Paul O'nions Plumbing & Heating Limited - Period Ending 2016-03-31

Registration number: 05302276

Paul O'nions Plumbing & Heating Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

Paul O'nions Plumbing & Heating Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Paul O'nions Plumbing & Heating Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paul O'nions Plumbing & Heating Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of International Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Paul O'nions Plumbing & Heating Limited, as a body, in accordance with the terms of our engagement letter dated 23 December 2004. Our work has been undertaken solely to prepare for your approval the accounts of Paul O'nions Plumbing & Heating Limited and state those matters that we have agreed to state to them, as a body in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul O'nions Plumbing & Heating Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Paul O'nions Plumbing & Heating Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Paul O'nions Plumbing & Heating Limited. You consider that Paul O'nions Plumbing & Heating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Paul O'nions Plumbing & Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

29 December 2016

Page 1

Paul O'nions Plumbing & Heating Limited
(Registration number: 05302276)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					7,500			7,500
Tangible fixed assets					20,530			3,439
					28,030			10,939
Current assets
Stocks					14,150			6,500
Debtors		3			8,783			12,538
					22,933			19,038
Creditors: Amounts falling due within one year					(47,284)			(24,277)
Net current liabilities					(24,351)			(5,239)
Total assets less current liabilities					3,679			5,700
Provisions for liabilities					(3,800)			(347)
Net (liabilities)/assets					(121)			5,353
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					(122)			5,352
Shareholders' (deficit)/funds					(121)			5,353

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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 29 December 2016

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Paul O'nions Plumbing & Heating Limited
(Registration number: 05302276)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
Mr Paul O'nions
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Paul O'nions Plumbing & Heating 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 April 2008).

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, less any estimated residual value, over their expected useful economic life as follows:~

Asset class	Depreciation method and rate
Plant & machinery	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock and work in progress

Stock and work in progress are 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

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.

Page 4

Paul O'nions Plumbing & Heating Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		7,500			31,467			38,967
Additions		-			23,935			23,935
At 31 March 2016		7,500			55,402			62,902
Depreciation
At 1 April 2015		-			28,028			28,028
Charge for the year		-			6,844			6,844
At 31 March 2016		-			34,872			34,872
Net book value
At 31 March 2016		7,500			20,530			28,030
At 31 March 2015		7,500			3,439			10,939

3

Debtors

Debtors includes £nil (2015 - £nil) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

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

Page 5