Abbreviated Company Accounts - PROFILE COVERS LTD

Abbreviated Company Accounts - PROFILE COVERS LTD


Registered Number 04181336

PROFILE COVERS LTD

Abbreviated Accounts

31 March 2014

PROFILE COVERS LTD Registered Number 04181336

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Fixed assets
Intangible assets 2 50,000 50,000
Tangible assets 3 81,753 76,890
131,753 126,890
Current assets
Stocks 45,820 25,500
Debtors 266,690 304,659
Cash at bank and in hand 190,800 220,250
503,310 550,409
Creditors: amounts falling due within one year (164,462) (173,566)
Net current assets (liabilities) 338,848 376,843
Total assets less current liabilities 470,601 503,733
Total net assets (liabilities) 470,601 503,733
Capital and reserves
Called up share capital 105 105
Profit and loss account 470,496 503,628
Shareholders' funds 470,601 503,733
  • For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 15 October 2014

And signed on their behalf by:
Mr C J Porter, Director

PROFILE COVERS LTD Registered Number 04181336

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
These accounts have been prepared under the historical cost convention as
modified by the revaluation of certain fixed assets and in accordance with
the Financial Reporting Standard for Smaller Entities (effective April 2008)

Turnover policy
Turnover is the total amount receivable by the company in the ordinary course of
business from outside customers for services provided and any goods supplied
excluding VAT The turnover and operating costs are attributable to the principal
activity of the business being that of the manufacture of car covers

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less deprecation. Depreciation is calculated
on the reducing balance method and aims to write down cost less estimated residual
value of all tangible fixed assets over their expected useful lives. The rates are as
follows:-

Equipment 15%
Motor Vehicles 25%

Other accounting policies
Stocks and work in progress are valued at the lower of cost and net realisable value
after making due allowance for obsolete and slow-moving stocks. Cost includes all
direct costs and an appropriate proportion of fixed and variable overheads.

2Intangible fixed assets
£
Cost
At 1 April 2013 50,000
Additions -
Disposals -
Revaluations -
Transfers -
At 31 March 2014 50,000
Amortisation
At 1 April 2013 -
Charge for the year -
On disposals -
At 31 March 2014 -
Net book values
At 31 March 2014 50,000
At 31 March 2013 50,000
3Tangible fixed assets
£
Cost
At 1 April 2013 144,254
Additions 11,231
Disposals -
Revaluations -
Transfers -
At 31 March 2014 155,485
Depreciation
At 1 April 2013 67,364
Charge for the year 6,368
On disposals -
At 31 March 2014 73,732
Net book values
At 31 March 2014 81,753
At 31 March 2013 76,890