Abbreviated Company Accounts - P.A.F.G. LIMITED

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Registered Number 06285321

P.A.F.G. LIMITED

Abbreviated Accounts

31 May 2015

P.A.F.G. LIMITED Registered Number 06285321

Abbreviated Balance Sheet as at 31 May 2015

	Notes	2015	2014
		£	£
Fixed assets
Intangible assets	2	433,523	456,340
Tangible assets	3	59,918	52,166
Investments	4	103	103
		493,544	508,609
Current assets
Stocks		31,109	26,790
Debtors		135,269	121,019
Cash at bank and in hand		91,847	42,235
		258,225	190,044
Creditors: amounts falling due within one year	5	(145,330)	(131,619)
Net current assets (liabilities)		112,895	58,425
Total assets less current liabilities		606,439	567,034
Creditors: amounts falling due after more than one year	5	(5,418)	0
Provisions for liabilities		(13,028)	(9,244)
Total net assets (liabilities)		587,993	557,790
Capital and reserves
Called up share capital	6	50,004	50,004
Share premium account		87,500	87,500
Profit and loss account		450,489	420,286
Shareholders' funds		587,993	557,790

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 5 November 2015

And signed on their behalf by:
T Warner, Director

P.A.F.G. LIMITED Registered Number 06285321

Notes to the Abbreviated Accounts for the period ended 31 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 comprises the invoiced value of services and supplies by the company, net of value added tax as adjusted for revenue recognised in advance.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual values, over their expected useful lives on the following bases:
Plant and machinery 25% reducing balance basis

Intangible assets amortisation policy
Intangible fixed assets are stated at cost less depreciation. Depreciation is provided on a 5% straight line basis.

Valuation information and policy
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.
Revenue recognised in advance
Revenue recognised in advance represents services completed but not invoiced at the balance sheet date and has been valued at retail price
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

2Intangible fixed assets

	£
Cost
At 1 June 2014	570,420
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2015	570,420
Amortisation
At 1 June 2014	114,080
Charge for the year	22,817
On disposals	-
At 31 May 2015	136,897
Net book values
At 31 May 2015	433,523
At 31 May 2014	456,340

3Tangible fixed assets

	£
Cost
At 1 June 2014	114,105
Additions	33,942
Disposals	(16,212)
Revaluations	-
Transfers	-
At 31 May 2015	131,835
Depreciation
At 1 June 2014	61,939
Charge for the year	21,774
On disposals	(11,796)
At 31 May 2015	71,917
Net book values
At 31 May 2015	59,918
At 31 May 2014	52,166

4Fixed assets Investments
2015 2014
Shares in dormant companies:-
Anglia Fire Protection Ltd - 2 ordinary shares of £1 each 2 2
Plankirk Ltd - 100 ordinary shares of £1 each 100 100
Anglia Fire Alarms Limited - 1 ordinary share of £1 each 1 1
103 103

5Creditors

	2015 £	2014 £
Secured Debts	5,418	5,518

6Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
50,000 Ordinary shares of £1 each	50,000	50,000
1 A Ordinary share of £1 each	1	1
1 B Ordinary share of £1 each	1	1
2 C Ordinary shares of £1 each	2	2