Prokit Europe Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 02315881

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

PROKIT EUROPE LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M S Holmes

Mrs S C Holmes

SECRETARY:

Mrs S C Holmes

REGISTERED OFFICE:

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

REGISTERED NUMBER:

02315881

ACCOUNTANTS:

Griffins

Chartered Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

2

44,964

19,698

CURRENT ASSETS

Stocks

439,125

414,852

Debtors

140,384

157,024

Cash at bank and in hand

388

68,834

579,897

640,710

CREDITORS

Amounts falling due within one year

3

184,072

193,296

NET CURRENT ASSETS

395,825

447,414

TOTAL ASSETS LESS CURRENT
LIABILITIES

440,789

467,112

PROVISIONS FOR LIABILITIES

8,993

3,939

NET ASSETS

431,796

463,173

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

431,794

463,171

SHAREHOLDERS' FUNDS

431,796

463,173

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 23 May 2016 and were signed on its behalf by:

Mrs S C Holmes - Director

M S Holmes - Director

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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Hire equipment

-

33.33% on cost and 25% on cost

Website

-

Straight line over 4 years

Office equipment

-

25% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

150,497

Additions

47,058

Disposals

(28,502

)

At 31 December 2015

169,053

DEPRECIATION

At 1 January 2015

130,799

Charge for year

21,792

Eliminated on disposal

(28,502

)

At 31 December 2015

124,089

NET BOOK VALUE

At 31 December 2015

44,964

At 31 December 2014

19,698

3.

CREDITORS

Creditors include an amount of £ 36,594 (31/12/14 - £ 15,857 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/15

31/12/14

value:

£

2

Ordinary

£1

2