Picasso Painters Limited,Ltd - Accounts

Picasso Painters Limited,Ltd - Accounts

PICASSO PAINTERS LIMITED - Company Information

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2013-04-01 true false Private Limited Company 07687774 2014-03-31 07687774 2013-04-01 2014-03-31 07687774 2013-03-31 07687774 2012-04-01 2013-03-31 07687774 uk-bus:Director1 2013-04-01 2014-03-31 07687774 uk-bus:OrdinaryShareClass1 2014-03-31 iso4217:GBP
Picasso Painters Limited
For the year ended 31 March 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 07687774
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Contents Page
Picasso Painters Limited
For the year ended 31 March 2014
1
Accountants' Report
2
Balance Sheet
3
Notes to the Abbreviated Financial Statements
3
Picasso Painters Limited
Accountants' Report
For the year ended 31 March 2014
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the
accounts of Picasso Painters Limited for the year ended 31 March 2014 which comprise the Profit and Loss
Account, the Balance Sheet and the related notes from the company's accounting records and from information
and explanations you have given us.
As a practising firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other
professional requirements which are detailed at http://rulebook.accaglobal.com.
This report is made solely to the Board of Directors of Picasso Painters Limited, as a body, in accordance with the
terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the
accounts of Picasso Painters Limited and state those matters that we have agreed to state to the Board of
Directors of Picasso Painters Limited, as a body, in this report in accordance with the requirements of the
Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Picasso Painters
Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Picasso Painters Limited has kept adequate accounting records and to prepare
statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Picasso
Painters Limited. You consider that Picasso Painters Limited is exempt from the statutory audit requirement for the
year.
Morrison Associates
24 James Street West
Bath
BA1 2BT
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4
Abbreviated Balance Sheet
Picasso Painters Limited
As at 31 March 2014
07687774
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Intangible assets
2
10,000
10,000
10,000
10,000
Current assets
Stocks
6,600
500
Debtors
81
-
Cash at bank and in hand
1,778
800
2,278
7,481
Creditors: amounts falling due within one year
(17,296)
(8,688)
(9,815)
(6,410)
Net current liabilities
Total assets less current liabilities
3,590
185
3,590
Net assets
185
Capital and reserves
Called up share capital
100
3
100
Profit and loss account
3,490
85
3,590
185
Shareholders funds
For the year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Date approved by the board: 13 August 2014
Mr R N Yelland Director
Signed on behalf of the board of directors
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Notes to the Abbreviated Financial Statements
Picasso Painters Limited
For the year ended 31 March 2014
1 Accounting Policies
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Goodwill
Acquired goodwill is stated at cost less amortisation.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 April 2013
10,000
10,000
At 31 March 2014
10,000
Net Book Values
At 31 March 2014
10,000
At 31 March 2013
3 Share capital
Allotted called up and fully paid
2014
2013
£
£
100 Class A shares of £1.00 each
100
100
100
100
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