FP_ADVANCE_LIMITED - Accounts

FP ADVANCE LIMITED - Company Information

Print Friendly Version

Company Registration No. 05374616 (England and Wales)

FP ADVANCE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

FP ADVANCE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

FP ADVANCE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

2,971

2,846

Current assets

Debtors

166,856

177,382

Cash at bank and in hand

10,275

177,131

177,382

Creditors: amounts falling due within one year

(25,811)

(45,111)

Net current assets

151,320

132,271

Total assets less current liabilities

154,291

135,117

Capital and reserves

Called up share capital

Profit and loss account

154,289

135,115

Shareholders' funds

154,291

135,117

For the financial year ended 31 March 2014 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 2 September 2014

B A Davidson

Director

Company Registration No. 05374616

FP ADVANCE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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

Computer equipment

33.33% straight line basis

Fixtures, fittings & equipment

25% straight line basis

1.5

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.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

FP ADVANCE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

44,570

Additions

1,618

At 31 March 2014

46,188

Depreciation

At 1 April 2013

41,724

Charge for the year

1,493

At 31 March 2014

43,217

Net book value

At 31 March 2014

2,971

At 31 March 2013

2,846

Share capital

2014

2013

Allotted, called up and fully paid

2 ordinary shares of £1 each

Related party relationships and transactions

Loans to directors

The loans are interest free and there are no fixed terms of repayment.

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

B A Davidson -

56,068

46,612

38,338

64,342

D L Yearsley Davidson -

56,069

46,611

38,337

64,343

112,137

93,223

76,675

128,685