Company Registration No. 07436223 (England and Wales)
PROCESS EXCHANGE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
PROCESS EXCHANGE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PROCESS EXCHANGE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
154,687
195,937
Tangible assets
2
16,950
12,169
171,637
208,106
Current assets
Stocks
123,940
94,899
Debtors
330,888
327,539
Cash at bank and in hand
114
130
454,942
422,568
Creditors: amounts falling due within one year
(550,405)
(536,388)
Net current liabilities
(95,463)
(113,820)
Total assets less current liabilities
76,174
94,286
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
76,172
94,284
Shareholders' funds
76,174
94,286
For the financial year ended 31 March 2015 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 of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 August 2015
Mr J G Swain
Mrs D M Swain
Director
Director
Company Registration No. 07436223
PROCESS EXCHANGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and some related services provided to clients. In relation to services, revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration, in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses but excluding Value Added Tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included within debtors, under 'amounts recoverable on contracts'.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 8 years.
1.4
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 less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
20% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
PROCESS EXCHANGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2014
330,000
22,370
352,370
Additions
-
10,051
10,051
At 31 March 2015
330,000
32,421
362,421
Depreciation
At 1 April 2014
134,063
10,201
144,264
Charge for the year
41,250
5,270
46,520
At 31 March 2015
175,313
15,471
190,784
Net book value
At 31 March 2015
154,687
16,950
171,637
At 31 March 2014
195,937
12,169
208,106
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary of £1 each
2
2
2015-03-312014-04-01falsetruetruetruetruetruetmpA72A.html2015-08-28074362232014-04-012015-03-31074362232015-03-31074362232014-03-31074362232014-03-3107436223uk-bus:Director12014-04-012015-03-3107436223uk-bus:CompanySecretaryDirector2014-04-012015-03-3107436223uk-gaap:LandBuildingsuk-gaap:LeasedTangibleFixedAssets2014-04-012015-03-3107436223uk-gaap:FixturesFittingsToolsEquipment2014-04-012015-03-3107436223uk-gaap:MotorVehicles2014-04-012015-03-3107436223uk-bus:OrdinaryShareClass12014-04-012015-03-3107436223uk-bus:OrdinaryShareClass12015-03-3107436223uk-bus:OrdinaryShareClass12014-03-31xbrli:purexbrli:sharesiso4217:GBP
