P.W. Services (Loscoe) Limited - Period Ending 2015-09-30

Registration number: 03639824

P.W. Services (Loscoe) Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

P J Hamson & Co. Limited
99 Wilsthorpe Road
Long Eaton
Nottingham
England
NG10 3LE

P.W. Services (Loscoe) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

P.W. Services (Loscoe) Limited
(Registration number: 03639824)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					138,446			116,475
Current assets
Stocks					550			5,550
Debtors					18,021			1,830
Cash at bank and in hand					77,205			13,255
					95,776			20,635
Creditors: Amounts falling due within one year					(77,192)			(26,729)
Net current assets/(liabilities)					18,584			(6,094)
Total assets less current liabilities					157,030			110,381
Provisions for liabilities					(231)			(283)
Net assets					156,799			110,098
Capital and reserves
Called up share capital		3			1,000			1,000
Revaluation reserve					52,725			30,225
Profit and loss account					103,074			78,873
Shareholders' funds					156,799			110,098

For the year ending 30 September 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 director acknowledges his 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 director on 30 June 2016

.........................................
Mr Peter Wharton
Director

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

P.W. Services (Loscoe) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargable, 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 estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on the reducing balance
Fixtures and fittings	25% on the reducing balance
Motor vehicles	25% on the reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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, as assessed by the director. Net realisible value is based on selling price less anticipated costs to completion and selling costs.

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P.W. Services (Loscoe) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

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.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2014		161,900			161,900
Revaluations		22,500			22,500
Additions		620			620
At 30 September 2015		185,020			185,020
Depreciation
At 1 October 2014		45,425			45,425
Charge for the year		1,149			1,149
At 30 September 2015		46,574			46,574
Net book value
At 30 September 2015		138,446			138,446
At 30 September 2014		116,475			116,475

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

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P.W. Services (Loscoe) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

4	Related party transactions

Transactions with directors:
During the year Mr P Wharton received dividends totalling £32,000 (2014: £5,500);

Bank loans at 30th September 2015 totalling £nil (2014: £4,177) are secured against the personal assets of Mr P Wharton.

During the year Mr P Wharton was paid £208 in respect of business costs incurred in the course of conducting company business at his residence.
 

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