Professional Financial Centre Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06674780 (England and Wales)

PROFESSIONAL FINANCIAL CENTRE

(EAST MIDLANDS) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Report of the Accountants

6

DIRECTOR:

Mr R Shanks

REGISTERED OFFICE:

Wesley House

St Michaels Lane

Derby

Derbyshire

DE1 3DW

REGISTERED NUMBER:

06674780 (England and Wales)

ACCOUNTANTS:

The TAX Partnership

2 Cheapside

Derby

Derbyshire

DE1 1BR

FIXED ASSETS

Intangible assets

2

4,550

4,900

Tangible assets

3

3,798

5,669

8,348

10,569

CURRENT ASSETS

Stocks

40,984

42,018

Debtors

9,800

7,313

Cash at bank and in hand

127,926

376,538

178,710

425,869

CREDITORS

Amounts falling due within one year

81,258

34,749

NET CURRENT ASSETS

97,452

391,120

TOTAL ASSETS LESS CURRENT LIABILITIES

105,800

401,689

PROVISIONS FOR LIABILITIES

760

1,134

NET ASSETS

105,040

400,555

CAPITAL AND RESERVES

Called up share capital

4

5,742

11,002

Capital redemption reserve

(495,132

)

-

Profit and loss account

594,430

389,553

SHAREHOLDERS' FUNDS

105,040

400,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 26 May 2016 and were signed by:

Mr R Shanks - 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

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 May 2015

and 30 April 2016

7,000

Amortisation

At 1 May 2015

2,100

Amortisation for year

350

At 30 April 2016

2,450

Net book value

At 30 April 2016

4,550

At 30 April 2015

4,900

3.	TANGIBLE FIXED ASSETS

Total

£

Cost

At 1 May 2015

and 30 April 2016

19,200

Depreciation

At 1 May 2015

13,531

Charge for year

1,871

At 30 April 2016

15,402

Net book value

At 30 April 2016

3,798

At 30 April 2015

5,669

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

£

5,742

Ordinary

£1

5,742

11,002

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 30 April 2016 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

The TAX Partnership

2 Cheapside

Derby

Derbyshire

DE1 1BR

Date: .............................................