Peak Hill Groundworks Limited - Period Ending 2014-06-30

Registration number: 06928609

Peak Hill Groundworks Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Bulley Davey
Chartered Certified Accountants
1 - 4 London Road
Spalding
Lincolnshire
PE11 2TA

Peak Hill Groundworks Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Peak Hill Groundworks Limited
(Registration number: 06928609)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					119,698			143,637
Tangible fixed assets		2			53,542			37,573
					173,240			181,210
Current assets
Stocks					3,850			14,930
Debtors					57,931			19,540
Cash at bank and in hand					367,078			216,653
					428,859			251,123
Creditors: Amounts falling due within one year					(136,598)			(47,235)
Net current assets					292,261			203,888
Total assets less current liabilities					465,501			385,098
Provisions for liabilities					(10,708)			(7,514)
Net assets					454,793			377,584
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					454,693			377,484
Shareholders' funds					454,793			377,584

For the year ending 30 June 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 by the Board on 29 October 2014 and signed on its behalf by:

 Mr P R Wortley
 Director

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

Peak Hill Groundworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... 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 April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

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, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

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
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance

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.

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.

Page 2

Peak Hill Groundworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

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 elements 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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2013		239,393			67,769			307,162
Additions		-			33,087			33,087
Disposals		-			(8,200)			(8,200)
At 30 June 2014		239,393			92,656			332,049
Depreciation
At 1 July 2013		95,756			30,196			125,952
Charge for the year		23,939			14,523			38,462
Eliminated on disposals		-			(5,605)			(5,605)
At 30 June 2014		119,695			39,114			158,809
Net book value
At 30 June 2014		119,698			53,542			173,240
At 30 June 2013		143,637			37,573			181,210

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 3