Barnsley Precious Metals Ltd - Period Ending 2016-05-31

Registration number: 07249328

Barnsley Precious Metals Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

Barnsley Precious Metals Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Barnsley Precious Metals Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Barnsley Precious Metals Ltd for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Barnsley Precious Metals Ltd, as a body, in accordance with the terms of our engagement letterdated 25 November 2016. Our work has been undertaken solely to prepare for your approval the accounts of Barnsley Precious Metals Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barnsley Precious Metals Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Barnsley Precious Metals Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Barnsley Precious Metals Ltd. You consider that Barnsley Precious Metals Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Barnsley Precious Metals Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Broderick & Leslie
Chartered Certified Accountants
3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

10 February 2017

Page 1

Barnsley Precious Metals Ltd
(Registration number: 07249328)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016						2015 £
	£			£
Fixed assets
Tangible fixed assets								14,582			18,227
Current assets
Debtors					28,000						38,000
Cash at bank and in hand					21,169						33,501
					49,169						71,501
Creditors: Amounts falling due within one year					(51,218)						(31,424)
Net current (liabilities)/assets								(2,049)			40,077
Total assets less current liabilities								12,533			58,304
Provisions for liabilities								(3,645)			(3,645)
Net assets								8,888			54,659
Capital and reserves
Called up share capital		3			10						10
Profit and loss account					8,878						54,649
Shareholders' funds								8,888			54,659

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 director acknowledges his 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 director on 9 February 2017

......................................... Mr M Newton Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Barnsley Precious Metals Ltd
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.

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
Plant and machinery	20% Straight Line

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.

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.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Barnsley Precious Metals Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		38,987			38,987
At 31 May 2016		38,987			38,987
Depreciation
At 1 June 2015		20,760			20,760
Charge for the year		3,645			3,645
At 31 May 2016		24,405			24,405
Net book value
At 31 May 2016		14,582			14,582
At 31 May 2015		18,227			18,227

3	Share capital

Allotted, called up and fully paid shares

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

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr M Newton
Director's Loan Account	3,318	-	-	-

Page 4