Peak Sunbeds Limited - Period Ending 2015-07-31

Registration number: 05183101

Peak Sunbeds Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Peak Sunbeds Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peak Sunbeds Limited
for the Year Ended 31 July 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peak Sunbeds Limited for the year ended 31 July 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Peak Sunbeds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peak Sunbeds Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peak Sunbeds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peak Sunbeds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peak Sunbeds Limited. You consider that Peak Sunbeds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Peak Sunbeds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

15 December 2015

Page 1

Peak Sunbeds Limited
(Registration number: 05183101)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			339,665			160,387
Current assets
Stocks					176,196			186,819
Debtors					16,109			10,626
Cash at bank and in hand					225,340			54,484
					417,645			251,929
Creditors: Amounts falling due within one year		3			(197,338)			(146,605)
Net current assets					220,307			105,324
Total assets less current liabilities					559,972			265,711
Creditors: Amounts falling due after more than one year					(263,083)			-
Provisions for liabilities					(35,254)			(32,077)
Net assets					261,635			233,634
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					261,535			233,534
Shareholders' funds					261,635			233,634

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Peak Sunbeds Limited
(Registration number: 05183101)
Abbreviated Balance Sheet at 31 July 2015
......... continued

For the year ending 31 July 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved and authorised for issue by the Board on 15 December 2015 and signed on its behalf by:

.........................................
M Fernihough
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Peak Sunbeds Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Investment properties	no depreciation
Plant and machinery	15% Reducing balance basis
Office equipment	25% Straight line basis
Plant and machinery	33% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

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.

Page 4

Peak Sunbeds Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

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.

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 August 2014		246,426			246,426
Additions		222,523			222,523
Disposals		(12,793)			(12,793)
At 31 July 2015		456,156			456,156
Depreciation
At 1 August 2014		86,039			86,039
Charge for the year		33,284			33,284
Eliminated on disposals		(2,832)			(2,832)
At 31 July 2015		116,491			116,491
Net book value
At 31 July 2015		339,665			339,665
At 31 July 2014		160,387			160,387

3

Creditors

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

Page 5

Peak Sunbeds Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

		2015 £			2014 £
Amounts falling due within one year		8,839			-
Amounts falling due after more than one year		83,083			-
Total secured creditors		91,922			-

4	Share capital

Allotted, called up and fully paid shares

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

Page 6