PERCY_WHALE_FURNITURE_LIM - Accounts
PERCY_WHALE_FURNITURE_LIM - Accounts
Company Registration No. 00488029 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(52,963 )
(83,047 )
Net current assets/(liabilities)
(53,934 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
3
(416,183 )
(366,323 )
685,183
680,149
Capital and reserves
Called up share capital
4
Revaluation reserve
Profit and loss account
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 27 November 2014
Director
Company Registration No. 00488029
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on the going concern basis of accounting due to the continued support of the bank.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and machinery
Investment properties are included in the balance sheet at their open market value. No depreciation is provided on these investment properties.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Deferred taxation
Full provision is made at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on the tax rates and laws that have been enacted or substantially enacted at the balance sheet date in respect of all timing differences which have arisen but not reversed at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the accounts. Deferred tax is measured on a non-discounted basis. Deferred tax assets are only recognised where they arise from timing differences and their recoverability in the short term is regarded as more likely than not.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2013 & at 31 March 2014
1,105,491
Depreciation
At 1 April 2013
5,085
Charge for the year
61
At 31 March 2014
5,146
Net book value
At 31 March 2014
1,100,345
At 31 March 2013
1,100,406
3
Creditors: amounts falling due after more than one year
2014
2013
£
£
Analysis of loans repayable in more than five years
The bank loans totalling £416,143 are secured against the investment property.
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
5
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Loan
-
4,742
14,974
-
15,520
4,196
4,742
14,974
-
15,520
4,196