P J Sporting Limited - Period Ending 2015-03-31

Registration number: 06539826

P J Sporting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

P J Sporting Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

P J Sporting Limited
(Registration number: 06539826)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					4,931			9,862
Current assets
Stocks					-			3,825
Debtors					8,364			42,038
					8,364			45,863
Creditors: Amounts falling due within one year					(52,957)			(77,462)
Net current liabilities					(44,593)			(31,599)
Total assets less current liabilities					(39,662)			(21,737)
Creditors: Amounts falling due after more than one year					-			(2,250)
Net liabilities					(39,662)			(23,987)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(39,762)			(24,087)
Shareholders' deficit					(39,662)			(23,987)

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 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 .

Approved by the Board on 30 December 2015 and signed on its behalf by:

.........................................
P C E Johnson
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

P J Sporting 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).

Going concern

The financial statements have been prepared on a going concern basis with the company relient on the continuing support of it's director.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, over it's expected useful economic life as follows :

Asset class	Amortisation method and rate
Goodwill	Ten years

Depreciation

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

Asset class	Depreciation method and rate
Plant and equipment	20% Reducing balance
Motor Vehicles	20% Straight line

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.

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.

Page 2

P J Sporting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		19,725			19,725
At 31 March 2015		19,725			19,725
Depreciation
At 1 April 2014		9,863			9,863
Charge for the year		4,931			4,931
At 31 March 2015		14,794			14,794
Net book value
At 31 March 2015		4,931			4,931
At 31 March 2014		9,862			9,862

3	Share capital

Allotted, called up and fully paid shares

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

4

Control

The company is controlled by P C E Johnson who owns 100% of the issued share capital of the company.

Page 3