PTM_DESIGN_LIMITED - Accounts

P T M DESIGN LIMITED - Company Information

Print Friendly Version

Company Registration No. 04928329 (England and Wales)

PTM DESIGN LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

PTM DESIGN LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

PTM DESIGN LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PTM DESIGN LIMITED FOR THE YEAR ENDED 31 OCTOBER 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PTM Design Limited for the year ended 31 October 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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.

This report is made solely to the Board of Directors of PTM Design 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 PTM Design Limited and state those matters that we have agreed to state to the Board of Directors of PTM Design 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 PTM Design Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that PTM Design 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 PTM Design Limited. You consider that PTM Design 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 PTM Design 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.

25 July 2016

Ellacotts LLP

Countrywide House

Chartered Chartered Accountants

23 West Bar

Banbury

Oxfordshire

England

OX16 9SA

PTM DESIGN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Intangible assets

256,000

288,000

Tangible assets

68,097

87,070

324,097

375,070

Current assets

Stocks

5,021

2,500

Debtors

153,770

139,542

Cash at bank and in hand

2,964

900

161,755

142,942

Creditors: amounts falling due within one year

(221,413)

(269,051)

Net current liabilities

(59,658)

(126,109)

Total assets less current liabilities

264,439

248,961

Creditors: amounts falling due after more than one year

(86,789)

(99,546)

177,650

149,415

Capital and reserves

Called up share capital

Profit and loss account

177,644

149,409

Shareholders' funds

177,650

149,415

PTM DESIGN LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2015

- 3 -

For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their 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 22 July 2016

Mrs P E McGrory

Director

Company Registration No. 04928329

PTM DESIGN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 4 -

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

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

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

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

Goodwill 20 years straight line

1.5

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% reducing balance or 5 to 3 year straight line

Computer equipment

33% on cost

Motor vehicles

25% reducing balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

1.7

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.8

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over a period of 5 years, which is the useful economic life of the assets.

PTM DESIGN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 5 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 November 2014

640,000

256,235

896,235

Additions

1,700

At 31 October 2015

640,000

257,935

897,935

Depreciation

At 1 November 2014

352,000

169,165

521,165

Charge for the year

32,000

20,673

52,673

At 31 October 2015

384,000

189,838

573,838

Net book value

At 31 October 2015

256,000

68,097

324,097

At 31 October 2014

288,000

87,070

375,070

Share capital

2015

2014

Allotted, called up and fully paid

6 Ordinary shares of £1 each

Related party relationships and transactions

Related party transactions

As at 31 October 2015, PTM Design Limited was owed the following amounts from connected companies:

Walcote Farm £292 (2014: £0)

ATM Limited £1,028 (2014: £0)

PTM Design Limited owed £6,473 (2014: £4,200) to PTM Limited, a company which Mr A and Mr T McGrory are also directors of.