PROWATER_LIMITED - Accounts

PROWATER LIMITED T/A ADVANCED WATER TECHNOLOGIES LIMITED - Company Information

Print Friendly Version

Company Registration No. 02608739 (England and Wales)

PROWATER LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2014

PROWATER LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PROWATER LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

363,606

367,622

Current assets

Stocks

11,500

Debtors

148,648

193,514

160,148

205,014

Creditors: amounts falling due within one year

(233,197)

(259,300)

Net current liabilities

(73,049)

(54,286)

Total assets less current liabilities

290,557

313,336

Creditors: amounts falling due after more than one year

(150,138)

(181,115)

Provisions for liabilities

(4,086)

(4,266)

136,333

127,955

Capital and reserves

Called up share capital

Revaluation reserve

26,445

Profit and loss account

109,885

101,507

Shareholders' funds

136,333

127,955

PROWATER LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2014

- 2 -

For the financial Year ended 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476;

The directors acknowledge their 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 6 January 2015

G Wade

Director

Company Registration No. 02608739

PROWATER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings 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 goods and services net of VAT and trade discounts and derives from the provision of goods falling within the company's ordinary activities.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

Not depreciated

Plant and machinery

20% on written down value

Fixtures, fittings & equipment

15% on written down value

Motor vehicles

25% on written down value

No depreciation has been provided on freehold property since the directors are of the opinion that any such amount would be immaterial due to the high residual value of the asset. The directors undertake an impairment review at each year end to ensure that carrying values are no more than their recoverable amount.

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. The pension costs charges in the financial statements represent the contribution payable by the company during the year.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PROWATER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2014

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 September 2013

500,610

Additions

16,400

Disposals

(6,075)

At 31 August 2014

510,935

Depreciation

At 1 September 2013

132,988

On disposals

(5,659)

Charge for the period

20,000

At 31 August 2014

147,329

Net book value

At 31 August 2014

363,606

At 31 August 2013

367,622

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £85,365 (2013 - £51,848).

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

(47,492)

(95,457)

The aggregate amount of creditors for which security has been given amounted to £150,138 (2013 - £181,115).

Share capital

2014

2013

Allotted, called up and fully paid

3 Ordinary shares of £1 each

PROWATER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2014

- 5 -

Related party relationships and transactions

Other transactions

Included within other creditors were the following amounts owed to the directors and shareholders of the company at 31 August 2014:

Mr C Clark £6,118 (2013: £17,080)

Mr T Wade £8,324 (2013: £15,859).