Portwey Surfacing Limited - Period Ending 2015-05-31

Registration number: 01927540

Portwey Surfacing Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ

Portwey Surfacing Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

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 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Portwey Surfacing Limited
for the Year Ended 31 May 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Portwey Surfacing Limited for the year ended 31 May 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Portwey Surfacing 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 Portwey Surfacing Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portwey Surfacing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Portwey Surfacing 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 Portwey Surfacing Limited. You consider that Portwey Surfacing 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 Portwey Surfacing 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.

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

MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ

26 February 2016

Page 1

Portwey Surfacing Limited
(Registration number: 01927540)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					43,303			19,565
Current assets
Debtors					54,763			19,867
Cash at bank and in hand					133,024			59,082
					187,787			78,949
Creditors: Amounts falling due within one year					(137,509)			(65,036)
Net current assets					50,278			13,913
Total assets less current liabilities					93,581			33,478
Provisions for liabilities					(8,661)			(1,969)
Net assets					84,920			31,509
Capital and reserves
Called up share capital		3			220			220
Profit and loss account					84,700			31,289
Shareholders' funds					84,920			31,509

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Portwey Surfacing Limited
(Registration number: 01927540)
Abbreviated Balance Sheet at 31 May 2015
......... continued

For the year ending 31 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 26 February 2016 and signed on its behalf by:

.........................................
Mrs E Siviter
Director

.........................................
Mr EA Siviter
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Portwey Surfacing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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.

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
Motor vehicles	25% Reducing balance method
Plant and machinery	25% Reducing balance method
Office equipment	25% Reducing balance method

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.

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.

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 4

Portwey Surfacing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2014		116,512			116,512
Additions		39,121			39,121
Disposals		(40,483)			(40,483)
At 31 May 2015		115,150			115,150
Depreciation
At 1 June 2014		96,947			96,947
Charge for the year		14,434			14,434
Eliminated on disposals		(39,534)			(39,534)
At 31 May 2015		71,847			71,847
Net book value
At 31 May 2015		43,303			43,303
At 31 May 2014		19,565			19,565

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Class A shares of £1 each		100			100			100			100
Ordinary Class B shares of £1 each		100			100			100			100
Ordinary Class C shares of £1 each		20			20			20			20
		220			220			220			220

Page 5