Professional Lubricants UK Limited Small abbreviated accounts

PROFESSIONAL LUBRICANTS UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 07034889

PROFESSIONAL LUBRICANTS UK LIMITED

ABBREVIATED ACCOUNTS

30 November 2016

CHOWDHARY & CO

Chartered Accountants

46 Syon Lane

Osterley

Middlesex

TW7 5NQ

PROFESSIONAL LUBRICANTS UK LIMITED

ABBREVIATED BALANCE SHEET

30 November 2016

		2016		2015
Note		£	£	£	£
FIXED ASSETS	2
Tangible assets			767		959

CURRENT ASSETS

Stocks	1,835		1,585
Debtors	3,705		2,662
Cash at bank and in hand	4,833		6,118
	---------		---------
	10,373		10,365
CREDITORS: Amounts falling due within one year	45,799		42,922
	---------		---------
NET CURRENT LIABILITIES		( 35,426)		( 32,557)
		---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 34,659)		( 31,598)
		---------		---------

CAPITAL AND RESERVES

Called up equity share capital	3	100	100
Profit and loss account		( 34,759)	( 31,698)
		---------	---------
DEFICIT		( 34,659)	( 31,598)
		---------	---------

For the year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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

These abbreviated accounts were approved and signed by the director and authorised for issue on 21 August 2017 .

Mr N W Lawn Director

Company Registration Number: 07034889

PROFESSIONAL LUBRICANTS UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 NOVEMBER 2016

1. ACCOUNTING POLICIES

Basis of accounting

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

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-@ 20 % reducing balance

Equipment-@ 20 % reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 December 2015 and 30 November 2016	2,679
	-------

DEPRECIATION

At 1 December 2015	1,720
Charge for year	192
	-------
At 30 November 2016	1,912
	-------

NET BOOK VALUE

At 30 November 2016	767
	----

At 30 November 2015	959
	----

3. SHARE CAPITAL

Authorised share capital:

	2016	2015
	£	£
1,000 Ordinary shares of £ 1 each	1,000	1,000
	-------	-------

Allotted, called up and fully paid:

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