Paddington Plastering & Dry Lining Ltd - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 02351009 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

FOR

PADDINGTON PLASTERING & DRY LINING

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Fry

B P Adams

REGISTERED OFFICE:

13 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

REGISTERED NUMBER:

02351009 (England and Wales)

ACCOUNTANTS:

Underwood Barron LLP

Monks Brook House

13/17 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

BANKERS:

Lloyds TSB Bank plc

Oakmount Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2LM

FIXED ASSETS

Tangible assets

2

24,356

25,389

CURRENT ASSETS

Stocks

104,656

48,222

Debtors

931,617

651,504

Cash at bank and in hand

262,363

107,138

1,298,636

806,864

CREDITORS

Amounts falling due within one year

3

786,972

513,871

NET CURRENT ASSETS

511,664

292,993

TOTAL ASSETS LESS CURRENT LIABILITIES

536,020

318,382

CREDITORS

Amounts falling due after more than one year

3

(4,408

)

(5,010

)

PROVISIONS FOR LIABILITIES

(3,582

)

-

NET ASSETS

528,030

313,372

CAPITAL AND RESERVES

Called up share capital

4

1,188

1,188

Share premium

39,800

39,800

Capital redemption reserve

200

200

Profit and loss account

486,842

272,184

SHAREHOLDERS' FUNDS

528,030

313,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 January 2016 and were signed on its behalf by:

A Fry - Director

B P Adams - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover, which excludes value added tax, represents the invoiced value of goods and services supplied and the

value of long term contract work done.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance, Straight line over 10 years and Straight line over 3 years

Stocks

Stocks and work in progress (except long term contracts - see below) are valued at the lower of cost and net

realisable value, after making due allowance for obsolete and slow moving items. Costs include all direct

expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts

Turnover on long term contracts is recognised according to the stage reached in the contract by reference to the

value of work done. A prudent estimate of the profit attributable to work completed is recognised once the

outcome of the contract can be assessed with reasonable certainty. The amount by which the turnover exceeds

payments on account is shown under debtors as "amounts recoverable on contracts". The costs on long term

contracts not yet taken to the profit and loss account less related foreseeable losses and payments on account

are shown in stocks as long term contract balances.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and participates in a stakeholder pension

scheme. It also contributes towards the personal pension plans of individual members of staff. Contributions

payable for the year are charged in the profit and loss account.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

97,963

Additions

8,328

Disposals

(7,800

)

At 30 June 2015

98,491

DEPRECIATION

At 1 July 2014

72,574

Charge for year

5,795

Eliminated on disposal

(4,234

)

At 30 June 2015

74,135

NET BOOK VALUE

At 30 June 2015

24,356

At 30 June 2014

25,389

3.

CREDITORS

Creditors include an amount of £ 9,108 (30.6.14 - £ 7,743 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.15

30.6.14

value:

£

£

1,188

Ordinary

£1

1,188

1,188