Paracentric IT Limited - Period Ending 2016-08-31

Registration number: 08656322

Paracentric IT Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Paracentric IT Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Paracentric IT Limited
(Registration number: 08656322)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			401			534
Current assets
Debtors					2,328			2,910
Cash at bank and in hand					114,880			91,275
					117,208			94,185
Creditors: Amounts falling due within one year					(27,852)			(25,134)
Net current assets					89,356			69,051
Net assets					89,757			69,585
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					89,657			69,485
Shareholders' funds					89,757			69,585

For the year ending 31 August 2016 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 director acknowledges his 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 director on 23 November 2016

.........................................
John-Paul Sampson
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Paracentric IT Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% Reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		949			949
At 31 August 2016		949			949
Depreciation
At 1 September 2015		415			415
Charge for the year		133			133
At 31 August 2016		548			548
Net book value
At 31 August 2016		401			401
At 31 August 2015		534			534

Page 2

Paracentric IT Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 3