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PRESSED FOR TIME LIMITED
REGISTERED NUMBER: 02205180
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2014
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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SHAREHOLDERS' FUNDS/(DEFICIT)
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 22 December 2014.
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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PRESSED FOR TIME LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The director has assessed the position of the company and has confirmed he is satisfied that the accounts can be prepared on a going concern basis and that the company is expected to continue to be able to meet its liabilities as they fall due.
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Page 2
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PRESSED FOR TIME LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.INTANGIBLE FIXED ASSETS
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At 1 April 2013 and 31 March 2014
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At 1 April 2013 and 31 March 2014
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3.TANGIBLE FIXED ASSETS
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At 1 April 2013 and 31 March 2014
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Page 3
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PRESSED FOR TIME LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
4.SHARE CAPITAL
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Allotted, called up and fully paid
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257 Ordinary Shares shares of £1 each
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Allotted, called up and partly paid
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743 Ordinary Shares shares of £1 each
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5.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Included within other debtors due within one year is an amount due from A C Digby, a director, amounting to £4,303 (2013 - £2,806 due to the director). A loan of £9,000 was made during the year with amounts repaid against this loan totalling £4,697. The loan is interest free with no fixed terms of repayment.
6.CONTROLLING PARTY
The company is controlled by A C Digby.
Page 4
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