Abbreviated Company Accounts - PLAY RESOURCE TRADING CO. LIMITED
Abbreviated Company Accounts - PLAY RESOURCE TRADING CO. LIMITED
Registered Number NI022019
PLAY RESOURCE TRADING CO. LIMITED
Abbreviated Accounts
31 March 2015
PLAY RESOURCE TRADING CO. LIMITED Registered Number NI022019
Abbreviated Balance Sheet as at 31 March 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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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
And signed on their behalf by:
PLAY RESOURCE TRADING CO. LIMITED Registered Number NI022019
Notes to the Abbreviated Accounts for the period ended 31 March 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
- Fixtures, fittings and equipment - 15% reducing
- Computer Equipment- 25% reducing balance
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Government Grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful lift of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet Date.
Deferred tax is recognised in respect in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
£ | |
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Cost | |
At 1 April 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2015 |
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Depreciation | |
At 1 April 2014 |
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Charge for the year |
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On disposals |
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At 31 March 2015 |
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Net book values | |
At 31 March 2015 | 1,168 |
At 31 March 2014 | 1,438 |