PARTY_WIZARD_LIMITED - Accounts

PARTY WIZARD LIMITED - Company Information

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Company Registration No. 07537285 (England and Wales)

PARTY WIZARD LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

PARTY WIZARD LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PARTY WIZARD LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

2,000

Tangible assets

692

1,027

692

3,027

Current assets

Stocks

21,979

22,397

Debtors

1,196

1,653

Cash at bank and in hand

3,219

3,299

26,394

27,349

Creditors: amounts falling due within one year

(33,362)

(35,599)

Net current liabilities

(6,968)

(8,250)

Total assets less current liabilities

(6,276)

(5,223)

Capital and reserves

Called up share capital

100

Profit and loss account

(6,376)

(5,323)

Shareholders' funds

(6,276)

(5,223)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 October 2016

Mr C Bohannan

Director

Company Registration No. 07537285

PARTY WIZARD LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The directors consider that, notwithstanding the company's negative net assets position, it is appropriate to prepare the accounts on a going concern basis as the company will be able to continue to meet its liabilities as they fall due, due to the continuing support of the directors

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% on straight line

Computer equipment

20% on straight line

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PARTY WIZARD LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015 & at 31 March 2016

10,000

5,753

15,753

Depreciation

At 1 April 2015

8,000

4,726

12,726

Charge for the year

2,000

335

2,335

At 31 March 2016

10,000

5,061

15,061

Net book value

At 31 March 2016

692

At 31 March 2015

2,000

1,027

3,027

Share capital

2016

2015

Allotted, called up and fully paid

100 ordinary shares of £1 each

100