P R Willsher Decorating Ltd - Period Ending 2015-03-31

Registration number: 07499411

P R Willsher Decorating Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

KARA Accountants Limited
Chartered Management Accountants
THE SQUARE
FAWLEY
SOUTHAMPTON
HAMPSHIRE
SO45 1DD

P R Willsher Decorating Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

P R Willsher Decorating Ltd
(Registration number: 07499411)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					9,233			8,633
Current assets
Stocks					5,000			2,000
Debtors					92,426			76,959
Cash at bank and in hand					110,971			54,294
					208,397			133,253
Creditors: Amounts falling due within one year					(62,267)			(47,409)
Net current assets					146,130			85,844
Total assets less current liabilities					155,363			94,477
Provisions for liabilities					(1,846)			(1,727)
Net assets					153,517			92,750
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					153,516			92,749
Shareholders' funds					153,517			92,750

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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2015 and signed on its behalf by:

.........................................
Mr Paul Robert Willsher
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

P R Willsher Decorating Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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 and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

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 residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% and 25% reducing balance

Stock

Stock 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.

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 the FRSSE. 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 finance leases, 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.

Page 2

P R Willsher Decorating Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		13,305			13,305
Additions		4,288			4,288
Disposals		(3,148)			(3,148)
At 31 March 2015		14,445			14,445
Depreciation
At 1 April 2014		4,672			4,672
Charge for the year		2,133			2,133
Eliminated on disposals		(1,593)			(1,593)
At 31 March 2015		5,212			5,212
Net book value
At 31 March 2015		9,233			9,233
At 31 March 2014		8,633			8,633

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share of £1 each		1			1			1			1

Page 3