Abbreviated Company Accounts - PROGRESS TOOLING SERVICES LIMITED

Abbreviated Company Accounts - PROGRESS TOOLING SERVICES LIMITED

PROGRESS TOOLING SERVICES LIMITED - Company Information

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Registered Number 07249451

PROGRESS TOOLING SERVICES LIMITED

Abbreviated Accounts

29 May 2015

PROGRESS TOOLING SERVICES LIMITED Registered Number 07249451

Abbreviated Balance Sheet as at 29 May 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 21,652 24,037
21,652 24,037
Current assets
Stocks 2,500 2,500
Debtors 900 18,415
Cash at bank and in hand 11,776 658
15,176 21,573
Creditors: amounts falling due within one year (43,835) (49,010)
Net current assets (liabilities) (28,659) (27,437)
Total assets less current liabilities (7,007) (3,400)
Total net assets (liabilities) (7,007) (3,400)
Capital and reserves
Called up share capital 3 501 501
Profit and loss account (7,508) (3,901)
Shareholders' funds (7,007) (3,400)
  • For the year ending 29 May 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 24 February 2016

And signed on their behalf by:
G Williams, Director

PROGRESS TOOLING SERVICES LIMITED Registered Number 07249451

Notes to the Abbreviated Accounts for the period ended 29 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents net invoiced sales of services, excluding value added tax.

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

Plant & Machinery – 15% to 33% reducing balance

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value.

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
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are capitalised and depreciated as per the policy above. The corresponding leasing commitments are shown as amounts due to the lessor.

2Tangible fixed assets
£
Cost
At 30 May 2014 26,667
Additions 1,720
Disposals -
Revaluations -
Transfers -
At 29 May 2015 28,387
Depreciation
At 30 May 2014 2,630
Charge for the year 4,105
On disposals -
At 29 May 2015 6,735
Net book values
At 29 May 2015 21,652
At 29 May 2014 24,037
3Called Up Share Capital
Allotted, called up and fully paid:
2015
£		 2014
£
167 A Ordinary shares of £1 each 167 167
167 B Ordinary shares of £1 each 167 167
167 C Ordinary shares of £1 each 167 167