PDP_ASSOCIATES_LIMITED - Accounts
PDP_ASSOCIATES_LIMITED - Accounts
Company Registration No. 07207494 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PDP ASSOCIATES LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PDP Associates Limited for the year ended 31 March 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of PDP Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PDP Associates Limited and state those matters that we have agreed to state to the Board of Directors of PDP Associates Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PDP Associates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that PDP Associates 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 PDP Associates Limited. You consider that PDP Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PDP Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(48,884 )
(33,887 )
Net current assets/(liabilities)
(8,148 )
Total assets less current liabilities
Provisions for liabilities
(2,176 )
(2,172 )
11,296
538
Capital and reserves
Called up share capital
3
Other reserves
(9 )
(9 )
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 2 July 2016
Director
Director
Company Registration No. 07207494
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and machinery
Fixtures, fittings & equipment
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Pensions
The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
14,170
Additions
3,987
At 31 March 2016
18,157
Depreciation
At 1 April 2015
3,312
Charge for the year
3,965
At 31 March 2016
7,277
Net book value
At 31 March 2016
10,880
At 31 March 2015
10,858
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4
Directors' benefits: Advances, credits and guarantees
Mr P Palmer & Mrs R Palmer have a loan account with the company against which personal expenditure and drawings may be charged. The loan account with the company was overdrawn at 1 April 2015 by £10,082 and £24,748 on 31 March 2016. During the period cash advances totalling £122,761 (2015 - £85,077) were made. During the same period cash repayments totalling £108,095 (2015 - £79,401) were received. During the period the maximum overdrawn balance on the loan was £36,829 (2015 - £14,677).
This loan was unsecured and repayable on demand.
Interest has been charged at 3% (2015 - 3.25%). Interest totalling £515 (2015 - £142) was charged by the company on this loan.