Peter Kelly (G.B.) Limited - Abbreviated accounts 16.1

PETER KELLY (G.B.) LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs D Kelly

Mr L Kelly

Miss J Kelly

SECRETARY:

REGISTERED OFFICE:

62/63 Westborough

Scarborough

North Yorkshire

YO11 1TS

REGISTERED NUMBER:

03206343 (England and Wales)

ACCOUNTANTS:

Winn & Co

Chartered Accountants

62/63 Westborough

Scarborough

North Yorkshire

YO11 1TS

FIXED ASSETS

Tangible assets

2

5,163

5,736

CURRENT ASSETS

Stocks

1,013,794

619,270

Cash at bank

12,546

288,765

1,026,340

908,035

CREDITORS

Amounts falling due within one year

674,442

686,595

NET CURRENT ASSETS

351,898

221,440

TOTAL ASSETS LESS CURRENT LIABILITIES

357,061

227,176

CREDITORS

Amounts falling due after more than one year

130,000

-

NET ASSETS

227,061

227,176

CAPITAL AND RESERVES

Called up share capital

3

101

101

Profit and loss account

226,960

227,075

SHAREHOLDERS' FUNDS

227,061

227,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 May 2016 and were signed on its behalf by:

Mrs D Kelly - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

The effect of events relating to the period ended 31 December 2015, which occurred before the date of approval

of the financial statements by the Board of Directors, have been included to the extent required to show a true

and fair view of the state of affairs of the company at 31 December 2015 and of its results for the period ended

on that date.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

9,250

DEPRECIATION

At 1 January 2015

3,514

Charge for year

573

At 31 December 2015

4,087

NET BOOK VALUE

At 31 December 2015

5,163

At 31 December 2014

5,736

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100

1

Ordinary B

£1

1

1

101

101

4.	RELATED PARTY DISCLOSURES

At the year end the company owed its director £666,691 and Kelly limited £130,000. Kelly Ltd is a company

controlled by Mrs D Kelly a director of Peter Kelly (GB) Limited.

5.	CONTROLLING PARTY