P.M. Stevens Limited - Period Ending 2016-11-30

Registration number: 04976280

P.M. Stevens Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  for the Year Ended 30 November 2016
 

P.M. Stevens Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

P.M. Stevens Limited
(Registration number: 04976280)
Abbreviated Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					18,154			22,646
Current assets
Stocks					345,463			1,005
Debtors					3,549			1,827
Cash at bank and in hand					2			49,039
					349,014			51,871
Creditors: Amounts falling due within one year					(361,496)			(58,517)
Net current liabilities					(12,482)			(6,646)
Total assets less current liabilities					5,672			16,000
Provisions for liabilities					(3,631)			(4,529)
Net assets					2,041			11,471
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					1,941			11,371
Shareholders' funds					2,041			11,471

For the year ending 30 November 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 his 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 3 August 2017

.........................................
Mr P M Stevens
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

P.M. Stevens Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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

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

Asset class	Amortisation method and rate
Goodwill	over ten years

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
Equipment	15% reducing balance
Motor vehicles	25% reducing balance

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 2

P.M. Stevens Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2015		22,168			53,934			76,102
Additions		-			345			345
At 30 November 2016		22,168			54,279			76,447
Depreciation
At 1 December 2015		22,168			31,288			53,456
Charge for the year		-			4,837			4,837
At 30 November 2016		22,168			36,125			58,293
Net book value
At 30 November 2016		-			18,154			18,154
At 30 November 2015		-			22,646			22,646

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3