Parnham Tractors Limited - Accounts to registrar - small 16.3
Parnham Tractors Limited - Accounts to registrar - small 16.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| FOR |
| PARNHAM TRACTORS LIMITED |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 8 |
| PARNHAM TRACTORS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| St John's House |
| 54 St John Street |
| Ashbourne |
| Derbyshire |
| DE6 1GH |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| BALANCE SHEET |
| 31 JANUARY 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| BALANCE SHEET - continued |
| 31 JANUARY 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 1. | STATUTORY INFORMATION |
| Parnham Tractors Limited is a |
| The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small |
| Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK |
| and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared |
| under the historical cost convention. |
| The company transitioned to FRS 102 1A as at 1 February 2015. The policies applied under the |
| company's previous accounting framework are not materially different to FRS 102 and have not |
| impacted on equity or profit and loss. The effects are disclosed in the notes to the financial |
| statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is usually |
| recognised on dispatch, at which time the company has transferred the risks and rewards of |
| ownership to the buyer. Turnover is only recognised to the extent that it can be measured reliable and |
| it is probable that due consideration will be received under the transaction. |
| Tangible fixed assets |
| Land and buildings | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Plant and Machinery | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in |
| equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have |
| been enacted or substantively enacted by the balance sheet date. |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
| probable that they will be recovered against the reversal of deferred tax liabilities or other future |
| taxable profits. |
| 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 profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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 profit or loss in the period to which they relate. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with |
| an original maturity date of three months or less. |
| Short term debtors and creditors |
| Debtors and creditors with no stated interest rate or that are receivable or payable within one year |
| are recorded at transaction price. Any losses arising from impairment are recognised in the profit and |
| loss account in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Land and | and | Motor | Plant and |
| buildings | fittings | vehicles | Machinery | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| Included in cost or valuation of land and buildings is freehold land of £ 23,000 (2016 - £ 23,000 ) |
| which is not depreciated. |
| As at 1 February 2015, the company has elected to adopt the revalued amount as a deemed cost on |
| transition. The company has not adopted a policy of revaluation but will retain the carrying value of |
| freehold land and buildings as deemed cost. |
| Cost or valuation at 31 January 2017 is represented by: |
| Fixtures |
| Land and | and | Motor | Plant and |
| buildings | fittings | vehicles | Machinery | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 1999 | 47,828 | - | - | - | 47,828 |
| Cost | 92,172 | 45,293 | 122,313 | 23,578 | 283,356 |
| 140,000 | 45,293 | 122,313 | 23,578 | 331,184 |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor | Plant and |
| vehicles | Machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| Other debtors | 16,949 | - |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Accruals and deferred income |
| Directors' current accounts | 21,056 | 17,196 |
| PARNHAM TRACTORS LIMITED (REGISTERED NUMBER: 01268821) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| The bank overdraft is secured on the assets of the company. |
| 8. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 16,690 | 15,600 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2016 |
| Profit and loss account | 1,090 |
| Balance at 31 January 2017 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1.00 | 25,762 | 25,762 |
| 10. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 February 2016 | 192,164 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 January 2017 | 223,532 |
| 11. | RELATED PARTY DISCLOSURES |
| Included in creditors is £21,056 (£17,196 in 2016) owing to the director. |
| During the year the director received dividends of £20,000 (£20,000 in 2016). |
| It is the opinion of the director that there are no further key management personnel other than |
| himself. |