Pallas Limited - Period Ending 2014-07-31

Registration number: 06301546

Pallas Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2014
 

Paul Austen Associates
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 4BA

Pallas Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pallas Limited
for the Year Ended 31 July 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pallas Limited for the year ended 31 July 2014 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 Pallas 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 Pallas 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 Pallas Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pallas 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 Pallas Limited. You consider that Pallas 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 Pallas 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.

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

Paul Austen Associates
Chartered Accountants
Charter House
7-9 Wagg Street
Congleton
Congleton
Cheshire
CW12 4BA

26 March 2015

Page 1

Pallas Limited
(Registration number: 06301546)
Abbreviated Balance Sheet at 31 July 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					767			240
Current assets
Cash at bank and in hand					2,004			2
Creditors: Amounts falling due within one year					(18,724)			(16,447)
Net current liabilities					(16,720)			(16,445)
Net liabilities					(15,953)			(16,205)
Capital and reserves
Called up share capital		3			11			11
Profit and loss account					(15,964)			(16,216)
Shareholders' deficit					(15,953)			(16,205)

For the year ending 31 July 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 director acknowledges his 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 director on 26 March 2015

.........................................
N James
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Pallas Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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 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 & Machinery	25% 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.

Page 3

Pallas Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2013		4,620			4,620
Additions		810			810
At 31 July 2014		5,430			5,430
Depreciation
At 1 August 2013		4,380			4,380
Charge for the year		283			283
At 31 July 2014		4,663			4,663
Net book value
At 31 July 2014		767			767
At 31 July 2013		240			240

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		11			11			11			11

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
N James
Amount loaned to director	-	-	-	-
Amount loaned from director	298	-	130	-
	298	-	130	-

Page 4