Abbreviated Company Accounts - PETER NUGENT & ASSOCIATES LIMITED

Abbreviated Company Accounts - PETER NUGENT & ASSOCIATES LIMITED

PETER NUGENT & ASSOCIATES LIMITED - Company Information

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Registered Number SC173557

PETER NUGENT & ASSOCIATES LIMITED

Abbreviated Accounts

31 May 2015

PETER NUGENT & ASSOCIATES LIMITED Registered Number SC173557

Abbreviated Balance Sheet as at 31 May 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 2,022 2,167
2,022 2,167
Current assets
Stocks 643 362
Debtors 509 478
Cash at bank and in hand 1,229 92
2,381 932
Creditors: amounts falling due within one year (7,028) (4,739)
Net current assets (liabilities) (4,647) (3,807)
Total assets less current liabilities (2,625) (1,640)
Total net assets (liabilities) (2,625) (1,640)
Capital and reserves
Called up share capital 2 2
Profit and loss account (2,627) (1,642)
Shareholders' funds (2,625) (1,640)
  • For the year ending 31 May 2015 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 19 November 2015

And signed on their behalf by:
Mr P Nugent, Director

PETER NUGENT & ASSOCIATES LIMITED Registered Number SC173557

Notes to the Abbreviated Accounts for the period ended 31 May 2015

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 reparesents amounts invoiced during the year, exclusive of Value added Tax.

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:

Plant & Machinery - 25% Reducing Balance
Website Design - 25% Reducing Balance

Valuation information and policy
Stocks

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

Other accounting policies
Going Concern

The company made a loss for the year of £985 (2014 - £1,490).

The director considers that, despite the balance sheet deficit of £2,625 (2014 -£1,640) the going concern basis is still applicable for the preparation of the financial statements as the ability of the company to continue to trade is dependant on the support of the director and the company's bankers.

2Tangible fixed assets
£
Cost
At 1 June 2014 2,167
Additions 397
Disposals -
Revaluations -
Transfers -
At 31 May 2015 2,564
Depreciation
At 1 June 2014 -
Charge for the year 542
On disposals -
At 31 May 2015 542
Net book values
At 31 May 2015 2,022
At 31 May 2014 2,167

All fixed assets are initially recorded at cost.

3Transactions with directors

Name of director receiving advance or credit: Mr Peter Nugent
Description of the transaction: Loan to company
Balance at 1 June 2014: £ 4,439
Advances or credits made: £ 2,289
Advances or credits repaid: -
Balance at 31 May 2015: £ 6,728