Company Registration No. 01165791 (England and Wales)
PENMINSTER LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
PENMINSTER LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
PENMINSTER LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,000
5,000
Current assets
Debtors
3
511
175
Cash at bank and in hand
20,293
21,768
20,804
21,943
Creditors: amounts falling due within one year
(3,597)
(3,661)
Net current assets
17,207
18,282
Total assets less current liabilities
22,207
23,282
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
22,107
23,182
Shareholders' funds
22,207
23,282
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her 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 for issue on 8 August 2016
P R Thomas
Director
Company Registration No. 01165791
PENMINSTER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
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 January 2015).
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT and trade discounts.rent net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Freehold Property
Not depreciated
It is the company's policy to maintain its freehold property to an exceptionally high standard. In the view of the director, this gives the freehold property a very long estimated useful life to the company, which means that any depreciation that would need to be provided for is in itself immaterial. The director has therefore adopted a policy of not depreciating the freehold property.
1.4
Deferred taxation
Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for timing differences arising on revaluations of fixed assets which are not intended to be sold, gains on disposals of fixed assets which will be rolled over into replacement assets and earnings of overseas subsidiaries that are not intended to be remitted to the UK. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will be recovered.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015 and at 31 December 2015
5,000
Net book value
At 31 December 2015
5,000
At 31 December 2014
5,000
3
Debtors
Debtors include an amount of £511 (2014 - £175) which is due after more than one year.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
