Portable Solutions for Industry Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03042260 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2014

FOR

PORTABLE SOLUTIONS FOR INDUSTRY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A Attrill

REGISTERED OFFICE:

Unit 10 Justin Business Park

Sandford Lane Industrial Estate

Wareham

Dorset

BH20 4DY

REGISTERED NUMBER:

03042260 (England and Wales)

ACCOUNTANTS:

Chorus Accounting Limited

Cavendish Suite

Saxon Centre

11 Bargates

Christchurch

Dorset

BH23 1PZ

FIXED ASSETS

Tangible assets

2

503,188

458,045

CURRENT ASSETS

Stocks

11,839

25,145

Debtors

233,467

147,900

Cash at bank and in hand

50,719

28,427

296,025

201,472

CREDITORS

Amounts falling due within one year

3

(244,696

)

(208,423

)

NET CURRENT ASSETS/(LIABILITIES)

51,329

(6,951

)

TOTAL ASSETS LESS CURRENT LIABILITIES

554,517

451,094

CREDITORS

Amounts falling due after more than one year

3

(369,512

)

(278,481

)

PROVISIONS FOR LIABILITIES

(15,651

)

(4,974

)

NET ASSETS

169,354

167,639

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

169,352

167,637

SHAREHOLDERS' FUNDS

169,354

167,639

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 4 December 2014 and were signed by:

A Attrill - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies

as a small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

land is not depreciated

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are

presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are

included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of

return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial

liability then this is classed as an equity instrument. Dividends and distributions relating to equity

instruments are debited direct to equity.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2013

549,427

Additions

65,621

At 30 April 2014

615,048

DEPRECIATION

At 1 May 2013

91,382

Charge for year

20,478

At 30 April 2014

111,860

NET BOOK VALUE

At 30 April 2014

503,188

At 30 April 2013

458,045

3.

CREDITORS

Creditors include an amount of £ 279,411 (2013 - £ 304,280 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable otherwise than by instalments

251,365

269,186

Repayable by instalments

116,455

-

367,820

269,186

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

1

2

2