Power Assemblies Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 03707186

Abbreviated Accounts for the Period 1 May 2015 to 31 October 2016

for

Power Assemblies Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

G Butterfield

SECRETARY:

R S Butterfield

REGISTERED OFFICE:

C/o Haines Watts

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

REGISTERED NUMBER:

03707186

ACCOUNTANTS:

Haines Watts

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

CURRENT ASSETS

Stocks

-

182,685

Debtors

17,145

262,692

Cash at bank

2,729

25,230

19,874

470,607

CREDITORS

Amounts falling due within one year

1,159

270,727

NET CURRENT ASSETS

18,715

199,880

TOTAL ASSETS LESS CURRENT
LIABILITIES

18,715

199,880

CAPITAL AND RESERVES

Called up share capital

3

25,000

Profit and loss account

(6,285

)

174,880

SHAREHOLDERS' FUNDS

18,715

199,880

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 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 19 January 2017 and were signed by:

G Butterfield - 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

The turnover shown in the profit and loss account is the amount receivable for the provision of goods

and services falling within the Company's activities, net of Value Added Tax, rebates and trade

discounts. Turnover from the provision of goods and services is recognised in the accounting period in

which the Company obtains the right to consideration in exchange for its performance and when the

amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.deferred tax is recognised in respect of all timing differences that

have originated but not reversed at the balance sheet date.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

56,451

Disposals

(56,451

)

At 31 October 2016

-

DEPRECIATION

At 1 May 2015

56,451

Eliminated on disposal

(56,451

)

At 31 October 2016

-

NET BOOK VALUE

At 31 October 2016

-

At 30 April 2015

-

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

25,000

Ordinary

£1

25,000

4.

CONTROL

The company was under the control of Mr G Butterfield throughout the current and previous period. Mr

G Butterfield is the managing director and sole shareholder of the company.