Pfashion & Grace Limited Small abridged accounts

SU SATCHWELL DESIGN CONSULTANCY LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Pfashion & Grace Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08803891

PFASHION & GRACE LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2016

PFASHION & GRACE LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

Contents	Page

Officers and professional advisers	1

Report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

PFASHION & GRACE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	R Apoux-Johnson

Registered office	Lifford Lane
	Kings Norton
	Birmingham
	West Midlands
	B30 3JN

Accountants	Langard Lifford Hall Limited
	Accountants and Registered Auditors
	Lifford Hall
	Lifford Lane
	Kings Norton
	Birmingham
	B30 3JN

PFASHION & GRACE LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF PFASHION & GRACE LIMITED

YEAR ENDED 31 DECEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Pfashion & Grace Limited for the year ended 31 December 2016, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

Langard Lifford Hall Limited Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

25 September 2017

PFASHION & GRACE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 December 2016

	2016		2015
Note	£	£	£	£

Current assets

Stocks	5,841	6,076
Debtors	150	150
Cash at bank and in hand	–	120
	------------	------------
	5,991	6,346

Creditors: amounts falling due within one year	8,633		7,619
	------------		------------
Net current liabilities		2,642		1,273
		------------		------------
Total assets less current liabilities		( 2,642)		( 1,273)
		------------		------------
Net liabilities		( 2,642)		( 1,273)
		------------		------------

Capital and reserves

Called up share capital	300	300
Profit and loss account	( 2,942)	( 1,573)
	------------	------------
Members deficit	( 2,642)	( 1,273)
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

PFASHION & GRACE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:

R Apoux-Johnson
Director

Company registration number: 08803891

PFASHION & GRACE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Lane, Kings Norton, Birmingham, West Midlands, B30 3JN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The member's attention is drawn to the deficit showing on the balance sheet. The accounts have been prepared on the going concern basis following assurances from the director that the company has continuing financial support.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 .

4. Related party transactions

The company is under the control of S Satchwell by way of her holding of the entire issued share capital. At the balance sheet date the company owed £6,687 (2015: £5,837) to Su Satchwell Limited, a company owned by S Satchwell.

5. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.