Petchells (Furnishings) Limited - Abbreviated accounts

PETCHELLS (FURNISHINGS) LIMITED - Company Information

Registered number

00743540

Petchells (Furnishings) Limited

Abbreviated Accounts

31 May 2016

Petchells (Furnishings) Limited
Registered number:		00743540
Abbreviated Balance Sheet
as at 31 May 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		73,317			70,744

Current assets
Stocks		359,833			316,691
Debtors		194,055			89,843
Cash at bank and in hand		34,583			150,608
		588,471			557,142

Creditors: amounts falling due within one year		(206,687)			(207,441)

Net current assets			381,784			349,701

Net assets			455,101			420,445

Capital and reserves
Called up share capital	3		5,000			5,000
Capital redemption reserve			5,000			5,000
Profit and loss account			445,101			410,445

Shareholders' funds			455,101			420,445

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mrs C Braithwaite
Director
Approved by the board on 13 February 2017

Petchells (Furnishings) Limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2016

1	Accounting policies

	Basis of preparation
	The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Leasehold property and improvements			10% reducing balance
	Fixtures and fittings			15% reducing balance
	Motor vehicles			25% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision has not been made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes, as the potential provision is immaterial.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Tangible fixed assets					£

	Cost
	At 1 June 2015					293,134
	Additions					15,316
	Disposals					(32,204)
	At 31 May 2016					276,246

	Depreciation
	At 1 June 2015					222,390
	Charge for the year					11,724
	On disposals					(31,185)
	At 31 May 2016					202,929

	Net book value
	At 31 May 2016					73,317
	At 31 May 2015					70,744


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		5,000		5,000		5,000