Precision Abseiling Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03253732 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

PRECISION ABSEILING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTOR:

D M Payne

SECRETARY:

Mrs S Payne

REGISTERED OFFICE:

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

REGISTERED NUMBER:

03253732 (England and Wales)

ACCOUNTANTS:

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

2

4,498

1,580

CURRENT ASSETS

Debtors

59,112

78,845

Cash at bank

2,992

25

62,104

78,870

CREDITORS

Amounts falling due within one year

3

44,905

48,559

NET CURRENT ASSETS

17,199

30,311

TOTAL ASSETS LESS CURRENT
LIABILITIES

21,697

31,891

PROVISIONS FOR LIABILITIES

1,092

-

NET ASSETS

20,605

31,891

CAPITAL AND RESERVES

Called up share capital

4

100

Capital redemption reserve

200

Profit and loss account

20,305

31,591

SHAREHOLDERS' FUNDS

20,605

31,891

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 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.

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 director on 25 May 2017 and were signed by:

D M Payne - Director

1.	ACCOUNTING POLICIES

Going concern

The Director has taken appropriate steps to reduce costs as a result of the challenging economic

conditions and believes the company will have sufficient funding and will continue to operate within its

finance facilities for the foreseeable future and therefore that the going concern basis of preparation is

appropriate. The financial statements do not include any adjustments that may be necessary should

the going concern basis of preparation not be appropriate.

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.

Tangible fixed assets

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

Equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Office equipment

-

20% on cost

Deferred tax

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

the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

40,031

Additions

4,563

At 31 October 2016

44,594

DEPRECIATION

At 1 November 2015

38,451

Charge for year

1,645

At 31 October 2016

40,096

NET BOOK VALUE

At 31 October 2016

4,498

At 31 October 2015

1,580

3.

CREDITORS

Creditors include an amount of £ 0 (2015 - £ 16,657 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2016

and 31 October 2015:

2016

2015

£

D M Payne

Balance outstanding at start of year

4,585

9,518

Amounts advanced

-

5,067

Amounts repaid

(4,585

)

(10,000

)

Balance outstanding at end of year

-

4,585

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

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to four) 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 Precision Abseiling 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 director of Precision Abseiling Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Abseiling Limited and state those matters that we have agreed to state to the director of Precision Abseiling Limited 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 Precision Abseiling Limited director for our work or for this report.

It is your duty to ensure that Precision Abseiling 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 Precision Abseiling Limited. You consider that Precision Abseiling 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 Precision Abseiling 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.

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

9 June 2017