Pawletts (BM) Limited - Period Ending 2016-01-31

Registration number: 05085713

Pawletts (BM) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

Pawletts (BM) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pawletts (BM) Limited
for the Year Ended 31 January 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pawletts (BM) Limited for the year ended 31 January 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Pawletts (BM) Limited, as a body, in accordance with the terms of our engagement letterdated 15 June 2010. Our work has been undertaken solely to prepare for your approval the accounts of Pawletts (BM) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pawletts (BM) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pawletts (BM) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pawletts (BM) Limited. You consider that Pawletts (BM) 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 accounts of Pawletts (BM) 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 accounts.

......................................

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

29 July 2016

Page 1

Pawletts (BM) Limited
(Registration number: 05085713)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016						2015 £
	£			£
Fixed assets
Intangible fixed assets								22,000			24,000
Tangible fixed assets								7,589			9,448
Investments								192,317			190,926
								221,906			224,374
Current assets
Stocks					75,108						70,068
Debtors					34,451						45,621
Investments					500						500
Cash at bank and in hand					2,110						2,625
					112,169						118,814
Creditors: Amounts falling due within one year					(121,225)						(116,148)
Net current (liabilities)/assets								(9,056)			2,666
Total assets less current liabilities								212,850			227,040
Creditors: Amounts falling due after more than one year								(177,750)			(177,750)
Net assets								35,100			49,290
Capital and reserves
Called up share capital		3			2						2
Profit and loss account					35,098						49,288
Shareholders' funds								35,100			49,290

For the year ending 31 January 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 September 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Pawletts (BM) Limited
(Registration number: 05085713)
Abbreviated Balance Sheet at 31 January 2016
......... continued

......................................... Mr M J Pawlett Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Pawletts (BM) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% Straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & machinery	15% Reducing balance
Motor vehicles	25% Reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

Pawletts (BM) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 February 2015		40,000			73,568			190,926			304,494
Additions		-			-			1,391			1,391
At 31 January 2016		40,000			73,568			192,317			305,885
Depreciation
At 1 February 2015		16,000			64,120			-			80,120
Charge for the year		2,000			1,859			-			3,859
At 31 January 2016		18,000			65,979			-			83,979
Net book value
At 31 January 2016		22,000			7,589			192,317			221,906
At 31 January 2015		24,000			9,448			190,926			224,374

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 5

Pawletts (BM) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr M J Pawlett
Amounts owed to/(by) Directors	(8,943)	1,170	(10,113)	(6,918)
Mr I R Pawlett
Amounts owed to/(by) Directors	26,359	8,170	18,189	832

Page 6