P_GEE_MUSIC_LIMITED - Accounts

P_GEE_MUSIC_LIMITED - Accounts

P-GEE MUSIC LIMITED - Company Information

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Company Registration No. 03071626 (England and Wales)
P GEE MUSIC LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
P GEE MUSIC LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
P GEE MUSIC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
311,912
322,218
Current assets
Debtors
176,681
48,973
Investments
146,524
82,974
Cash at bank and in hand
8,970
4,662
332,175
136,609
Creditors: amounts falling due within one year
(304,412)
(103,148)
Net current assets
27,763
33,461
Total assets less current liabilities
339,675
355,679
Creditors: amounts falling due after more than one year
3
(124,453)
(126,550)
215,222
229,129
Capital and reserves
Called up share capital
4
2
2
Profit and loss account
215,220
229,127
Shareholders'  funds
215,222
229,129
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 March 2016
Mr P D Gordeno
Director
Company Registration No. 03071626
P GEE MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
- 2 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Fixtures, fittings & equipment
-25% on Reducing balance
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Current asset investments are stated at the lower of cost and net realisable value.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
P GEE MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2014 & at 30 June 2015
355,557
Depreciation
At 1 July 2014
33,339
Charge for the year
10,306
At 30 June 2015
43,645
Net book value
At 30 June 2015
311,912
At 30 June 2014
322,218
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
113,627
116,322
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
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