PALACE_PLANT_HIRE_LIMITED - Accounts

PALACE PLANT HIRE LIMITED - Company Information

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Company Registration No. 01078370 (England and Wales)

PALACE PLANT HIRE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

PALACE PLANT HIRE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PALACE PLANT HIRE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

259

305

Investments

742,000

742,259

742,305

Current assets

Debtors

2,528

2,355

Cash at bank and in hand

34,161

48,658

36,689

51,013

Creditors: amounts falling due within one year

(46,316)

(61,990)

Net current liabilities

(9,627)

(10,977)

Total assets less current liabilities

732,632

731,328

Provisions for liabilities

(52)

(61)

732,580

731,267

Capital and reserves

Called up share capital

100

Revaluation reserve

600,570

Profit and loss account

131,910

130,597

Shareholders' funds

732,580

731,267

PALACE PLANT HIRE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2016

- 2 -

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 22 May 2017

Mr E Wheeler

Director

Company Registration No. 01078370

PALACE PLANT HIRE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

As at 31 October 2016 the company's balance sheet reported net current liabilities of £9,627 (2015 10,977) indicating that it may not be a going concern. The company meets its day to day working capital requirements via the support of its director Mr E Wheeler, who has undertaken not to withdraw his support within twelve months from the date of signature of these financial statements. Therefore, the directors consider it appropriate to prepare these financial statements on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% on reducing balance basis

Fixtures, fittings and equipment

15% on reducing balance basis

1.5

Investments

Fixed asset investment properties are stated at their open market value.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PALACE PLANT HIRE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 November 2015 & at 31 October 2016

7,512

742,000

749,512

Depreciation

At 1 November 2015

7,207

Charge for the year

At 31 October 2016

7,253

Net book value

At 31 October 2016

259

742,000

742,259

At 31 October 2015

305

742,000

742,305

The historical cost of the investment property is £141,430. The property was last revalued in October 2015.

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Other transactions

At the year end the company owed the director Mr E Wheeler £18,112 (2015 £17,474) via his director's current account.

During the year Mr G Wheeler received £520 (2015 £520) for the use of his home as an office.