Powderham Forge Limited - Period Ending 2016-07-31

Registration number: 04838891

Powderham Forge Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

Powderham Forge Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Powderham Forge Limited
(Registration number: 04838891)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					8,850			9,885
Current assets
Stocks					700			770
Debtors					2,496			728
Cash at bank and in hand					729			-
					3,925			1,498
Creditors: Amounts falling due within one year					(10,941)			(10,454)
Net current liabilities					(7,016)			(8,956)
Total assets less current liabilities					1,834			929
Provisions for liabilities					(1,770)			(1,977)
Net assets/(liabilities)					64			(1,048)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					63			(1,049)
Shareholders' funds/(deficit)					64			(1,048)

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 director acknowledges his 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 director on 12 December 2016

Mr PA Gilbert
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Powderham Forge Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

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 and machinery	15% on the reducing balance
Motor vehicles	25% on the reducing balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 2

Powderham Forge Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		15,682			15,682
Additions		1,114			1,114
At 31 July 2016		16,796			16,796
Depreciation
At 1 August 2015		5,797			5,797
Charge for the year		2,149			2,149
At 31 July 2016		7,946			7,946
Net book value
At 31 July 2016		8,850			8,850
At 31 July 2015		9,885			9,885

3	Share capital

Allotted, called up and fully paid shares

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

Page 3