believes the company will have sufficient funding and will continue to operate within its

finance facilities for the foreseeable future and therefore that the going concern basis of preparation is

appropriate. The financial statements do not include any adjustments that may be necessary should the

going concern basis of preparation not be appropriate.

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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Office equipment

-

20% on cost

Deferred tax

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

balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

39,441

Additions

298

At 31 October 2014

39,739

DEPRECIATION

At 1 November 2013

37,621

Charge for year

314

At 31 October 2014

37,935

NET BOOK VALUE

At 31 October 2014

1,804

At 31 October 2013

1,820

3.

CREDITORS

Creditors include an amount of £ 17,900 (2013 - £ 19,182 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

100

Ordinary

£1

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2014 and

31 October 2013:

2014

2013

£

D M Payne

Balance outstanding at start of year

9,466

15,584

Amounts advanced

10,052

9,882

Amounts repaid

(10,000

)

(16,000

)

Balance outstanding at end of year

9,518

9,466

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 Precision Abseiling Limited for the year ended 31 October 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 Precision Abseiling Limited in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial statements of

Precision Abseiling Limited and state those matters that we have agreed to state to the director of Precision

Abseiling 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 Precision Abseiling 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

Precision Abseiling Limited. You consider that Precision Abseiling 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 Precision Abseiling

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.

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

10 March 2015

Precision Abseiling Limited - Limited company - abbreviated - 11.6

Precision Abseiling Limited - Limited company - abbreviated - 11.6