Prestons Accountancy Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 08119853 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Prestons Accountancy Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Mehta

Anver Patel

REGISTERED OFFICE:

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

REGISTERED NUMBER:

08119853 (England and Wales)

FIXED ASSETS

Intangible assets

2

400,001

433,334

Tangible assets

3

8,992

6,470

Investments

4

95,222

100,122

504,215

539,926

CURRENT ASSETS

Stocks

38,280

28,393

Debtors

401,248

531,887

Cash at bank and in hand

113,490

69,074

553,018

629,354

CREDITORS

Amounts falling due within one year

208,508

584,275

NET CURRENT ASSETS

344,510

45,079

TOTAL ASSETS LESS CURRENT LIABILITIES

848,725

585,005

CAPITAL AND RESERVES

Called up share capital

5

500,198

500,200

Retained earnings

348,527

84,805

SHAREHOLDERS' FUNDS

848,725

585,005

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 30 December 2016 and were signed on its behalf by:

Anver Patel - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover represents net income receivable from sale of goods and services in the year, excluding

value added tax.

Goodwill

Goodwill, being amount paid with the acquisition of a business in 2013, is being amortised over 15

years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks and work-in progress

Work in progress is valued at lower of cost and net realisable value.

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

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

of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

500,000

AMORTISATION

At 1 April 2015

66,666

Eliminated on disposal

33,333

At 31 March 2016

99,999

NET BOOK VALUE

At 31 March 2016

400,001

At 31 March 2015

433,334

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

13,131

Additions

6,204

At 31 March 2016

19,335

DEPRECIATION

At 1 April 2015

6,661

Charge for year

3,682

At 31 March 2016

10,343

NET BOOK VALUE

At 31 March 2016

8,992

At 31 March 2015

6,470

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

and 31 March 2016

20,122

NET BOOK VALUE

At 31 March 2016

20,122

At 31 March 2015

20,122

Investments (neither listed nor unlisted) were as follows:

31.3.16

31.3.15

£

£

Other Investments

75,100

80,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

200

Ordinary

1

200

200

500,000

Redeemable Preference

£1

499,998

500,000

500,198

500,200

The shares were issued to increase the capital base of the company.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amounts outstanding was repaid within 9 months

7.	ULTIMATE CONTROLLING PARTY