Micro-entity Accounts - PEM SOLUTIONS LIMITED
Micro-entity Accounts - PEM SOLUTIONS LIMITED
Registered Number 07938777
PEM SOLUTIONS LIMITED
Micro-entity Accounts
28 February 2017
PEM SOLUTIONS LIMITED Registered Number 07938777
Micro-entity Balance Sheet as at 28 February 2017
Notes | 2017 | 2016 | |
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£ | £ | ||
Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 1 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
For the year ending 28 February 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
PEM SOLUTIONS LIMITED Registered Number 07938777
Notes to the Micro-entity Accounts for the period ended 28 February 2017
2Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historic cost convention, except that as disclosed in the accounting policies, certain items are shown at fair value. The presentational currency is in sterling which has been rounded to the nearest £1.
Turnover policy
Tangible assets depreciation policy
Depreciation
Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
Fixtures & fittings - 15% reducing balance
Office equipment - 33% straight line
Motor vehicles - 25% reducing balance
Plant and machinery - 15% reducing balance
Other accounting policies
Stock has been valued at the lower of cost and estimated selling price less costs to sell.
Foreign Currency
Transactions in foreign currency are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Pension Costs
The company operates a defined contribution pension scheme and the pension cost charge represents the contributions payable by the company to the fund in respect of the period. The assets of the scheme are held separately from those of the company in an independently administered fund.
Deferred Tax
Deferred Taxation is provided on the liability method to take account of timing differences between treatment of certain items for accounts purposes and their treatment for tax. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Leasing
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated. Rentals payable under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period.
Financial Instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors loans. Bank Loans are initially measured at the present value of future payments, discounted at the market rate of interest and subsequently at amortised cost using the effective interest method. Directors Loan (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Going Concern
The director reviews the financial position of the company from the date of approval of the accounts on an ongoing basis, and concludes that the company is able to meet all its liabilities as they fall due.