PRUDENCE_CUMING_ASSOCIATE - Accounts
PRUDENCE_CUMING_ASSOCIATE - Accounts
Company Registration No. 00908367 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRUDENCE CUMING ASSOCIATES LIMITED FOR THE YEAR ENDED 31 JULY 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prudence Cuming Associates Limited for the year ended 31 July 2014 set out on pages 3 to 11 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, 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 Prudence Cuming Associates Limited, as a body, in accordance with the terms of our engagement letter dated 8 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Prudence Cuming Associates Limited and state those matters that we have agreed to state to the Board of Directors of Prudence Cuming Associates Limited, 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 Prudence Cuming Associates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Prudence Cuming Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prudence Cuming Associates Limited. You consider that Prudence Cuming Associates 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 financial statements of Prudence Cuming Associates 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 financial statements.
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2014
- 2 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(69,474 )
(108,535 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
-
(477 )
Provisions for liabilities
(11,737 )
(11,737 )
295,205
288,879
Capital and reserves
Called up share capital
5
Other reserves
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2014
- 3 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 28 April 2015
Director
Director
Company Registration No. 00908367
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
1
Accounting policies
1.1
Accounting convention
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
The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
- the revenue can be measured reliably;
- it is probable that the economic benefits will flow to the entity;
- the stage of completion at the balance sheet date can be measured reliably, and
- the costs relating to the transaction can be measured reliably.
1.4
Tangible fixed assets and depreciation
Land and buildings Freehold
Plant and machinery
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
1.5
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2014
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2013
810,520
Additions
4,093
Disposals
(800)
At 31 July 2014
813,813
Depreciation
At 1 August 2013
714,404
On disposals
(200)
Charge for the year
17,434
At 31 July 2014
731,638
Net book value
At 31 July 2014
82,175
At 31 July 2013
96,117
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £477 (2013 - £11,316).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £- (2013 - £477).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid