P R Elford Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06741244 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

P R ELFORD LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P R Elford

Miss J Barrett

REGISTERED OFFICE:

18 High West Street

Dorchester

Dorset

DT1 1UW

REGISTERED NUMBER:

06741244 (England and Wales)

ACCOUNTANTS:

Pugsley Revill

18 High West Street

Dorchester

Dorset

DT1 1UW

FIXED ASSETS

Intangible assets

2

140,000

150,000

Tangible assets

3

77,192

54,068

217,192

204,068

CURRENT ASSETS

Stocks

57,529

33,479

Debtors

71,701

60,464

Cash at bank

23,302

35,652

152,532

129,595

CREDITORS

Amounts falling due within one year

4

259,228

256,904

NET CURRENT LIABILITIES

(106,696

)

(127,309

)

TOTAL ASSETS LESS CURRENT LIABILITIES

110,496

76,759

CREDITORS

Amounts falling due after more than one year

4

(63,819

)

(63,793

)

PROVISIONS FOR LIABILITIES

(14,125

)

(8,342

)

NET ASSETS

32,552

4,624

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

32,452

4,524

SHAREHOLDERS' FUNDS

32,552

4,624

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 11 September 2015 and were signed on its behalf by:

P R Elford - Director

Miss J Barrett - 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 2009, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and equipment

-

20% on reducing balance

Furniture and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office and computer equipment

-

25% on reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due

provision for obsolete and slow-moving items.

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads and in the

case

of work in progress a proportion of attributable profit.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

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 1 January 2014

and 31 December 2014

200,000

AMORTISATION

At 1 January 2014

50,000

Amortisation for year

10,000

At 31 December 2014

60,000

NET BOOK VALUE

At 31 December 2014

140,000

At 31 December 2013

150,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

129,768

Additions

42,407

Disposals

(6,995

)

At 31 December 2014

165,180

DEPRECIATION

At 1 January 2014

75,700

Charge for year

17,070

Eliminated on disposal

(4,782

)

At 31 December 2014

87,988

NET BOOK VALUE

At 31 December 2014

77,192

At 31 December 2013

54,068

4.

CREDITORS

Creditors include an amount of £ 95,724 (2013 - £ 90,697 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary A

£1

100

100