Peak Engineering (IOW) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05166901 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2016

FOR

PEAK ENGINEERING (IOW) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P K Greatorex

SECRETARY:

P K Greatorex

REGISTERED OFFICE:

Landguard Manor

Landguard Manor Road

Shanklin

Isle of Wight

PO37 7JB

REGISTERED NUMBER:

05166901 (England and Wales)

ACCOUNTANTS:

Mackenzies

Chartered Accountants

Landguard Manor

Landguard Manor Road

Shanklin

Isle of Wight

PO37 7JB

FIXED ASSETS

Tangible assets

2

53,250

62,764

CURRENT ASSETS

Stocks

2,450

2,650

Debtors

43,413

47,928

Cash at bank

14

22

45,877

50,600

CREDITORS

Amounts falling due within one year

73,050

66,894

NET CURRENT LIABILITIES

(27,173

)

(16,294

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

26,077

46,470

CREDITORS

Amounts falling due after more than one
year

24,842

46,135

NET ASSETS

1,235

335

CAPITAL AND RESERVES

Called up share capital

3

200

Profit and loss account

1,035

135

SHAREHOLDERS' FUNDS

1,235

335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 31 October 2016 and were signed by:

P K Greatorex - 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

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.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

and 31 January 2016

121,666

DEPRECIATION

At 1 February 2015

58,902

Charge for year

9,514

At 31 January 2016

68,416

NET BOOK VALUE

At 31 January 2016

53,250

At 31 January 2015

62,764

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

120

Ordinary A shares

1

120

80

Ordinary B shares

1

80

200