Professional Polishing Services Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 01162175 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

30 JUNE 2015

FOR

PROFESSIONAL POLISHING SERVICES

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P Davies

K L Davies

P T Davies

SECRETARY:

P T Davies

REGISTERED OFFICE:

18B Parkrose Industrial Estate

Middlemore Road

Smethwick

B66 2DZ

REGISTERED NUMBER:

01162175 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

Corner Oak

1 Homer Road

Solihull

B91 3QG

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

782,966

793,715

782,966

793,715

CURRENT ASSETS

Stocks

38,912

37,108

Debtors

313,798

283,320

Cash at bank

2,814

3,672

355,524

324,100

CREDITORS

Amounts falling due within one year

4

343,737

314,759

NET CURRENT ASSETS

11,787

9,341

TOTAL ASSETS LESS CURRENT LIABILITIES

794,753

803,056

CREDITORS

Amounts falling due after more than one year

4

(289,516

)

(335,534

)

PROVISIONS FOR LIABILITIES

(14,756

)

(10,827

)

NET ASSETS

490,481

456,695

CAPITAL AND RESERVES

Called up share capital

5

4,500

4,500

Profit and loss account

485,981

452,195

SHAREHOLDERS' FUNDS

490,481

456,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 29 March 2016 and were signed on its behalf by:

P Davies - Director

K L Davies - 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).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully

amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on cost

The long leasehold property is not depreciated as in the opinion of the directors its value is at least

equal to its cost and expenditure incurred on its upkeep will be adequate to maintain this position. This

policy is contrary to the Companies Act 2006, but it is considered necessary by the directors in order to

show a true and fair view.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

and 30 June 2015

44,702

AMORTISATION

At 1 July 2014

and 30 June 2015

44,702

NET BOOK VALUE

At 30 June 2015

-

At 30 June 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

1,924,315

Additions

37,104

Disposals

(9,658

)

At 30 June 2015

1,951,761

DEPRECIATION

At 1 July 2014

1,130,600

Charge for year

47,853

Eliminated on disposal

(9,658

)

At 30 June 2015

1,168,795

NET BOOK VALUE

At 30 June 2015

782,966

At 30 June 2014

793,715

4.

CREDITORS

Creditors include an amount of £ 374,611 (2014 - £ 409,801 ) for which security has been given.

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

2015

2014

£

£

Repayable by instalments

15,962

62,576

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

4,500

Ordinary

£1

4,500

4,500

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2015 and

30 June 2014:

2015

2014

£

£

K L Davies

Balance outstanding at start of year

-

6,653

Amounts advanced

4,338

1,200

Amounts repaid

(2,700

)

(7,853

)

Balance outstanding at end of year

1,638

-

This balance is included in other debtors (2014: other creditors)