Pascal At The Old Vicarage Limited - Period Ending 2014-07-31

Registration number: 03762422

Pascal At The Old Vicarage Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2014
 

Pascal At The Old Vicarage Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Pascal At The Old Vicarage Limited
(Registration number: 03762422)
Abbreviated Balance Sheet at 31 July 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					21,500			25,800
Tangible fixed assets		2			317,306			327,876
					338,806			353,676
Current assets
Stocks					11,247			9,700
Debtors					2,988			3,687
Cash at bank and in hand					3,381			735
					17,616			14,122
Creditors: Amounts falling due within one year		3			(172,263)			(142,711)
Net current liabilities					(154,647)			(128,589)
Total assets less current liabilities					184,159			225,087
Creditors: Amounts falling due after more than one year		3			(183,051)			(207,433)
Net assets					1,108			17,654
Capital and reserves
Called up share capital		4			2,000			2,000
Profit and loss account					(892)			15,654
Shareholders' funds					1,108			17,654

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Pascal At The Old Vicarage Limited
(Registration number: 03762422)
Abbreviated Balance Sheet at 31 July 2014
......... continued

For the year ending 31 July 2014 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 20 October 2014 and signed on its behalf by:

.........................................
P Arnoux
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Pascal At The Old Vicarage Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... 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).

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the directors not requiring the withdrawal of their monies owed to them until sufficient funds are available.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the date goods are despatched and the level of completion of services.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity’s identifiable assets and liabilities.

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.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Equal annual instalments over 20 years

Depreciation

Tangible fixed assets are initially recorded at cost. 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
Land and buildings freehold	2% Straight line (No depreciation is charged on land)
Computer equipment	33% Straight line basis
Fixtures, fittings and equipment	25% Straight line basis
Motor vehicles	25% Straight line basis

Stock

Page 3

Pascal At The Old Vicarage Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

Stock 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.

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 Financial Reporting Standard for Smaller Entities. 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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the assets have passed to the company, are capitalised in the balnce sheet as tangible fixed assets and are depreciated over thier useful lives. The capital elements of furture obligations under the leases are iuncluded as liabilities in the balne sheet. The interest element of the rental obligation is chrged to the profit and loss account over the period of the lease and represents a constant proportion of the balnce of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangivle fixed assets and are depreciated over thier useful lives. The capital element of furture finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Page 4

Pascal At The Old Vicarage Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2013		86,000			546,867			632,867
Additions		-			601			601
Disposals		-			(35,757)			(35,757)
At 31 July 2014		86,000			511,711			597,711
Depreciation
At 1 August 2013		60,200			218,991			279,191
Charge for the year		4,300			11,171			15,471
Eliminated on disposals		-			(35,757)			(35,757)
At 31 July 2014		64,500			194,405			258,905
Net book value
At 31 July 2014		21,500			317,306			338,806
At 31 July 2013		25,800			327,876			353,676

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		24,133			24,480
Amounts falling due after more than one year		83,051			107,433
Total secured creditors		107,184			131,913

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		-			17,580

Page 5

Pascal At The Old Vicarage Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000
Ordinary A shares of £1 each		900			900			900			900
Ordinary B shares of £1 each		90			90			90			90
Ordinary C shares of £1 each		10			10			10			10
		2,000			2,000			2,000			2,000

Page 6