PAUL'S (WIDNES) LIMITED - Limited company accounts 11.4

REGISTERED NUMBER: 06813172 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2014

FOR

PAUL'S (WIDNES) LIMITED

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

Paul Pavlou

SECRETARY:

REGISTERED OFFICE:

Argyle Court

105 Seven Sisters Road

London

N7 7QP

REGISTERED NUMBER:

06813172 (England and Wales)

ACCOUNTANTS:

C. Charles & Co Limited

Chartered Certified Accountants

Argyle Court

105 Seven Sisters Road

London

London

N7 7QP

The director presents his report with the financial statements of the company for the year ended

28th February 2014.

DIRECTOR

Paul Pavlou held office during the whole of the period from 1st March 2013 to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Paul Pavlou - Director

20th November 2014

TURNOVER

264,802

267,484

Cost of sales

117,527

113,178

GROSS PROFIT

147,275

154,306

Administrative expenses

133,226

133,437

OPERATING PROFIT

2

14,049

20,869

Interest receivable and similar income

12

-

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

14,061

20,869

Tax on profit on ordinary activities

3

3,055

4,454

PROFIT FOR THE FINANCIAL YEAR

11,006

16,415

FIXED ASSETS

Tangible assets

5

9,788

11,515

CURRENT ASSETS

Stocks

4,460

3,040

Debtors

6

8,232

6,103

Cash in hand

3,783

11,361

16,475

20,504

CREDITORS

Amounts falling due within one year

7

22,364

29,126

NET CURRENT LIABILITIES

(5,889

)

(8,622

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,899

2,893

CAPITAL AND RESERVES

Called up share capital

8

100

100

Profit and loss account

9

3,799

2,793

SHAREHOLDERS' FUNDS

3,899

2,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 20th November 2014 and were signed by:

Paul Pavlou - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2014

2013

£

£

Depreciation - owned assets

1,727

2,032

Director's remuneration and other benefits etc

12,728

13,725

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2014

2013

£

£

Current tax:

UK corporation tax

3,055

4,454

Tax on profit on ordinary activities

3,055

4,454

4.

DIVIDENDS

2014

2013

£

£

Interim

10,000

18,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st March 2013

and 28th February 2014

19,869

DEPRECIATION

At 1st March 2013

8,354

Charge for year

1,727

At 28th February 2014

10,081

NET BOOK VALUE

At 28th February 2014

9,788

At 28th February 2013

11,515

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade debtors

188

-

Other debtors

8,044

6,103

8,232

6,103

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Bank loans and overdrafts

8,387

12,073

Trade creditors

156

272

Taxation and social security

11,871

14,831

Other creditors

1,950

1,950

22,364

29,126

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Profit

and loss

account

£

At 1st March 2013

2,793

Profit for the year

11,006

Dividends

(10,000

)

At 28th February 2014

3,799