Paddon FM Limited

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Registered number: 05867953

Paddon FM Limited

Abbreviated accounts

For The Year Ended 31 December 2014

Ashden Accountants

Chartered Accountants & Business Advisers

3 William House

Old Saint Michaels Drive

Rayne Road

Braintree, Essex

CM7 2AA

Paddon FM Limited

Company No. 05867953

Abbreviated Balance Sheet 31 December 2014

Abbreviated Balance Sheet

		2014		2013
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	2		83,614		92,208

			83,614		92,208
CURRENT ASSETS
Stocks		302,621		-
Debtors		179,033		42,756
Cash at bank and in hand		4,471		300

		486,125		43,056
Creditors: Amounts Falling Due Within One Year		(411,122)		(113,726)

NET CURRENT ASSETS (LIABILITIES)			75,003		(70,670)

TOTAL ASSETS LESS CURRENT LIABILITIES			158,617		21,538

Creditors: Amounts Falling After More Than One Year	3		(11,793)		-

NET ASSETS			146,824		21,538

CAPITAL AND RESERVES
Called up share capital	4		15,680		15,200
Share premium account			146,320		136,800
Profit and Loss account			(15,176)		(130,462)

SHAREHOLDERS' FUNDS			146,824		21,538

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Paddon FM Limited

Company No. 05867953

Abbreviated Balance Sheet (continued) 31 December 2014

For the year ending 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Mr Anthony Murphy

26th May 2015

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Paddon FM Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 December 2014

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	25% reducing balance

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Tangible Assets


	Total
Cost	£
As at 1 January 2014	98,345
Additions	19,281

As at 31 December 2014	117,626

Depreciation
As at 1 January 2014	6,137
Provided during the period	27,875

As at 31 December 2014	34,012

Net Book Value
As at 31 December 2014	83,614

As at 1 January 2014	92,208

Page 3

Paddon FM Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 December 2014

Creditors: Amounts Falling After More Than One Year

	2014	2013
	£	£
Net obligations under finance lease and hire purchase contracts	11,793	-

Share Capital

	Value	Number	2014	2013
Allotted, called up and fully paid:	£		£	£
Ordinary shares	1.000	15680	15,680	15,200

	Nominal value	Number	Amount

Shares issued during the period:	£		£
Ordinary shares	1.000	480	480

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