Abbreviated Company Accounts - PROPERTY REPAIRS & SERVICES LTD
Abbreviated Company Accounts - PROPERTY REPAIRS & SERVICES LTD
Registered Number 04324751
PROPERTY REPAIRS & SERVICES LTD
Abbreviated Accounts
31 March 2016
PROPERTY REPAIRS & SERVICES LTD Registered Number 04324751
Abbreviated Balance Sheet as at 31 March 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: amounts falling due after more than one year |
( |
( |
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Total net assets (liabilities) |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
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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 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
And signed on their behalf by:
PROPERTY REPAIRS & SERVICES LTD Registered Number 04324751
Notes to the Abbreviated Accounts for the period ended 31 March 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Other accounting policies
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives, on the following bases:
Asset class Depreciation method and rate
Plant & Equipment 25% straight line
Motor Vehicles 25% straight line
Office Equipment 25% straight line
Hire purchase and leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and the cost less estimated residual value depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Operating leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Work in progress
Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred tax
Provision is made for taxation as a result of material timing differences between the incidence of income and expenditure for taxation purposes, using the liability method, only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the near future.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
( |
At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 19,553 |
At 31 March 2015 | 15,097 |