Products Online Limited - Period Ending 2016-07-31

PRODUCTS ONLINE LIMITED - Company Information

Registration number: 07290518

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Products Online Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Products Online Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Products Online Limited
for the Year Ended 31 July 2016

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

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Products Online Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Products Online Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Products Online Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Products Online 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 Products Online Limited. You consider that Products Online 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 Products Online 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.

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

Michael J Emery & Co Limited
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Date:.............................

Page 1

Products Online Limited

(Registration number: 07290518)
Abbreviated Balance Sheet as at 31 July 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	45,798	56,134
Current assets
Debtors		320,372	329,868
Cash at bank and in hand		157,176	155,764
		477,548	485,632
Prepayments and accrued income		4,561	-
Creditors: Amounts falling due within one year		(95,144)	(124,923)
Net current assets		386,965	360,709
Total assets less current liabilities		432,763	416,843
Provisions for liabilities		(4,731)	(8,377)
Accruals and deferred income		(1,350)	(1,300)
Net assets		426,682	407,166
Capital and reserves
Called up share capital	3	1,000	1,000
Share premium reserve		137,100	137,100
Profit and loss account		288,582	269,066
Shareholders funds		426,682	407,166

For the year ending 31 July 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 24 October 2016 and signed on its behalf by:

.........................................
Mrs Lesley Ellwood
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Products Online Limited

Notes to the Abbreviated Accounts

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.

Turnover

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

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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
Improvements to property	25% on cost
Plant and machinery	25% on cost
Fixtures and fittings	25% on cost
Motor vehicles	25% on cost
Office Equipment	33% on cost

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.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Deferred tax

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

Fixed assets

	Tangible assets £	Total £
Cost
At 1 August 2015	122,270	122,270
Additions	22,620	22,620
Disposals	(4,999)	(4,999)
At 31 July 2016	139,891	139,891
Depreciation
At 1 August 2015	66,136	66,136
Charge for the year	30,457	30,457
Eliminated on disposals	(2,500)	(2,500)
At 31 July 2016	94,093	94,093
Net book value
At 31 July 2016	45,798	45,798
At 31 July 2015	56,134	56,134

Page 3

Products Online Limited

Notes to the Abbreviated Accounts

	Tangible assets £	Total £
Cost
At 1 August 2015	122,270	122,270
Additions	22,620	22,620
Disposals	(4,999)	(4,999)
At 31 July 2016	139,891	139,891
Depreciation
At 1 August 2015	66,136	66,136
Charge for the year	30,457	30,457
Eliminated on disposals	(2,500)	(2,500)
At 31 July 2016	94,093	94,093
Net book value
At 31 July 2016	45,798	45,798
At 31 July 2015	56,134	56,134

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary A of £1 each	600	600	600	600
Ordinary B of £1 each	200	200	200	200
Ordinary C of £1 each	150	150	150	150
Ordinary D of £1 each	50	50	50	50
	1,000	1,000	1,000	1,000

Control

The company is controlled by Mr M Stewart.

Page 4