Palmers Trading Estates (Preston) Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 02703093 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2015

for

Palmers Trading Estates (Preston) Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr Clive Charles Palmer

Mr John Christopher Palmer

Mr Justin Charles Palmer

Mr James Charles Palmer

Mr Benjamin Palmer

Mrs Colleen Frances Margetts

SECRETARY:

Mr Clive Charles Palmer

REGISTERED OFFICE:

Bernard's Way

Bunford Lane

Yeovil

Somerset

BA20 2FH

REGISTERED NUMBER:

02703093 (England and Wales)

ACCOUNTANTS:

Read & Co.

107 North Street

Martock

Somerset

TA12 6EJ

FIXED ASSETS

Tangible assets

2

2,288,916

2,265,565

CURRENT ASSETS

Stocks

254,626

276,666

Debtors

66,461

79,329

Cash at bank and in hand

406,948

478,290

728,035

834,285

CREDITORS

Amounts falling due within one year

3

867,508

798,672

NET CURRENT (LIABILITIES)/ASSETS

(139,473

)

35,613

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,149,443

2,301,178

CREDITORS

Amounts falling due after more than one
year

3

(506,444

)

(610,763

)

PROVISIONS FOR LIABILITIES

(99,153

)

(85,841

)

NET ASSETS

1,543,846

1,604,574

CAPITAL AND RESERVES

Called up share capital

4

1,500

Share premium

499,500

Profit and loss account

1,042,846

1,103,574

SHAREHOLDERS' FUNDS

1,543,846

1,604,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 20 May 2016 and were signed on its behalf by:

Mr Clive Charles Palmer - Director

Mr John Christopher Palmer - 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 January 2015).

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

-

1% on cost

Plant and machinery etc

-

25% on reducing balance and 15% 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.

Hire purchase and leasing commitments

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

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

3,173,187

Additions

163,285

At 31 August 2015

3,336,472

DEPRECIATION

At 1 September 2014

907,622

Charge for year

139,934

At 31 August 2015

1,047,556

NET BOOK VALUE

At 31 August 2015

2,288,916

At 31 August 2014

2,265,565

3.

CREDITORS

Creditors include an amount of £ 610,764 (31.8.14 - £ 712,268 ) for which security has been given.

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

31.8.15

31.8.14

£

Repayable by instalments

58,774

175,389

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.8.14

value:

£

750

Ordinary 'A'

£1

750

Ordinary ' B'

£1

750

1,500