Prime Surfactants Limited - Period Ending 2015-12-30

Registration number: 07609522

Prime Surfactants Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 December 2015
 

Prime Surfactants Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Prime Surfactants Limited
(Registration number: 07609522)
Abbreviated Balance Sheet at 30 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					31,998			4,903
Current assets
Stocks					574,584			549,385
Debtors					1,245,903			758,835
Cash at bank and in hand					2,526			5,281
					1,823,013			1,313,501
Creditors: Amounts falling due within one year					(1,464,399)			(1,069,946)
Net current assets					358,614			243,555
Net assets					390,612			248,458
Capital and reserves
Called up share capital		4			210,000			210,000
Profit and loss account					180,612			38,458
Shareholders' funds					390,612			248,458

For the year ending 30 December 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 21 April 2016 and signed on its behalf by:

.........................................
M J Briggs
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Prime Surfactants Limited
Notes to the Abbreviated Accounts for the Year Ended 30 December 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).

Turnover

Turnover represents amounts chargeable, net of value added tax and discounts, 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
Fixtures, fittings and equipment	10 and 25% on cost
Motor vehicles	20% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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 2

Prime Surfactants Limited
Notes to the Abbreviated Accounts for the Year Ended 30 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 31 December 2014		36,358			36,358
Additions		39,202			39,202
Disposals		(10,750)			(10,750)
At 30 December 2015		64,810			64,810
Depreciation
At 31 December 2014		31,455			31,455
Charge for the year		9,420			9,420
Eliminated on disposals		(8,063)			(8,063)
At 30 December 2015		32,812			32,812
Net book value
At 30 December 2015		31,998			31,998
At 30 December 2014		4,903			4,903

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		577,452			472,553

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		200,000			200,000			200,000			200,000
Non-voting ordinary shares of £1 each		10,000			10,000			10,000			10,000
		210,000			210,000			210,000			210,000

Page 3

Prime Surfactants Limited
Notes to the Abbreviated Accounts for the Year Ended 30 December 2015
......... continued

5

Control

The company is controlled by: U A Alexander, A R Richardson, N P Hall and P J Sumpter .

Page 4