Southdown PSV Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04416005 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

SOUTHDOWN PSV LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

410,934

515,400

CURRENT ASSETS

Stocks

7,490

5,085

Debtors

223,955

253,368

Cash at bank and in hand

346,147

155,248

577,592

413,701

CREDITORS

Amounts falling due within one year

3

261,892

244,060

NET CURRENT ASSETS

315,700

169,641

TOTAL ASSETS LESS CURRENT
LIABILITIES

726,634

685,041

CREDITORS

Amounts falling due after more than one
year

3

(58,314

)

(108,664

)

PROVISIONS FOR LIABILITIES

(80,444

)

(99,658

)

NET ASSETS

587,876

476,719

CAPITAL AND RESERVES

Called up share capital

4

14,000

Share premium

201,000

Revaluation reserve

54,729

Profit and loss account

318,147

206,990

SHAREHOLDERS' FUNDS

587,876

476,719

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 5 October 2016 and were signed on its behalf by:

Mr P Larking - Director

Mr G Wood - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover comprises the value of goods and services supplied by the company, exclusive of value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write

off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Short leasehold - 20% on cost

Operational equipment - 20% on cost

Workshop equipment - 25% on reducing balance

Furniture and office equipment - 25% on reducing balance

Vehicles

Motor vehicles - 25% on reducing balance

Buses - at varying rates on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2015

620,714

Additions

30,348

Disposals

(20,260

)

At 31 March 2016

630,802

DEPRECIATION

At 1 April 2015

105,314

Charge for year

121,741

Eliminated on disposal

(7,187

)

At 31 March 2016

219,868

NET BOOK VALUE

At 31 March 2016

410,934

At 31 March 2015

515,400

3.

CREDITORS

Creditors include an amount of £ 108,664 (2015 - £ 184,599 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2,000

Ordinary A

£1

2,000

1,750

Ordinary B

£1

1,750

2,000

Ordinary D

£1

2,000

7,000

Ordinary

£1

7,000

875

Ordinary E

£1

875

125

Ordinary F

£1

125

Ordinary G

£1

125

Ordinary H

£1

125

14,000