THE_PHONE_SHOP_(MIDLANDS) - Accounts

THE PHONE SHOP (MIDLANDS) LIMITED - Company Information

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Company Registration No. 03334177 (England and Wales)

THE PHONE SHOP (MIDLANDS) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

THE PHONE SHOP (MIDLANDS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

THE PHONE SHOP (MIDLANDS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

77,978

68,167

Current assets

Stocks

2,000

7,200

Debtors

516,802

395,663

Cash at bank and in hand

328,962

180,022

847,764

582,885

Creditors: amounts falling due within one year

(592,919)

(583,290)

Net current assets/(liabilities)

254,845

(405)

Total assets less current liabilities

332,823

67,762

Creditors: amounts falling due after more than one year

(42,886)

(31,695)

289,937

36,067

Capital and reserves

Called up share capital

Profit and loss account

289,935

36,065

Shareholders' funds

289,937

36,067

For the financial year ended 31 March 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 31 May 2014

Mr D Twist

Director

Company Registration No. 03334177

THE PHONE SHOP (MIDLANDS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

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 goods and services net of VAT and trade discounts.

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:

Computer equipment

25% Straight line

Fixtures, fittings & equipment

15% Reducing balance

Motor vehicles

25% Reducing balance

Fixed assets

Tangible assets

Cost

At 1 April 2013

128,745

Additions

61,383

Disposals

(67,874)

At 31 March 2014

122,254

Depreciation

At 1 April 2013

60,578

On disposals

(33,120)

Charge for the year

16,818

At 31 March 2014

44,276

Net book value

At 31 March 2014

77,978

At 31 March 2013

68,167

THE PHONE SHOP (MIDLANDS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

D Twist - Directors Loan

228,629

11,753

21,915

218,467

228,629

11,753

21,915

218,467