P&L Rees GRP Specialist Limited - Period Ending 2015-07-31

Registration number: 07677286

P&L Rees GRP Specialist Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

P&L Rees GRP Specialist Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

P&L Rees GRP Specialist Limited
(Registration number: 07677286)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					21,283			27,970
Current assets
Stocks					40,000			31,950
Debtors					83,349			59,230
Cash at bank and in hand					8			4,406
					123,357			95,586
Creditors: Amounts falling due within one year		3			(122,362)			(76,252)
Net current assets					995			19,334
Total assets less current liabilities					22,278			47,304
Creditors: Amounts falling due after more than one year					(34,602)			(41,497)
Provisions for liabilities					(4,257)			(5,594)
Net (liabilities)/assets					(16,581)			213
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					(16,681)			113
Shareholders' (deficit)/funds					(16,581)			213

Page 1

P&L Rees GRP Specialist Limited
(Registration number: 07677286)
Abbreviated Balance Sheet at 31 July 2015

For the year ending 31 July 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 29 April 2016 and signed on its behalf by:

Mr P Rees Director

Page 2

P&L Rees GRP Specialist Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 July 2015

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 company has net current liabilities at the year end which include a loan from the directors. The directors will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due. On this basis, the directors cosider it appropriate to prepare the accounts on the goning 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 per annum
Plant and machinery	25% reducing balance per annum
Fixtures, fittings and equipment	15% reducing balance per annum

Stock and work in progress

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

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.

Page 3

P&L Rees GRP Specialist Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 July 2015

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		50,020			50,020
Additions		264			264
At 31 July 2015		50,284			50,284
Depreciation
At 1 August 2014		22,050			22,050
Charge for the year		6,951			6,951
At 31 July 2015		29,001			29,001
Net book value
At 31 July 2015		21,283			21,283
At 31 July 2014		27,970			27,970

3

Creditors

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

		2015 £			2014 £
Amounts falling due within one year		2,672			2,504
Amounts falling due after more than one year		22,684			25,452
Total secured creditors		25,356			27,956

Page 4

P&L Rees GRP Specialist Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 July 2015

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		9,325			12,933

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr P Rees
	26,016	24,674	29,594	24,203
Mrs L Rees
	26,016	24,674	29,594	24,202

Page 5