Company Registration No. 07436223 (England and Wales)
PROCESS EXCHANGE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
PROCESS EXCHANGE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PROCESS EXCHANGE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
113,437
154,687
Tangible assets
2
17,766
16,950
131,203
171,637
Current assets
Stocks
131,748
123,940
Debtors
203,557
330,888
Cash at bank and in hand
6,825
114
342,130
454,942
Creditors: amounts falling due within one year
(457,814)
(550,405)
Net current liabilities
(115,684)
(95,463)
Total assets less current liabilities
15,519
76,174
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
15,517
76,172
Shareholders' funds
15,519
76,174
For the financial year ended 31 March 2016 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 15 August 2016
Mr J G Swain
Mrs D M Swain
Director
Director
Company Registration No. 07436223
PROCESS EXCHANGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
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 January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and some related services provided to clients. In relation to services, revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration, in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses but excluding Value Added Tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included within debtors, under 'amounts recoverable on contracts'.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 8 years.
1.4
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:
Land and buildings Leasehold
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
20% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
PROCESS EXCHANGE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
330,000
32,421
362,421
Additions
-
5,765
5,765
At 31 March 2016
330,000
38,186
368,186
Depreciation
At 1 April 2015
175,313
15,471
190,784
Charge for the year
41,250
4,949
46,199
At 31 March 2016
216,563
20,420
236,983
Net book value
At 31 March 2016
113,437
17,766
131,203
At 31 March 2015
154,687
16,950
171,637
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary of £1 each
2
2
2016-03-312015-04-01falsetruetruetruetruetruetmp445C.html2016-08-15074362232015-04-012016-03-31074362232016-03-31074362232015-03-31074362232015-03-3107436223uk-bus:Director12015-04-012016-03-3107436223uk-bus:CompanySecretaryDirector2015-04-012016-03-3107436223uk-gaap:LandBuildingsuk-gaap:LeasedTangibleFixedAssets2015-04-012016-03-3107436223uk-gaap:FixturesFittingsToolsEquipment2015-04-012016-03-3107436223uk-gaap:MotorVehicles2015-04-012016-03-3107436223uk-bus:OrdinaryShareClass12015-04-012016-03-3107436223uk-bus:OrdinaryShareClass12016-03-3107436223uk-bus:OrdinaryShareClass12015-03-31xbrli:purexbrli:sharesiso4217:GBP
