Perdon Organics Limited - Period Ending 2015-03-31

Registration number: 05762004

Perdon Organics Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Perdon Organics Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Perdon Organics Limited
(Registration number: 05762004)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					390,656			239,396
Current assets
Stocks					30,010			7,760
Debtors					94,899			160,716
Cash at bank and in hand					39,920			9,185
					164,829			177,661
Creditors: Amounts falling due within one year					(277,176)			(255,740)
Net current liabilities					(112,347)			(78,079)
Total assets less current liabilities					278,309			161,317
Provisions for liabilities					(34,939)			(33,342)
Net assets					243,370			127,975
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					243,368			127,973
Shareholders' funds					243,370			127,975

Page 1

Perdon Organics Limited
(Registration number: 05762004)
Abbreviated Balance Sheet at 31 March 2015

For the year ending 31 March 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 16 November 2015 and signed on its behalf by:

C J Labdon Director

K L Labdon Company secretary and director

Page 2

Perdon Organics Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts receivable for goods net of VAT and trade discounts. Turnover is recognised when goods are physically moved from the site.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	Not depreciated
Plant and machinery	15% reducing balance
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Perdon Organics Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		341,503			341,503
Additions		210,734			210,734
At 31 March 2015		552,237			552,237
Depreciation
At 1 April 2014		102,107			102,107
Charge for the year		59,474			59,474
At 31 March 2015		161,581			161,581
Net book value
At 31 March 2015		390,656			390,656
At 31 March 2014		239,396			239,396

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4

Perdon Organics Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2015

4	Related party transactions

Director's guarantee

During the year the company entered into the following guarantee on behalf of the directors:

The company has agreed to offer its stock of live birds as security on behalf of C J Labdon. The maximum liability that may be incurred by the company is £25,010 (2014 - £nil). In fulfilling the guarantee the amount paid and liability incurred amounted to £nil (2014 - £nil). £nil was repaid during the year (2014 - £nil).

Page 5