Pickup Systems Limited - Period Ending 2015-03-31

Pickup Systems Limited
Abbreviated Balance Sheet
31 March 2015

 

Company Registration Number: 06431087

		Note			2015 £			2014 £
Fixed assets		2
Tangible fixed assets					158,900			78,506
Current assets
Stocks					303,843			278,457
Debtors					483,466			475,971
Cash at bank and in hand					208,100			3,123
					995,409			757,551
Creditors: Amounts falling due within one year		3			(633,532)			(614,650)
Net current assets					361,877			142,901
Total assets less current liabilities					520,777			221,407
Creditors: Amounts falling due after more than one year		3			(39,542)			(24,633)
Net assets					481,235			196,774
Capital and reserves
Called up share capital		4			4			4
Profit and loss account					481,231			196,770
Shareholders' funds					481,235			196,774

For the year ending 31 March 2015 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the Companies Act 2006.

Approved by the Board on 3 July 2015
and signed on its behalf by:

J McGauley
Director

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Pickup Systems Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated value, over their expected useful economic life as follows:

Leasehold property improvements	15% reducing balance
Plant and machinery	15% reducing balance
Fixtures, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	20% reducing balance

Research and development

Research and development expenditure is expensed to the profit and loss account in the year in which it is incurred

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under hire purchase, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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Pickup Systems Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		139,831			139,831
Additions		118,184			118,184
Disposals		(29,667)			(29,667)
At 31 March 2015		228,348			228,348
Depreciation
At 1 April 2014		61,325			61,325
Charge for the year		24,356			24,356
Eliminated on disposals		(16,233)			(16,233)
At 31 March 2015		69,448			69,448
Net book value
At 31 March 2015		158,900			158,900
At 31 March 2014		78,506			78,506

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		26,674			59,357
Amounts falling due after more than one year		39,542			24,633
Total secured creditors		66,216			83,990

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £0.01 each		210			2			210			2
Ordinary B shares of £0.01 each		100			1			100			1
Ordinary C shares of £0.01 each		100			1			100			1
		410			4			410			4

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