Penwood Nurseries Limited - Period Ending 2014-03-31

Registration number: 04181101

Penwood Nurseries Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Penwood Nurseries Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Penwood Nurseries Limited
(Registration number: 04181101)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					68,218			46,694
Current assets
Stocks					39,105			53,228
Debtors					17,311			19,291
Cash at bank and in hand					144,262			60,641
					200,678			133,160
Creditors: Amounts falling due within one year					(57,430)			(25,493)
Net current assets					143,248			107,667
Total assets less current liabilities					211,466			154,361
Provisions for liabilities					(12,491)			(8,187)
Net assets					198,975			146,174
Capital and reserves
Called up share capital		3			151			151
Profit and loss account					198,824			146,023
Shareholders' funds					198,975			146,174

For the year ending 31 March 2014 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 14 July 2014 and signed on its behalf by:

.........................................
Mr D C Harris
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Penwood Nurseries Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods 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
Plant and machinery	25% on reducing balance
Fixtures and fittings	25% on reducing balance
Motor vehicles	25% on reducing balance
Office equipment	3 years straight line

Stock

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Penwood Nurseries Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		175,000			141,213			316,213
Additions		-			44,498			44,498
Disposals		(175,000)			-			(175,000)
At 31 March 2014		-			185,711			185,711
Depreciation
At 1 April 2013		175,000			94,519			269,519
Charge for the year		-			22,974			22,974
Eliminated on disposals		(175,000)			-			(175,000)
At 31 March 2014		-			117,493			117,493
Net book value
At 31 March 2014		-			68,218			68,218
At 31 March 2013		-			46,694			46,694

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100
A class shares of £1 each		50			50			50			50
B class share of £1 each		1			1			1			1
		151			151			151			151

4

Control

The company is controlled by D C Harris and Mrs M J A Harris.

Page 3