Palick Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 00389785 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2016

for

Palick Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

285,904

189,795

CURRENT ASSETS

Stocks

10,200

Debtors

504,120

479,125

Cash at bank and in hand

496,904

522,800

1,011,224

1,012,125

CREDITORS

Amounts falling due within one year

347,993

354,451

NET CURRENT ASSETS

663,231

657,674

TOTAL ASSETS LESS CURRENT LIABILITIES

949,135

847,469

CREDITORS

Amounts falling due after more than one
year

(47,950

)

-

PROVISIONS FOR LIABILITIES

(31,561

)

(11,635

)

NET ASSETS

869,624

835,834

CAPITAL AND RESERVES

Called up share capital

3

7,010

Share premium

2,410

Other reserves

1,000

Profit and loss account

859,204

825,414

SHAREHOLDERS' FUNDS

869,624

835,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 January 2017 and were signed on its behalf
by:

S A Wilkinson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

567,813

Additions

179,865

Disposals

(137,995

)

At 30 September 2016

609,683

DEPRECIATION

At 1 October 2015

378,018

Charge for year

60,080

Eliminated on disposal

(114,319

)

At 30 September 2016

323,779

NET BOOK VALUE

At 30 September 2016

285,904

At 30 September 2015

189,795

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

7,010

Ordinary

£1

7,010