Price Glass & Glazing (Avon) Limited - Period Ending 2014-03-31

Registration number: 01125982

Price Glass & Glazing (Avon) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Price Glass & Glazing (Avon) Limited
Contents

Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Price Glass & Glazing (Avon) Limited
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			176,071			178,037
Current assets
Stocks					28,170			29,587
Debtors					45,728			28,165
Cash at bank and in hand					40,289			33,146
					114,187			90,898
Creditors: Amounts falling due within one year					(182,857)			(168,225)
Net current liabilities					(68,670)			(77,327)
Total assets less current liabilities					107,401			100,710
Creditors: Amounts falling due after more than one year					(39,024)			(52,892)
Provisions for liabilities					(3,042)			(3,517)
Net assets					65,335			44,301
Capital and reserves
Called up share capital		4			86			86
Capital redemption reserve					105			105
Profit and loss account					65,144			44,110
Shareholders' funds					65,335			44,301

For the year ended 31 March 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 for issue by the Board on 4 July 2014 and signed on its behalf by:

.........................................  M F Thomas  Director

Registration number: 01125982

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

Page 1

Price Glass & Glazing (Avon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

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 is dependent on the continued support of the company's bank and creditors.

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
Showroom & displays	20% reducing balance
Motor vehicles	25% reducing balance
Equipment	20% reducing balance
Freehold property	The asset has a high residual value and a long useful economic life therefore any resulting annual depreciation charge would be immaterial

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.

Page 2

Price Glass & Glazing (Avon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

Hire purchase and leasing

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

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		255,043			255,043
Additions		3,649			3,649
Disposals		(2,826)			(2,826)
At 31 March 2014		255,866			255,866
Depreciation
At 1 April 2013		77,006			77,006
Charge for the year		5,303			5,303
Eliminated on disposals		(2,514)			(2,514)
At 31 March 2014		79,795			79,795
Net book value
At 31 March 2014		176,071			176,071
At 31 March 2013		178,037			178,037

Page 3

Price Glass & Glazing (Avon) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

3

Creditors

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

		2014 £			2013 £
Amounts falling due within one year		13,500			15,957
Amounts falling due after more than one year		39,024			52,892
Total secured creditors		52,524			68,849

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

		2014 £			2013 £
After more than five years by instalments		6,496			14,226

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		86			86			86			86

Page 4