I C Pearman Limited - Filleted accounts

I C Pearman Limited - Filleted accounts

I C PEARMAN LIMITED - Company Information

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I C PEARMAN LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2016
Company Registration Number: 01455428
I C PEARMAN LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the abbreviated financial statements 4 to 5
I C PEARMAN LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2016
DIRECTORS
I C Pearman
Mrs R L Pearman
T H Pearman (appointed 19 July 2016)
SECRETARY
Mrs R L Pearman
REGISTERED OFFICE
59 Rock Hill
Chipping Norton
Oxfordshire
OX7 5BA
COMPANY REGISTRATION NUMBER
01455428 England and Wales
I C PEARMAN LIMITED
BALANCE SHEET
AS AT 31 October 2016
Notes 2016 2015
£ £
FIXED ASSETS
Tangible assets 2 354,861 364,548
CURRENT ASSETS
Debtors 6,770 16,021
Cash at bank and in hand 922 10,006
7,692 26,027
CREDITORS: Amounts falling due 165,276 172,679
within one year
NET CURRENT (LIABILITIES) (157,584) (146,652)
TOTAL ASSETS LESS CURRENT LIABILITIES 197,277 217,896
CREDITORS: Amounts falling due 147,866 161,309
after more than one year
Provisions for liabilities and charges 7,481 -
NET ASSETS 41,930 56,587
CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and loss account 41,830 56,487
SHAREHOLDERS' FUNDS 41,930 56,587
These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Signed on behalf of the board of directors
I C Pearman T H Pearman
Director Director
Date approved by the board: 31 July 2017
I C PEARMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
1 STATEMENT OF ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the amounts invoiced in the year, stated net of trade discounts and value added tax.
Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives.
Leasehold property Straight line basis at 20% per annum
Freehold property No depreciation
Fixtures and fittings, plant and machinery Reducing balance basis at 15% and 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Depreciation has not been provided in respect of freehold buildings. The company adopts a policy of fully maintaining its buildings and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
Leases
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account on a straight line basis, to produce an approximately constant rate of charge on the balance of capital repayments outstanding.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Deferred taxation
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
2 TANGIBLE ASSETS
Tangible assets
£
Cost
At 1 November 2015 446,877
Additions 3,008
At 31 October 2016 449,885
Accumulated depreciation
At 1 November 2015 82,329
Charge for year 12,695
At 31 October 2016 95,024
Net book value
At 1 November 2015 364,548
At 31 October 2016 354,861
3 SECURITY
The bank loans and overdraft are secured over the assets of the company.
4 SHARE CAPITAL
Nominal value Number 2016 2015
£ £ £
Allotted, called up and fully paid:
Ordinary shares 1 100 100 100
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