Peak Sunbeds Limited - Period Ending 2016-07-31

Registration number: 05183101

Peak Sunbeds Limited

Unaudited Abbreviated Accounts
 
for the Year Ended 31 July 2016

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Peak Sunbeds Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 5

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 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peak Sunbeds Limited
for the Year Ended 31 July 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peak Sunbeds Limited for the year ended 31 July 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Peak Sunbeds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peak Sunbeds Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peak Sunbeds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peak Sunbeds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peak Sunbeds Limited. You consider that Peak Sunbeds Limited 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 Peak Sunbeds Limited. 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.

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

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

24 March 2017

Page 1

Peak Sunbeds Limited

(Registration number: 05183101)
Abbreviated Balance Sheet as at 31 July 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets		471,710	339,662
Current assets
Stocks		132,914	176,196
Debtors		21,021	16,110
Cash at bank and in hand		196,517	225,341
		350,452	417,647
Creditors: Amounts falling due within one year		(328,573)	(197,338)
Net current assets		21,879	220,309
Total assets less current liabilities		493,589	559,971
Creditors: Amounts falling due after more than one year		(72,626)	(263,083)
Provisions for liabilities		(40,243)	(35,254)
Net assets		380,720	261,634
Capital and reserves
Called up share capital	4	100	100
Profit and loss account		380,620	261,534
Shareholders' funds		380,720	261,634

For the year ending 31 July 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 24 March 2017 and signed on its behalf by:

.........................................
Mr M Fernihough
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Peak Sunbeds Limited

Notes to the Abbreviated Accounts

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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
Investment properties	no depreciation
Plant and machinery	15% Reducing balance basis
Office equipment	25% Straight line basis
Plant and machinery	33% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Peak Sunbeds Limited

Notes to the Abbreviated Accounts

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.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

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.

2

Fixed assets

	Tangible assets £	Total £
Cost
At 1 August 2015	456,153	456,153
Additions	186,484	186,484
Disposals	(26,163)	(26,163)
At 31 July 2016	616,474	616,474
Depreciation
At 1 August 2015	116,491	116,491
Charge for the year	33,789	33,789
Eliminated on disposals	(5,516)	(5,516)
At 31 July 2016	144,764	144,764
Net book value
At 31 July 2016	471,710	471,710
At 31 July 2015	339,662	339,662

3

Creditors

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

Page 4

Peak Sunbeds Limited

Notes to the Abbreviated Accounts

	2016  £	2015  £
Amounts falling due within one year	8,839	8,839
Amounts falling due after more than one year	72,626	83,083
Total secured creditors	81,465	91,922

4

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

5

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 5