Dennis Price Woodworking Machinery Ltd - Abbreviated accounts 16.1

DENNIS PRICE WOODWORKING

MACHINERY 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:

D Price

Mrs J I Price

SECRETARY:

Mrs J I Price

REGISTERED OFFICE:

Woodlands, 234 Harden Road

Harden

Bingley

West Yorkshire

BD16 1HT

REGISTERED NUMBER:

03297046 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Tangible assets

2

114,099

118,169

CURRENT ASSETS

Stocks

21,477

53,633

Debtors

26,325

7,457

Cash at bank and in hand

218,044

221,471

265,846

282,561

CREDITORS

Amounts falling due within one year

66,313

72,264

NET CURRENT ASSETS

199,533

210,297

TOTAL ASSETS LESS CURRENT LIABILITIES

313,632

328,466

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

313,532

328,366

SHAREHOLDERS' FUNDS

313,632

328,466

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 26 July 2016 and were signed on its behalf by:

D Price - Director

1.	ACCOUNTING POLICIES

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).

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.

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Freehold Property is maintained to a high standard year on year. Any charge for depreciation is therefore

considered not to be material and hence no depreciation has been provided.

Stocks

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

moving items.

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

156,839

DEPRECIATION

At 1 January 2015

38,670

Charge for year

4,070

At 31 December 2015

42,740

NET BOOK VALUE

At 31 December 2015

114,099

At 31 December 2014

118,169

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

51

A Ordinary £1 shares

£1.00

51

51

49

B Ordinary £1 shares

£1.00

49

49

100

100