Abbreviated Company Accounts - PHILIP BANNISTER & CO. LIMITED

PHILIP BANNISTER & CO. LIMITED - Company Information

Registered Number 03677215

PHILIP BANNISTER & CO. LIMITED

Abbreviated Accounts

31 December 2014

PHILIP BANNISTER & CO. LIMITED Registered Number 03677215

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	11,871	16,589
		11,871	16,589
Current assets
Stocks		33,154	41,292
Debtors		19,620	27,591
Cash at bank and in hand		-	474
		52,774	69,357
Creditors: amounts falling due within one year		(56,379)	(84,424)
Net current assets (liabilities)		(3,605)	(15,067)
Total assets less current liabilities		8,266	1,522
Total net assets (liabilities)		8,266	1,522
Capital and reserves
Called up share capital		100	100
Profit and loss account		8,166	1,422
Shareholders' funds		8,266	1,522

For the year ending 31 December 2014 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 22 April 2015

And signed on their behalf by:
P R Bannister, Director

PHILIP BANNISTER & CO. LIMITED Registered Number 03677215

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property - 10% on cost of building alterations
Plant & Machinery - 20% on cost
Equipment - 33% on cost

Other accounting policies
Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2Tangible fixed assets

	£
Cost
At 1 January 2014	92,920
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	92,920
Depreciation
At 1 January 2014	76,331
Charge for the year	4,718
On disposals	-
At 31 December 2014	81,049
Net book values
At 31 December 2014	11,871
At 31 December 2013	16,589

All fixed assets are initially recorded at cost.