Penguin Refrigeration Limited - Abbreviated accounts

Penguin Refrigeration Limited - Abbreviated accounts


Registered number
04310267
Penguin Refrigeration Limited
Abbreviated Accounts
31 December 2014
Penguin Refrigeration Limited
Registered number: 04310267
Abbreviated Balance Sheet
as at 31 December 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 3 51,888 44,451
Current assets
Stocks 158,801 136,866
Debtors 252,619 302,823
Cash at bank and in hand 137,013 91,728
548,433 531,417
Creditors: amounts falling due within one year (372,908) (288,357)
Net current assets 175,525 243,060
Total assets less current liabilities 227,413 287,511
Provisions for liabilities (10,378) (8,890)
Net assets 217,035 278,621
Capital and reserves
Called up share capital 4 5,000 5,000
Profit and loss account 212,035 273,621
Shareholders' funds 217,035 278,621
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr Z I Elliott and Mr I G Gorringe
Director
Approved by the board on 25 September 2015
Penguin Refrigeration Limited
Notes to the Abbreviated Accounts
for the year ended 31 December 2014
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Intangible fixed assets £
Cost
At 1 January 2014 10,000
At 31 December 2014 10,000
Amortisation
At 1 January 2014 10,000
At 31 December 2014 10,000
Net book value
At 31 December 2014 -
3 Tangible fixed assets £
Cost
At 1 January 2014 92,292
Additions 27,022
Disposals (25,800)
At 31 December 2014 93,514
Depreciation
At 1 January 2014 47,841
Charge for the year 19,585
On disposals (25,800)
At 31 December 2014 41,626
Net book value
At 31 December 2014 51,888
At 31 December 2013 44,451
4 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 5,000 5,000 5,000
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