Portable Building Sales Limited - Abbreviated accounts

Portable Building Sales Limited - Abbreviated accounts


Registered number
06762863
Portable Building Sales Limited
Abbreviated Accounts
31 March 2015
Portable Building Sales Limited
Registered number: 06762863
Abbreviated Balance Sheet
as at 31 March 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 15,317 11,186
Tangible assets 3 182,352 151,105
197,669 162,291
Current assets
Stocks 225,733 183,216
Debtors 254,378 108,065
Cash at bank and in hand 236,219 289,127
716,330 580,408
Creditors: amounts falling due within one year (461,034) (276,658)
Net current assets 255,296 303,750
Total assets less current liabilities 452,965 466,041
Creditors: amounts falling due after more than one year (22,382) (12,378)
Provisions for liabilities (30,088) (22,830)
Net assets 400,495 430,833
Capital and reserves
Called up share capital 4 100 100
Profit and loss account 400,395 430,733
Shareholders' funds 400,495 430,833
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr M A Ward
Director
Approved by the board on 19 June 2015
Portable Building Sales Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Motor vehicles 25% reducing balance
Office & storage units 20% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Intangible fixed assets £
Cost
At 1 April 2014 16,224
Additions 7,500
At 31 March 2015 23,724
Amortisation
At 1 April 2014 5,038
Provided during the year 3,369
At 31 March 2015 8,407
Net book value
At 31 March 2015 15,317
At 31 March 2014 11,186
3 Tangible fixed assets £
Cost
At 1 April 2014 206,877
Additions 93,830
Disposals (31,300)
At 31 March 2015 269,407
Depreciation
At 1 April 2014 55,772
Charge for the year 42,061
On disposals (10,778)
At 31 March 2015 87,055
Net book value
At 31 March 2015 182,352
At 31 March 2014 151,105
4 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
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