PEARL_LION_LIMITED - Accounts

PEARL LION LIMITED - Company Information

Print Friendly Version

Company Registration No. SC177607 (Scotland)

PEARL LION LIMITED

ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2015

PEARL LION LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PEARL LION LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

463,773

440,871

Tangible assets

5,358

6,670

469,131

447,541

Current assets

Stocks

169,659

117,639

Debtors

198,484

163,237

Cash at bank and in hand

3,735

38,842

371,878

319,718

Creditors: amounts falling due within one year

(538,106)

(548,999)

Net current liabilities

(166,228)

(229,281)

Total assets less current liabilities

302,903

218,260

Provisions for liabilities

(623)

302,903

217,637

Capital and reserves

Called up share capital

100

Profit and loss account

302,803

217,537

Shareholders' funds

302,903

217,637

PEARL LION LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JULY 2015

- 2 -

For the financial year ended 31 July 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 18 March 2016

Ms H Pender

Mr R J Best

Director

Company Registration No. SC177607

PEARL LION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover comprises revenue recognised by the company in respect of the import, design and manufacture of electronic products supplied during the year, exclusive of Value Added Tax.

1.3

Intangible fixed assets and amortisation

Where a development project is retained with the intention to be sold under licence, the project costs are transferred and held as intellectual property when the project is complete, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed project.

Amortisation is provided at the following rates:

Intellectual property - 10% straight line

Research & development costs - 10% straight line

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance

Fixtures, fittings & computer equipment

25% reducing balance

Motor vehicles

25% reducing balance

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

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.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable profits from which future reversals of 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.

PEARL LION LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 August 2014

531,310

41,807

573,117

Additions

87,906

At 31 July 2015

619,216

41,807

661,023

Depreciation

At 1 August 2014

90,439

35,138

125,577

Charge for the year

65,004

1,311

66,315

At 31 July 2015

155,443

36,449

191,892

Net book value

At 31 July 2015

463,773

5,358

469,131

At 31 July 2014

440,871

6,670

447,541

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary of £1 each

100