Kelly's of Bodmin Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 04569879 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Kelly's of Bodmin Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

P Kelly

SECRETARY:

T Kelly

REGISTERED OFFICE:

Unit 4

Bodmin Business Park

Launceston Road

Bodmin

Cornwall

PL31 2RJ

REGISTERED NUMBER:

04569879 (England and Wales)

ACCOUNTANTS:

Chapman Pugh

Chartered Accountants

4 Tregarne Terrace

St Austell

Cornwall

PL25 4BE

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to seven)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Kelly's of Bodmin Limited for the year ended 31 December 2014 which comprise the Profit and Loss Account,

the Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its

ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Kelly's of Bodmin Limited in accordance with our terms of engagement. Our

work has been undertaken solely to prepare for your approval the financial statements of Kelly's of Bodmin Limited and

state those matters that we have agreed to state to the director of Kelly's of Bodmin Limited in this report in accordance with

AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Kelly's of Bodmin Limited has kept adequate accounting records and to prepare statutory

financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kelly's of Bodmin

Limited. You consider that Kelly's of Bodmin Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kelly's of Bodmin Limited. For

this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chapman Pugh

Chartered Accountants

4 Tregarne Terrace

St Austell

Cornwall

PL25 4BE

25 September 2015

FIXED ASSETS

Tangible assets

2

678,672

633,579

CURRENT ASSETS

Stocks

17,568

22,959

Debtors

126,794

97,626

Cash at bank and in hand

347,643

316,664

492,005

437,249

CREDITORS

Amounts falling due within one year

531,746

574,592

NET CURRENT LIABILITIES

(39,741

)

(137,343

)

TOTAL ASSETS LESS CURRENT LIABILITIES

638,931

496,236

PROVISIONS FOR LIABILITIES

97,287

72,603

NET ASSETS

541,644

423,633

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

541,642

423,631

SHAREHOLDERS' FUNDS

541,644

423,633

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 director acknowledges his 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 director on 25 September 2015 and were signed by:

P Kelly - 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.

Tangible fixed assets

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

Land and buildings

2% on cost

Plant and machinery etc.

10% on cost

Motor vehicles

10% on cost

Computer equipment

33% 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

1,155,928

Additions

123,742

Disposals

(71,316

)

At 31 December 2014

1,208,354

DEPRECIATION

At 1 January 2014

522,349

Charge for year

78,343

Eliminated on disposal

(71,010

)

At 31 December 2014

529,682

NET BOOK VALUE

At 31 December 2014

678,672

At 31 December 2013

633,579

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary shares

1

2

2

4.	RELATED PARTY DISCLOSURES

PK Investments (Cornwall) Ltd

During the year the company traded with PK Investments (Cornwall) Ltd (associated company). The company was

reimbursed for expenses incurred totalling £13 (2013: £13) and purchased services totalling £40,000 (2013:

£40,000) on normal commercial terms.

At 31 December 2014 the company owed PK Investments (Cornwall) Ltd £12,000 (2013: £12,000), included in

trade creditors.

The balance due from PK Investments (Cornwall) Ltd was £13 (2013: £13,392), included in other debtors.

Transactions with director

At 1 January 2014 the balance owing to P Kelly was £511,376. During the year £137,479 was withdrawn and

£100,000 was introduced. As a result, at 31 December 2014 a balance of £473,897 remained as owing by the

company to P Kelly, included in other creditors. The maximum liability owed during the year was £511,376. The

loan is interest free, unsecured and has no fixed repayment date.

Controlling party

P Kelly is the ultimate controlling party, by virtue of his 100% ownership of the company's share capital.

5.	OPERATING LEASE COMMITMENTS

Land and Buildings

Other

2014

2013

2014

2013

£

£

£

£

Operating leases which expire:-

Within one year

16,800

-

-

-

Between two and five years

99,500

116,300

117,249

114,209