Premier Amusement Supplies Limited - Period Ending 2015-01-31

Registration number: 04398635

Premier Amusement Supplies Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2015
 

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Premier Amusement Supplies Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Amusement Supplies Limited
for the Year Ended 31 January 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Amusement Supplies Limited for the year ended 31 January 2015 set out on pages 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 Board of Directors of Premier Amusement Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Premier Amusement Supplies Limited and state those matters that we have agreed to state to them, as a body, 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 Premier Amusement Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Amusement Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Amusement Supplies Limited. You consider that Premier Amusement Supplies 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 accounts of Premier Amusement Supplies 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 accounts.

......................................

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

20 April 2015

Page 1

Premier Amusement Supplies Limited
(Registration number: 04398635)
Abbreviated Balance Sheet at 31 January 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			61,447			35,538
Current assets
Stocks					227,737			195,602
Debtors					88,977			56,960
Cash at bank and in hand					219,554			96,958
					536,268			349,520
Creditors: Amounts falling due within one year		3			(203,930)			(221,131)
Net current assets					332,338			128,389
Total assets less current liabilities					393,785			163,927
Creditors: Amounts falling due after more than one year					(9,178)			(4,254)
Provisions for liabilities					(11,806)			(6,518)
Net assets					372,801			153,155
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					372,701			153,055
Shareholders' funds					372,801			153,155

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Premier Amusement Supplies Limited
(Registration number: 04398635)
Abbreviated Balance Sheet at 31 January 2015
......... continued

For the year ending 31 January 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved and authorised for issue by the Board on 20 April 2015 and signed on its behalf by:

.........................................
Mr A J Wilkins
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Premier Amusement Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Office equipment	33% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Premier Amusement Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2014		45,837			45,837
Additions		32,658			32,658
At 31 January 2015		78,495			78,495
Depreciation
At 1 February 2014		10,299			10,299
Charge for the year		6,749			6,749
At 31 January 2015		17,048			17,048
Net book value
At 31 January 2015		61,447			61,447
At 31 January 2014		35,538			35,538

Page 5

Premier Amusement Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		8,104			3,668
Amounts falling due after more than one year		9,178			4,254
Total secured creditors		17,282			7,922

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 6