Philip Ward Limited - Period Ending 2015-03-31

Registration number: 07972557

Philip Ward Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Saul Fairholm Limited
12 Tentercroft Street
Lincoln
LN5 7DB

Philip Ward Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Philip Ward Limited
(Registration number: 07972557)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					2,400			3,600
Tangible fixed assets		2			3,306			4,408
					5,706			8,008
Current assets
Stocks					450			200
Debtors					1,802			878
Cash at bank and in hand					1,677			2,290
					3,929			3,368
Creditors: Amounts falling due within one year					(4,410)			(4,931)
Net current liabilities					(481)			(1,563)
Total assets less current liabilities					5,225			6,445
Creditors: Amounts falling due after more than one year					(3,600)			(5,400)
Provisions for liabilities					(661)			(882)
Net assets					964			163
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					963			162
Shareholders' funds					964			163

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 14 December 2015

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Philip Ward Limited
(Registration number: 07972557)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Mr Philip Ward
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Philip Ward 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

Revenue represents the fair value of the consideration received or receivable for Registered Hetas Installation Services and property repairs and maintenance services, net of discounts and sales taxes. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue and associated costs can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance
Motor vehicles	25% on reducing balance

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Deferred tax

Deferred tax is recognised is respect of all timing differences that have originated but not reversed 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

Philip Ward Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		6,000			6,383			12,383
At 31 March 2015		6,000			6,383			12,383
Depreciation
At 1 April 2014		2,400			1,975			4,375
Charge for the year		1,200			1,102			2,302
At 31 March 2015		3,600			3,077			6,677
Net book value
At 31 March 2015		2,400			3,306			5,706
At 31 March 2014		3,600			4,408			8,008

3	Share capital

Allotted, called up and fully paid shares

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

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