Philip Cowan Interiors Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03656819 (England and Wales)

PHILIP COWAN INTERIORS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

Chartered Accountants' Report

6

DIRECTORS:

P S Cowan

S P Cowan

SECRETARY:

P S Cowan

REGISTERED OFFICE:

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

REGISTERED NUMBER:

03656819 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

BANKERS:

Lloyds Bank plc

51 Market Place

Boston

Lincolnshire

PE21 6NQ

FIXED ASSETS

Tangible assets

2

55,051

65,400

Investments

3

346

55,397

65,746

CURRENT ASSETS

Stocks

145,890

24,793

Debtors

365,109

336,124

Cash at bank

782,316

405,797

1,293,315

766,714

CREDITORS

Amounts falling due within one year

371,242

154,613

NET CURRENT ASSETS

922,073

612,101

TOTAL ASSETS LESS CURRENT LIABILITIES

977,470

677,847

PROVISIONS FOR LIABILITIES

10,126

12,065

NET ASSETS

967,344

665,782

CAPITAL AND RESERVES

Called up share capital

4

1,000

Profit and loss account

966,344

664,782

SHAREHOLDERS' FUNDS

967,344

665,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 31 March 2017 and were signed on its behalf by:

P S Cowan - Director

S P Cowan - 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 amounts charged to customers for goods and services provided during the year, excluding

value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by

the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

balance sheet date.

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.

Investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

166,618

Additions

5,262

At 31 October 2016

171,880

DEPRECIATION

At 1 November 2015

101,218

Charge for year

15,611

At 31 October 2016

116,829

NET BOOK VALUE

At 31 October 2016

55,051

At 31 October 2015

65,400

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 November 2015

and 31 October 2016

346

NET BOOK VALUE

At 31 October 2016

346

At 31 October 2015

346

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, loan repayments of £43,187 (2015 - £27,084) were made by P S Cowan.

At the year end the balance owing to the company was £nil (2015 - £43,187).

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Philip Cowan Interiors Limited for the year ended 31 October 2016 which comprise the Profit

and Loss Account, the Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Philip Cowan Interiors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Philip Cowan Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Philip Cowan Interiors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Philip Cowan Interiors Limited Board of Directors, as a body, for our work or for this report.

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

Duncan & Toplis Limited

5 Resolution Close

Endeavour Park

Boston

Lincolnshire

PE21 7TT

3 April 2017