Micro-entity Accounts - P.C. HEASMAN & CO. LIMITED
Micro-entity Accounts - P.C. HEASMAN & CO. LIMITED
Registered Number 00572548
P.C. HEASMAN & CO. LIMITED
Micro-entity Accounts
5 April 2017
P.C. HEASMAN & CO. LIMITED Registered Number 00572548
Micro-entity Balance Sheet as at 5 April 2017
Notes | 2017 | 2016 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 1 |
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Current assets | |||
Stocks |
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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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Creditors: amounts falling due after more than one year |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 2 |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 5 April 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:
P.C. HEASMAN & CO. LIMITED Registered Number 00572548
Notes to the Micro-entity Accounts for the period ended 5 April 2017
£ | |
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Cost | |
At 6 April 2016 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 5 April 2017 |
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Depreciation | |
At 6 April 2016 |
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Charge for the year |
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On disposals |
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At 5 April 2017 |
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Net book values | |
At 5 April 2017 | 674,702 |
At 5 April 2016 | 692,614 |
3Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Freehold buildings over 50 years
Motor Vehicle over 4 years
Plant and machinery over 4 years
Furniture, Fixtures and Fittings over 4 years
Other accounting policies
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.