Abbreviated Company Accounts - PK SALES & LETTINGS LTD

PK SALES & LETTINGS LTD - Company Information

08161825 PK SALES & LETTINGS LTD 2014-07-31 false 2013-08-01 2014-07-31 true 08161825 2013-08-01 2014-07-31 08161825 2014-07-31 08161825 2013-07-31 08161825 uk-gaap-cd-bus:Director1 2013-08-01 2014-07-31 08161825 uk-gaap-cd-bus:Director2 2013-08-01 2014-07-31 uk-gaap-cd-bus:Director3 2013-08-01 2014-07-31 uk-gaap-cd-bus:Director3 2014-07-31 uk-gaap-cd-bus:Director3 2013-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-08-01 2014-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-07-31 iso4217:GBP shares

Registered Number 08161825

PK SALES & LETTINGS LTD

Abbreviated Accounts

31 July 2014

PK SALES & LETTINGS LTD Registered Number 08161825

Abbreviated Balance Sheet as at 31 July 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	12,665	2,795
		12,665	2,795
Current assets
Cash at bank and in hand		37,831	813
		37,831	813
Creditors: amounts falling due within one year		(217,356)	(69,093)
Net current assets (liabilities)		(179,525)	(68,280)
Total assets less current liabilities		(166,860)	(65,485)
Provisions for liabilities		(183)	(559)
Total net assets (liabilities)		(167,043)	(66,044)
Capital and reserves
Called up share capital	3	1	1
Profit and loss account		(167,044)	(66,045)
Shareholders' funds		(167,043)	(66,044)

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 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 29 April 2015

And signed on their behalf by:
Mr Paul Kayode Olubunmi, Director

PK SALES & LETTINGS LTD Registered Number 08161825

Notes to the Abbreviated Accounts for the period ended 31 July 2014

1Accounting Policies

Basis of measurement and preparation of accounts
a) Going Concern:

The company is supported by loan from director and the director will continue to support the company by not withdrawing the loan in the near future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

b) Basis of Accounting:

The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities ( effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting standard 1, from presenting a cash flow statement as it qualifies as a small company.

Turnover policy
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:

Motor Vehicles 25 % on Reducing Balance Method
Equipment, Fixtures and fittings 25 % on Reducing Balance Method
Computer Equipment 33% on Straight Line Method

Other accounting policies
e) Deferred Taxation:

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a (discounted/nondiscounted) basis, at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2Tangible fixed assets

	£
Cost
At 1 August 2013	4,015
Additions	14,816
Disposals	-
Revaluations	-
Transfers	-
At 31 July 2014	18,831
Depreciation
At 1 August 2013	1,220
Charge for the year	4,946
On disposals	-
At 31 July 2014	6,166
Net book values
At 31 July 2014	12,665
At 31 July 2013	2,795

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
1 Ordinary shares of £1 each	1	1

4Transactions with directors

Name of director receiving advance or credit:	Mr Paul Kayode Olubunmi
Description of the transaction:	Company Owed to Director
Balance at 1 August 2013:	£ 53,909
Advances or credits made:	£ 61,533
Advances or credits repaid:	-
Balance at 31 July 2014:	£ 115,442

Ultimate Controlling Party:

At the balance sheet date, the director Mr Paul Kayode Olubunmi owns 100% shares within the company. Therefore he is the ultimate controlling party by the virtue of shares.
At the balance sheet date, the company owed £115,442 and (2013:£53,909) to the director Mr Paul Kayode Olubunmi. This was an interest free loan given to the company.