Peter South Associates Ltd - Period Ending 2016-10-31

Registration number: 07677956

Peter South Associates Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Cannons
Chartered Certified Accountants
Unit F, Kingsmead
Folkestone
Kent
CT19 5EU

Peter South Associates Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Peter South Associates Ltd
(Registration number: 07677956)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					664			1,302
Current assets
Debtors					4,656			3,492
Cash at bank and in hand					397,041			333,927
					401,697			337,419
Creditors: Amounts falling due within one year					(49,288)			(45,551)
Net current assets					352,409			291,868
Net assets					353,073			293,170
Capital and reserves
Called up share capital		3			10			10
Profit and loss account					353,063			293,160
Shareholders' funds					353,073			293,170

For the year ending 31 October 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 3 February 2017 and signed on its behalf by:

.........................................
Mr PG South
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Peter South Associates Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

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	25% reducing balance
Computer equipment	25% on cost

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.

Page 2

Peter South Associates Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		3,702			3,702
At 31 October 2016		3,702			3,702
Depreciation
At 1 November 2015		2,400			2,400
Charge for the year		638			638
At 31 October 2016		3,038			3,038
Net book value
At 31 October 2016		664			664
At 31 October 2015		1,302			1,302

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10

Page 3