Company Registration No. 04398865 (England and Wales)
PROFESSOR PUZZLE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
PROFESSOR PUZZLE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PROFESSOR PUZZLE LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
62,930
30,462
Current assets
Stocks
1,053,520
682,390
Debtors
1,052,630
608,941
Cash at bank and in hand
489,574
130,903
2,595,724
1,422,234
Creditors: amounts falling due within one year
(1,517,502)
(340,490)
Net current assets
1,078,222
1,081,744
Total assets less current liabilities
1,141,152
1,112,206
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
1,140,152
1,111,206
Shareholders' funds
1,141,152
1,112,206
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 5 December 2016
Mr B Meldrum
Director
Company Registration No. 04398865
PROFESSOR PUZZLE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% - reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
62,848
Additions
53,245
At 30 June 2016
116,093
Depreciation
At 1 July 2015
32,386
Charge for the year
20,777
At 30 June 2016
53,163
Net book value
At 30 June 2016
62,930
At 30 June 2015
30,462
PROFESSOR PUZZLE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
101 Ordinary shares of £9.90 each
1,000
1,000
During the year 25 of the Ordinary £9.90 shares were re-designated as Ordinary A £9.90 shares.
4
Ultimate parent company
The company is under the control of Mr B Meldrum, director of the company.
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