Prescott Engineering Limited - Period Ending 2014-10-31

Registration number: SC212328

Prescott Engineering Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Robert J Hart & Company
  Chartered Accountants
  Riversleigh
  9 Kilwinning Road
  Irvine
  Ayrshire
  KA12 8RR

Prescott Engineering Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Prescott Engineering Limited
(Registration number: SC212328)
Abbreviated Balance Sheet at 31 October 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			14,165			16,665
Current assets
Debtors					37,164			41,104
Cash at bank and in hand					22,450			7,170
					59,614			48,274
Creditors: Amounts falling due within one year					(28,511)			(32,967)
Net current assets					31,103			15,307
Net assets					45,268			31,972
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					45,168			31,872
Shareholders' funds					45,268			31,972

For the year ending 31 October 2014 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 .

Approved by the Board on 19 January 2015 and signed on its behalf by:

.........................................
W Muir
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Prescott Engineering Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... 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 and services 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	15% reducing balance basis

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.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2013		38,211			38,211
At 31 October 2014		38,211			38,211
Depreciation
At 1 November 2013		21,546			21,546
Charge for the year		2,500			2,500
At 31 October 2014		24,046			24,046
Net book value
At 31 October 2014		14,165			14,165
At 31 October 2013		16,665			16,665

Page 2

Prescott Engineering Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 3