PERCY_WHALE_FURNITURE_LIM - Accounts

PERCY WHALE FURNITURE LIMITED - Company Information

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Company Registration No. 00488029 (England and Wales)

PERCY WHALE FURNITURE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

PERCY WHALE FURNITURE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PERCY WHALE FURNITURE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,100,293

1,100,345

Current assets

Debtors

15,522

9,073

Cash at bank and in hand

41,254

44,911

56,776

53,984

Creditors: amounts falling due within one year

(55,412)

(52,963)

Net current assets

1,364

1,021

Total assets less current liabilities

1,101,657

1,101,366

Creditors: amounts falling due after more than one year

(391,943)

(416,183)

709,714

685,183

Capital and reserves

Called up share capital

30,062

Revaluation reserve

610,281

Profit and loss account

69,371

44,840

Shareholders' funds

709,714

685,183

PERCY WHALE FURNITURE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2015

- 2 -

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 4 December 2015

Mr P G Barton

Director

Company Registration No. 00488029

PERCY WHALE FURNITURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements have been prepared on the going concern basis of accounting due to the continued support of the bank.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents rental income and amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance and 3 years straight line

Investment properties are included in the balance sheet at their open market value. No depreciation is provided on these investment properties.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

PERCY WHALE FURNITURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

Accounting policies

(Continued)

- 4 -

1.5

Deferred taxation

Full provision is made at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on the tax rates and laws that have been enacted or substantially enacted at the balance sheet date in respect of all timing differences which have arisen but not reversed at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the accounts. Deferred tax is measured on a non-discounted basis. Deferred tax assets are only recognised where they arise from timing differences and their recoverability in the short term is regarded as more likely than not.

Fixed assets

Tangible assets

Cost or valuation

At 1 April 2014 & at 31 March 2015

1,105,491

Depreciation

At 1 April 2014

5,146

Charge for the year

At 31 March 2015

5,198

Net book value

At 31 March 2015

1,100,293

At 31 March 2014

1,100,345

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

The bank loans totalling £416,143 are secured against the investment property.

PERCY WHALE FURNITURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 5 -

Share capital

2015

2014

Allotted, called up and fully paid

30,062 Ordinary shares of £1 each

30,062

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Loan

4,196

12,082

6,520

9,758

4,196

12,082

6,520

9,758