Prestige Audio Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 03477179

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Prestige Audio Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

B W Copeland

W Hobson

SECRETARY:

B W Copeland

REGISTERED OFFICE:

35a Hazlemere Road

Penn

Buckinghamshire

HP10 8AD

REGISTERED NUMBER:

03477179

ACCOUNTANTS:

PW Beere Accounting Solutions Limited

35a Hazlemere Road

Penn

Buckinghamshire

HP10 8AD

FIXED ASSETS

Tangible assets

2

64,482

80,616

CURRENT ASSETS

Stocks

22,171

27,156

Debtors

213,433

381,300

Cash at bank and in hand

69,803

38,617

305,407

447,073

CREDITORS

Amounts falling due within one year

85,310

326,050

NET CURRENT ASSETS

220,097

121,023

TOTAL ASSETS LESS CURRENT
LIABILITIES

284,579

201,639

CREDITORS

Amounts falling due after more than one
year

3

100,784

101,474

NET ASSETS

183,795

100,165

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

183,695

100,065

SHAREHOLDERS' FUNDS

183,795

100,165

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 16 December 2016 and were signed on its behalf
by:

W Hobson - 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 goods, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

297,557

DEPRECIATION

At 1 April 2015

216,941

Charge for year

16,134

At 31 March 2016

233,075

NET BOOK VALUE

At 31 March 2016

64,482

At 31 March 2015

80,616

3.

CREDITORS

Creditors include an amount of £ 100,784 (31.3.15 - £ 101,474 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.3.16

31.3.15

£

Repayable by instalments

100,784

101,474

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

B W Copeland

Balance outstanding at start of year

30,905

Amounts repaid

-

Balance outstanding at end of year

30,905

The loan to the director was interest free and repayable on demand.

The directors have given the company's bankers, National Westminster Bank plc, personal guarantees in respect

of the company's loan.