Plas Cycle Limited Small abbreviated accounts

PLAS CYCLE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03480555

PLAS CYCLE LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

31 December 2015

STEWART ASSOCIATES SHREWSBURY LTD

Chartered Accountants

Emstrey House (North)

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

PLAS CYCLE LIMITED

ABBREVIATED BALANCE SHEET

31 December 2015

		2015		2014
Note		£	£	£	£
Fixed Assets	2
Tangible assets			17,312		22,032

Current Assets

Stocks	-		3,000
Debtors	-		4,450
Cash at bank and in hand	973		467
	----		-------
	973		7,917
Creditors: Amounts Falling due Within One Year	43,078		48,961
	--------		--------
Net Current Liabilities		( 42,105)		( 41,044)
		--------		--------
Total Assets Less Current Liabilities		( 24,793)		( 19,012)
		--------		--------

Capital and Reserves

Called up equity share capital	3	2	2
Profit and loss account		( 24,795)	( 19,014)
		--------	--------
Deficit		( 24,793)	( 19,012)
		--------	--------

For the year ended 31st December 2015 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 15 September 2017 .

Mr C Evans

Company Registration Number: 03480555

PLAS CYCLE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31st DECEMBER 2015

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 January 2015).

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-15% straight line

Motor Vehicles-15% straight line

Equipment-33.33% straight line

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.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2. Fixed Assets

	Tangible Assets
	£

Cost

At 1st January 2015 and 31st December 2015	30,194
	--------

Depreciation

At 1st January 2015	8,162
Charge for year	4,720
	--------
At 31st December 2015	12,882
	--------

Net Book Value

At 31st December 2015	17,312
	--------

At 31st December 2014	22,032
	--------

3. Share Capital

Allotted, called up and fully paid:

	2015		2014
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

4. Going Concern

The financial statements have been prepared on a going concern basis which assumes the continued support of the director.