Penryn Stores Limited - Abbreviated accounts 16.1

Penryn Stores Limited - Abbreviated accounts 16.1


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REGISTERED NUMBER: 06408267 (England and Wales)















Abbreviated Unaudited Accounts

for the Year Ended 31 October 2015

for

Penryn Stores Limited

Penryn Stores Limited (Registered number: 06408267)

Contents of the Abbreviated Accounts
for the Year Ended 31 October 2015










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

Chartered Certified Accountant's Report 8

Penryn Stores Limited

Company Information
for the Year Ended 31 October 2015







DIRECTORS: Mr I McCabe
Mrs H M McCabe





SECRETARY: Mr I McCabe





REGISTERED OFFICE: 58/60 Lower Market Street
Penryn
Cornwall
TR10 8BH





REGISTERED NUMBER: 06408267 (England and Wales)





ACCOUNTANT: Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT

Penryn Stores Limited (Registered number: 06408267)

Abbreviated Balance Sheet
31 October 2015

2015 2014
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 79,483 86,107
Tangible assets 3 24,491 29,557
103,974 115,664

CURRENT ASSETS
Stocks 30,876 25,008
Debtors 16,321 18,132
Cash at bank and in hand 76,643 68,164
123,840 111,304
CREDITORS
Amounts falling due within one year 4 94,003 97,351
NET CURRENT ASSETS 29,837 13,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,811

129,617

CREDITORS
Amounts falling due after more than one
year

4

(2,457

)

(43,357

)

PROVISIONS FOR LIABILITIES (3,042 ) (3,647 )
NET ASSETS 128,312 82,613

CAPITAL AND RESERVES
Called up share capital 5 100 100
Profit and loss account 128,212 82,513
SHAREHOLDERS' FUNDS 128,312 82,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

Penryn Stores Limited (Registered number: 06408267)

Abbreviated Balance Sheet - continued
31 October 2015


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 15 April 2016 and were signed on its
behalf by:




Mr I McCabe - Director



Mrs H M McCabe - Director


Penryn Stores Limited (Registered number: 06408267)

Notes to the Abbreviated Accounts
for the Year Ended 31 October 2015


1. ACCOUNTING POLICIES

Accounting convention
The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis
over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to the profit and loss account in the period to which they
relate.

Penryn Stores Limited (Registered number: 06408267)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2015


2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2014
and 31 October 2015 132,475
AMORTISATION
At 1 November 2014 46,368
Amortisation for year 6,624
At 31 October 2015 52,992
NET BOOK VALUE

At 31 October 2015 79,483
At 31 October 2014 86,107

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2014 66,107
Additions 1,259
At 31 October 2015 67,366
DEPRECIATION
At 1 November 2014 36,550
Charge for year 6,325
At 31 October 2015 42,875
NET BOOK VALUE
At 31 October 2015 24,491
At 31 October 2014 29,557

4. CREDITORS

Creditors include an amount of £ 0 (2014 - £ 50,339 ) for which security has been given.

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2015 2014
value: £    £   
100 Ordinary 1 100 100

Penryn Stores Limited (Registered number: 06408267)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2015


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2015 and
31 October 2014:

2015 2014
£    £   
Mr I McCabe and Mrs H M McCabe
Balance outstanding at start of year 17,567 28,179
Amounts advanced 107,408 72,621
Amounts repaid (109,998 ) (83,233 )
Balance outstanding at end of year 14,977 17,567

Penryn Stores Limited (Registered number: 06408267)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2015


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

At the balance sheet date the company was owed £14,977 by the directors, Mr I McCabe and Mrs H M McCabe . This was the balance on their joint director's current account and is disclosed within other
debtors. The overdrawn balance at 31 October 2015 was cleared by 6 April 2016.

The company charged the directors interest on overdrawn balances at the rate of 3.25% during the
year.

The following is a summary of the monthly advances made to the directors:-

£ £
November 2014 3,805
December 2014 8,475
January 2015 9,063
February 2015 5,018
March 2015 35,818
April 2015 7,638
May 2015 4,838
June 2015 12,292
July 2015 4,317
August 2015 5,187
September 2015 5,187
October 2015 5,770

Total advances 107,408

The following amounts were repaid by the directors during the
period:-


November 2014 2,670
December 2014 2,670
January 2015 2,670
February 2015 2,670
March 2015 2,670
April 2015 32,682
May 2015 2,682
June 2015 44,377
July 2015 8,865
August 2015 2,682
September 2015 2,682
October 2015 2,681

Total repaid 109,998

7. ULTIMATE CONTROLLING PARTY

Mr I McCabe and Mrs H M McCabe are the joint controlling parties, by virtue of owning 100% of the
company's issued share capital.

Chartered Certified Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Penryn Stores Limited


The following reproduces the text of the report prepared for the directors in respect of the company's
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on
pages two to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval
the financial statements of Penryn Stores Limited for the year ended 31 October 2015 which comprise the
Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records
and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Penryn Stores Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Penryn Stores Limited and state those matters that I have agreed to state to the Board of Directors of Penryn Stores Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Penryn Stores Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penryn Stores Limited. You consider that Penryn Stores Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Penryn Stores Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT


15 April 2016