Peters Associates (Ripon) Ltd - Period Ending 2014-04-30

Registration number: 04975340

Peters Associates (Ripon) Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

Peters Associates (Ripon) Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peters Associates (Ripon) Ltd
for the Year Ended 30 April 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peters Associates (Ripon) Ltd for the year ended 30 April 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Peters Associates (Ripon) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peters Associates (Ripon) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peters Associates (Ripon) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peters Associates (Ripon) Ltd 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 Peters Associates (Ripon) Ltd. You consider that Peters Associates (Ripon) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Peters Associates (Ripon) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Darnbrough & Co Ltd
8 York Place
Knaresborough
North Yorkshire
HG5 0AA

31 July 2014

Page 1

Peters Associates (Ripon) Ltd
(Registration number: 04975340)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					-			9,000
Tangible fixed assets					15,652			11,263
					15,652			20,263
Current assets
Stocks					38,000			45,000
Debtors					140,843			99,271
Cash at bank and in hand					45			284
					178,888			144,555
Creditors: Amounts falling due within one year					(119,746)			(120,721)
Net current assets					59,142			23,834
Net assets					74,794			44,097
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					73,794			43,097
Shareholders' funds					74,794			44,097

For the year ending 30 April 2014 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 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 .

Approved by the Board on 22 July 2014 and signed on its behalf by:

.........................................
Mr Graham Michael Turner
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Peters Associates (Ripon) Ltd
(Registration number: 04975340)
Abbreviated Balance Sheet at 30 April 2014
......... continued

.........................................
Mr Christopher Shelton
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Peters Associates (Ripon) Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	20% on reducing balance
Computer Equipment	25% on reducing balance

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Peters Associates (Ripon) Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2013		90,000			70,276			160,276
Additions		-			9,205			9,205
At 30 April 2014		90,000			79,481			169,481
Depreciation
At 1 May 2013		81,000			59,013			140,013
Charge for the year		9,000			4,816			13,816
At 30 April 2014		90,000			63,829			153,829
Net book value
At 30 April 2014		-			15,652			15,652
At 30 April 2013		9,000			11,263			20,263

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		-			17,495

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

Page 5

Peters Associates (Ripon) Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Christopher Shelton
Loan advanced	37,286	20,000	39,042	40,000

Page 6