Percy House Gallery Limited - Period Ending 2016-05-31

Registration number: 08062820

Percy House Gallery Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Percy House Gallery Limited
(Registration number: 08062820)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					8,000			12,000
Tangible fixed assets					4,845			5,597
					12,845			17,597
Current assets
Stocks					22,031			25,001
Debtors					3,543			1,406
Cash at bank and in hand					14,213			11,872
					39,787			38,279
Creditors: Amounts falling due within one year					(44,761)			(54,556)
Net current liabilities					(4,974)			(16,277)
Total assets less current liabilities					7,871			1,320
Provisions for liabilities					(969)			(1,120)
Net assets					6,902			200
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					6,802			100
Shareholders' funds					6,902			200

The notes on pages 3 to 4 form an integral part of these financial statements.
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Percy House Gallery Limited
(Registration number: 08062820)
Abbreviated Balance Sheet at 31 May 2016
......... continued

For the year ending 31 May 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 2015).

Approved by the Board on 25 January 2017 and signed on its behalf by:

.........................................
Mrs K Cottier
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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Percy House Gallery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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 January 2015).

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.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill on incorporation	20% straight line basis

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance basis

Stock

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 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.

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Percy House Gallery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		20,000			7,600			27,600
Additions		-			103			103
At 31 May 2016		20,000			7,703			27,703
Depreciation
At 1 June 2015		8,000			2,003			10,003
Charge for the year		4,000			855			4,855
At 31 May 2016		12,000			2,858			14,858
Net book value
At 31 May 2016		8,000			4,845			12,845
At 31 May 2015		12,000			5,597			17,597

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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