Paul Watters Contractor Limited - Period Ending 2016-03-31

Registration number: 04259602

Paul Watters Contractor Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  for the Year Ended 31 March 2016
 

Paul Watters Contractor Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Paul Watters Contractor Limited
(Registration number: 04259602)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Current assets
Stocks					63,148			19,880
Debtors					10,706			59,827
Cash at bank and in hand					39,010			47,716
					112,864			127,423
Creditors: Amounts falling due within one year					(72,411)			(89,097)
Net assets					40,453			38,326
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					40,452			38,325
Shareholders' funds					40,453			38,326

For the year ending 31 March 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 22 December 2016

.........................................
Mr D P Watters
Director

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

Paul Watters Contractor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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.

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	20% reducing balance
Motor vehicles	20% reducing balance

Work in progress and long term contracts

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

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.

Page 2

Paul Watters Contractor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Total £
Cost
At 1 April 2015		150,000			150,000
At 31 March 2016		150,000			150,000
Depreciation
At 1 April 2015		150,000			150,000
At 31 March 2016		150,000			150,000
Net book value
At 31 March 2016		-			-
At 31 March 2015		-			-

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