PHILIP_BARTON_WHOLESALE_M - Accounts

PHILIP BARTON WHOLESALE MEATS LIMITED - Company Information

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Company Registration No. 03713537 (England and Wales)

PHILIP BARTON WHOLESALE MEATS LIMITED

ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2015

PHILIP BARTON WHOLESALE MEATS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PHILIP BARTON WHOLESALE MEATS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 1 -

As at 31

August

July

2015

2014

Notes

Fixed assets

Tangible assets

46,686

33,430

Current assets

Stocks

23,931

19,176

Debtors

143,300

138,178

Cash at bank and in hand

3,919

171,150

157,365

Creditors: amounts falling due within one year

(107,841)

(90,502)

Net current assets

63,309

66,863

Total assets less current liabilities

109,995

100,293

Creditors: amounts falling due after more than one year

(4,235)

(484)

Provisions for liabilities

(5,869)

(2,355)

99,891

97,454

Capital and reserves

Called up share capital

10,000

Profit and loss account

89,891

87,454

Shareholders' funds

99,891

97,454

PHILIP BARTON WHOLESALE MEATS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2015

- 2 -

For the financial Period ended 31 August 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 Period 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 12 May 2016

P R Barton

Director

Company Registration No. 03713537

PHILIP BARTON WHOLESALE MEATS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 AUGUST 2015

- 3 -

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

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

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:

Plant and machinery

15% p.a. reducing balance

Fixtures, fittings & computer equipment

20% p.a. reducing balance

Motor vehicles

25% p.a. reducing balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the Period they are payable.

1.8

Deferred taxation

Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.

PHILIP BARTON WHOLESALE MEATS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 August 2014

39,000

120,076

159,076

Additions

27,211

Disposals

(11,260)

At 31 August 2015

39,000

136,027

175,027

Depreciation

At 1 August 2014

39,000

86,646

125,646

On disposals

(10,639)

Charge for the period

13,334

At 31 August 2015

39,000

89,341

128,341

Net book value

At 31 August 2015

46,686

At 31 July 2014

33,430

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £10,583 (2014 - £14,576).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £4,235 (2014 - £484).

Share capital

2015

2014

Allotted, called up and fully paid

10,000 Ordinary shares of £1 each

10,000

PHILIP BARTON WHOLESALE MEATS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2015

- 5 -

Related party relationships and transactions

Loans to directors

The following directors had loans during the Period. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

P R Barton -

3.00

30,379

91,358

899

92,205

30,431

30,379

91,358

899

92,205

30,431