Abbreviated Company Accounts - POWELL'S SHEET MATERIALS LTD

Abbreviated Company Accounts - POWELL'S SHEET MATERIALS LTD


Registered Number 09675459

POWELL'S SHEET MATERIALS LTD

Abbreviated Accounts

30 September 2016

POWELL'S SHEET MATERIALS LTD Registered Number 09675459

Abbreviated Balance Sheet as at 30 September 2016

Notes 2016
£
Fixed assets
Tangible assets 2 21,006
21,006
Current assets
Stocks 19,781
Debtors 14,001
Cash at bank and in hand 9,442
43,224
Creditors: amounts falling due within one year (38,515)
Net current assets (liabilities) 4,709
Total assets less current liabilities 25,715
Creditors: amounts falling due after more than one year (76,052)
Total net assets (liabilities) (50,337)
Capital and reserves
Called up share capital 3 100
Profit and loss account (50,437)
Shareholders' funds (50,337)
  • For the year ending 30 September 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.

Approved by the Board on 27 January 2017

And signed on their behalf by:
P D Garlick, Director

POWELL'S SHEET MATERIALS LTD Registered Number 09675459

Notes to the Abbreviated Accounts for the period ended 30 September 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, excluding VAT

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery - 25% reducing balance
Vehicles - 25% reducing balance

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost included all direct costs and an appropriate proportion of fixed and variable overheads where applicable

2Tangible fixed assets
£
Cost
Additions 28,008
Disposals -
Revaluations -
Transfers -
At 30 September 2016 28,008
Depreciation
Charge for the year 7,002
On disposals -
At 30 September 2016 7,002
Net book values
At 30 September 2016 21,006
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£
100 Ordinary shares of £1 each 100

The company allotted and issued 100 fully paid £1 ordinary shares on 8 July 2015

4Transactions with directors

Name of director receiving advance or credit: P D Garlick
Description of the transaction: Loan to company
Balance at 8 July 2015: -
Advances or credits made: £ 9,120
Advances or credits repaid: -
Balance at 30 September 2016: £ 9,120

Name of director receiving advance or credit: H E Pearson
Description of the transaction: Loan to company
Balance at 8 July 2015: -
Advances or credits made: £ 30,105
Advances or credits repaid: -
Balance at 30 September 2016: £ 30,105

Name of director receiving advance or credit: C I Powell
Description of the transaction: Loan to company
Balance at 8 July 2015: -
Advances or credits made: £ 10,105
Advances or credits repaid: -
Balance at 30 September 2016: £ 10,105

The directors have advanced funds to the company, interest free and with no fixed date for repayment. The balances are disclosed within Other Creditors; Amounts falling due after more than one year