Parallel 55 Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC383058 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Parallel 55 Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr D W Ure

Mrs J E Ure

REGISTERED OFFICE:

First Floor

31 Palmerston Place

Edinburgh

EH12 5AP

REGISTERED NUMBER:

SC383058 (Scotland)

ACCOUNTANTS:

SJD Accountancy Scotland

First Floor

31 Palmerston Place

Edinburgh

EH12 5AP

FIXED ASSETS

Tangible assets

2

503

423

CURRENT ASSETS

Debtors

12,000

6,793

Cash at bank

39,306

27,114

51,306

33,907

CREDITORS

Amounts falling due within one year

24,440

18,492

NET CURRENT ASSETS

26,866

15,415

TOTAL ASSETS LESS CURRENT LIABILITIES

27,369

15,838

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

27,269

15,738

SHAREHOLDERS' FUNDS

27,369

15,838

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 8 December 2016 and were signed on its behalf by:

Mr D W Ure - Director

Mrs J E Ure - 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 services, 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.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on reducing balance

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 September 2015

2,417

Additions

407

At 31 August 2016

2,824

DEPRECIATION

At 1 September 2015

1,994

Charge for year

327

At 31 August 2016

2,321

NET BOOK VALUE

At 31 August 2016

503

At 31 August 2015

423

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

£

100

Ordinary

£1

100

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES