Pinnacle Crafts Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07109658 (England and Wales)

Abbreviated Accounts for the Year Ended 31st December 2014

for

Pinnacle Crafts Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Ms P Pearson

Ms J Pearson

P Belcher

A Pearson

REGISTERED OFFICE:

8 Hemmells

Basildon

Essex

SS15 6ED

REGISTERED NUMBER:

07109658 (England and Wales)

ACCOUNTANTS:

Dormer Finance Limited

8 Hemmells

Basildon

Essex

SS15 6ED

FIXED ASSETS

Intangible assets

2

1,440

9,800

Tangible assets

3

5,108

6,811

6,548

16,611

CURRENT ASSETS

Stocks

22,000

25,000

Debtors

8,847

648

Cash at bank and in hand

3,327

7,572

34,174

33,220

CREDITORS

Amounts falling due within one year

38,775

46,955

NET CURRENT LIABILITIES

(4,601

)

(13,735

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,947

2,876

PROVISIONS FOR LIABILITIES

1,310

1,362

NET ASSETS

637

1,514

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

537

1,414

SHAREHOLDERS' FUNDS

637

1,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1st June 2015 and were signed on its behalf by:

P Belcher - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Computer software

The computer software consists of the amount paid for the live website in 2012. Improvements are made to the

site on a regular basis and therefore the estimated useful life of the asset is 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2014

and 31st December 2014

42,249

AMORTISATION

At 1st January 2014

32,449

Amortisation for year

8,360

At 31st December 2014

40,809

NET BOOK VALUE

At 31st December 2014

1,440

At 31st December 2013

9,800

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2014

and 31st December 2014

9,082

DEPRECIATION

At 1st January 2014

2,271

Charge for year

1,703

At 31st December 2014

3,974

NET BOOK VALUE

At 31st December 2014

5,108

At 31st December 2013

6,811

4.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Share capital 1

1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have a current account with the company being interest free and repayable on demand. At 31st

December 2014 the balance of £8,847 (2013: £171 cr) was included in other creditors. During the year the

account was credited with £260 for use of office space. The closing balance was the maximum of the account

throughout the year.