Company Registration No. 03175767 (England and Wales)
PROSPECT NEWSAGENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
PROSPECT NEWSAGENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
15,969
18,745
Current assets
Stocks
18,456
19,365
Debtors
213,756
206,633
Cash at bank and in hand
47,980
33,244
280,192
259,242
Creditors: amounts falling due within one year
(32,667)
(24,264)
Net current assets
247,525
234,978
Total assets less current liabilities
263,494
253,723
Provisions for liabilities
(1,619)
(2,606)
261,875
251,117
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
260,875
250,117
Shareholders' funds
261,875
251,117
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.
Directors' 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 directors acknowledge their 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 23 December 2015
G Stout
N Stout
Director
Director
Company Registration No. 03175767
PROSPECT NEWSAGENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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 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 less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
77,516
Additions
1,201
At 31 March 2015
78,717
Depreciation
At 1 April 2014
58,770
Charge for the year
3,978
At 31 March 2015
62,748
Net book value
At 31 March 2015
15,969
At 31 March 2014
18,745
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
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