Pascoe Interiors Limited - Period Ending 2016-08-31

Registration number: 06742185

Pascoe Interiors Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Pascoe Interiors Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pascoe Interiors Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pascoe Interiors Limited for the year ended 31 August 2016 set out on pages 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

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

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

11 July 2017

Page 1

Pascoe Interiors Limited
(Registration number: 06742185)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					916			2,120
Current assets
Stocks					1,875			1,120
Debtors					13,425			13,039
Cash at bank and in hand					2,412			3,047
					17,712			17,206
Creditors: Amounts falling due within one year					(23,120)			(32,883)
Net current liabilities					(5,408)			(15,677)
Total assets less current liabilities					(4,492)			(13,557)
Creditors: Amounts falling due after more than one year					(3,986)			(3,986)
Net liabilities					(8,478)			(17,543)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(8,479)			(17,544)
Shareholders' deficit					(8,478)			(17,543)

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 11 July 2017

.........................................
Mrs C Pascoe
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Pascoe Interiors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is amortised on a straight line basis over it's useful economic life.

Asset class	Amortisation method and rate
Goodwill	straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% straight line
Fixtures and fittings	33% straight line
Office equipment	33% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Pascoe Interiors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		5,000			18,385			23,385
At 31 August 2016		5,000			18,385			23,385
Depreciation
At 1 September 2015		5,000			16,265			21,265
Charge for the year		-			1,204			1,204
At 31 August 2016		5,000			17,469			22,469
Net book value
At 31 August 2016		-			916			916
At 31 August 2015		-			2,120			2,120

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

Page 4