Abbreviated Company Accounts - PMS BOOKSHOP LIMITED

PMS BOOKSHOP LIMITED - Company Information

02663410 PMS BOOKSHOP LIMITED 2013-12-31 false 2013-01-01 2013-12-31 true 02663410 2013-01-01 2013-12-31 02663410 2013-12-31 02663410 2012-12-31 02663410 uk-gaap-cd-bus:Director1 2013-01-01 2013-12-31 02663410 uk-gaap-cd-bus:Director2 2013-01-01 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-01-01 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2012-12-31 iso4217:GBP shares

Registered Number 02663410

PMS BOOKSHOP LIMITED

Abbreviated Accounts

31 December 2013

PMS BOOKSHOP LIMITED Registered Number 02663410

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Called up share capital not paid		-	-
Fixed assets
Tangible assets	2	4,024	4,274
		4,024	4,274
Current assets
Stocks		30,099	146,838
Debtors		657	2,248
Cash at bank and in hand		5,351	3,442
		36,107	152,528
Creditors: amounts falling due within one year		(1,475)	(20,712)
Net current assets (liabilities)		34,632	131,816
Total assets less current liabilities		38,656	136,090
Creditors: amounts falling due after more than one year		(60,083)	(173,596)
Total net assets (liabilities)		(21,427)	(37,506)
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		(21,429)	(37,508)
Shareholders' funds		(21,427)	(37,506)

For the year ending 31 December 2013 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 7 February 2014

And signed on their behalf by:
Andrew Ostaszewski, Director
Marek Jakubowski, Director

PMS BOOKSHOP LIMITED Registered Number 02663410

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Sales represent net invoiced goods, excluding value added tax and including commission income, where the company acts as agent to customers wishing to sell books on a commission only basis and in the sale of newspapers and journals on a sale and return basis.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write-off each asset over the estimated useful life. The principal annual rates in use are; Equipment, furniture and fittings 25% on depreciated cost. Capital items 10% on depreciated cost.

Intangible assets amortisation policy
There are no intangible fixed assets.

Valuation information and policy
Inventory is valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
PMS Bookshop has agreed to pay from 1/1/2001 to the Polish Educational Society, the current market rate of interest for the long term payable. Currently 2% (2% in 2012) is payable based on the average of the amount payable at the start and end of the 2013 financial year.
From1/1/2013, PMS (the owner) restructured its loan to reflect the change of operations of PMS Bookshop. The loan outstanding of £176,860.86 was reduced to £20,000 with the remainder re-capitalising the carried forward losses of £37,508.53 and writing down the value of obsolete and slow moving inventory. PMS Bookshop operational strategy was changed to focus on 'sale and return' operations with the decision not to purchase any further books outright.

2Tangible fixed assets

	£
Cost
At 1 January 2013	20,953
Additions	0
Disposals	0
Revaluations	0
Transfers	0
At 31 December 2013	20,953
Depreciation
At 1 January 2013	16,679
Charge for the year	250
On disposals	0
At 31 December 2013	16,929
Net book values
At 31 December 2013	4,024
At 31 December 2012	4,274

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

	2013 £	2012 £
2 Ordinary shares of £1 each	2	2

The shares were held in the names of the two directors in a beneficial capacity for the Polish Educational Society (a registered charity No. 298254)