Park Display Limited - Abbreviated accounts

PARK DISPLAY LIMITED - Company Information

PARK DISPLAY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2014

































Company Registration Number: 05536373

PARK DISPLAY LIMITED

ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2014


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the abbreviated financial statements									4 to 6

PARK DISPLAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2014


DIRECTORS

D Robinson
D Stubbs (appointed 3 October 2014)


SECRETARY

C Robinson


REGISTERED OFFICE

Park House E25
Telford Road
Bicester
Oxfordshire
OX26 4LD


COMPANY REGISTRATION NUMBER

05536373 England and Wales

PARK DISPLAY LIMITED

BALANCE SHEET
AS AT 30 November 2014


	Notes	2014		2013
		£		£

FIXED ASSETS
Intangible assets	2		60,352		120,702
Tangible assets	3		55,365		74,269


			115,717		194,971

CURRENT ASSETS
Stock		43,176		43,039
Debtors		285,681		169,382
Cash at bank and in hand		610,005		377,188


		938,862		589,609

CREDITORS: Amounts falling due		551,514		417,076
within one year


NET CURRENT ASSETS			387,348		172,533


TOTAL ASSETS LESS CURRENT LIABILITIES			503,065		367,504

CREDITORS: Amounts falling due			-		90,696
after more than one year

Provisions for liabilities and charges			8,861		11,602


NET ASSETS			494,204		265,206



CAPITAL AND RESERVES
Called up share capital	4		101		100
Profit and loss account			494,103		265,106


SHAREHOLDERS' FUNDS			494,204		265,206



These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the financial year ended 30 November 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors


D Robinson
Director

Date approved by the board: 23 March 2015

PARK DISPLAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2014


1	STATEMENT OF ACCOUNTING POLICIES

	Accounting convention

	The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover

	Turnover represents the value of goods and services provided, stated net of trade discounts and value added tax.

	Intangible fixed assets including goodwill

	Intangible fixed assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

	During 2012, the director reviewed the useful economic life of purchased goodwill, which relates to the amount paid in connection with the acquisition of the business in 2006 and which was previously being amortised on a straight line basis over 15 years. The director concluded that the carrying value of purchased goodwill should be amortised on a straight line basis over a remaining period of 5 years from 1 December 2011.


	Tangible fixed assets

	Fixed assets are stated at cost less accumulated depreciation.

	Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives.

	Plant and machinery			Straight line basis at 10% and 20% per annum
	Motor vehicles			Reducing balance basis at 25% per annum
	Fixtures and fittings			Straight line basis at 33% per annum

	Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

	Stock

	Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis. Net realisable value is based on estimated selling price less all further costs incurred to get the stock into its normal sale condition (including marketing, selling and distribution costs).

1	STATEMENT OF ACCOUNTING POLICIES (continued…)

	Financial instruments

	Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

	Deferred taxation

	Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

2	INTANGIBLE ASSETS
					Intangible assets
					£
	Cost
	At 1 December 2013				462,235


	At 30 November 2014				462,235


	Accumulated amounts written off
	At 1 December 2013				341,533

	Charge for year				60,350


	At 30 November 2014				401,883


	Net book value
	At 1 December 2013				120,702


	At 30 November 2014				60,352


3	TANGIBLE ASSETS
					Tangible assets
					£
	Cost
	At 1 December 2013				207,774

	Additions				5,005

	Disposals				(5,300)


	At 30 November 2014				207,479


	Accumulated depreciation
	At 1 December 2013				133,505

	Charge for year				23,225

	Disposals				(4,616)


	At 30 November 2014				152,114


	Net book value
	At 1 December 2013				74,269


	At 30 November 2014				55,365


4	SHARE CAPITAL
		Nominal value	Number	2014	2013
		£		£	£
	Allotted, called up and fully paid:
	Ordinary shares	1	100	100	100
	Ordinary class A share	1	1	1	-


				101	100


		Nominal value	Number	2014	2013
		£		£	£
	Shares issued during the year:
	Ordinary class A share	1	1	1	-

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