Principle Signs and Graphics Limited - Period Ending 2015-03-31

Registration number: 06872696

Principle Signs and Graphics Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

Principle Signs and Graphics Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Principle Signs and Graphics Limited
(Registration number: 06872696)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					41,255			8,746
Current assets
Stocks					6,927			3,794
Debtors					109,006			68,102
Cash at bank and in hand					932			4,641
					116,865			76,537
Creditors: Amounts falling due within one year					(72,701)			(30,422)
Net current assets					44,164			46,115
Total assets less current liabilities					85,419			54,861
Creditors: Amounts falling due after more than one year					(9,686)			-
Provisions for liabilities					(4,921)			(1,749)
Net assets					70,812			53,112
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					70,712			53,012
Shareholders' funds					70,812			53,112

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 1

Principle Signs and Graphics Limited
(Registration number: 06872696)
Abbreviated Balance Sheet at 31 March 2015......... continued

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 director acknowledges his 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 director on 18 December 2015

......................................... Mr J J Valentine Director

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 2

Principle Signs and Graphics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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

The turnover included in the profit and loss account represents amounts due from the supply of signs and graphics, excluding Value Added Tax.

Depreciation

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:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Office equipment	33.33% straight line
Motor vehicles	25% straight line

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.

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.

Page 3

Principle Signs and Graphics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		10,657			10,657
Additions		38,726			38,726
At 31 March 2015		49,383			49,383
Depreciation
At 1 April 2014		1,911			1,911
Charge for the year		6,217			6,217
At 31 March 2015		8,128			8,128
Net book value
At 31 March 2015		41,255			41,255
At 31 March 2014		8,746			8,746

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		3,451			-
Amounts falling due after more than one year		9,686			-
Total secured creditors		13,137			-

Page 4

Principle Signs and Graphics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr J J Valentine
Net cash advances	9,461	-	2,571	-
Interest charged	434	-	-	-
	9,895	-	2,571	-

Page 5