Perspective Developments Ltd - Period Ending 2014-05-31

Registration number: 04635308

Perspective Developments Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

SBMC Business Management Ltd
Accountants
432 Gloucester Road
Horfield
Bristol
BS7 8TX

Perspective Developments Ltd
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.

Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Perspective Developments Ltd
for the Year Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Perspective Developments Ltd for the year ended 31 May 2014 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Perspective Developments Ltd, as a body, in accordance. Our work has been undertaken solely to prepare for your approval the accounts of Perspective Developments Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perspective Developments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Perspective Developments Ltd 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 Perspective Developments Ltd. You consider that Perspective Developments Ltd 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 Perspective Developments Ltd. 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.

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

SBMC Business Management Ltd
Accountants
432 Gloucester Road
Horfield
Bristol
BS7 8TX

19 November 2014

Page 1

Perspective Developments Ltd
(Registration number: 04635308)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Current assets
Stocks					-			1,018,224
Debtors					375,969			65,833
Cash at bank and in hand					156,705			141,897
					532,674			1,225,954
Creditors: Amounts falling due within one year					(258,492)			(873,127)
Total assets less current liabilities					274,182			352,827
Creditors: Amounts falling due after more than one year					-			(250,000)
Net assets					274,182			102,827
Capital and reserves
Called up share capital		4			50,100			50,100
Profit and loss account					224,082			52,727
Shareholders' funds					274,182			102,827

For the year ending 31 May 2014 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 directors acknowledge their 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 Board on 19 November 2014 and signed on its behalf by:

.........................................
Mr M Thyer
Director

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

Perspective Developments Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... 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 April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and fittings	25 % Straight line

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

Perspective Developments Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2013		1,612			1,612
At 31 May 2014		1,612			1,612
Depreciation
At 1 June 2013		1,612			1,612
At 31 May 2014		1,612			1,612
Net book value
At 31 May 2014		-			-
At 31 May 2013		-			-

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		-			587,790

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100
Preference shares of £1 each		50,000			50,000			50,000			50,000
		50,100			50,100			50,100			50,100

Page 4