Philip Owen Ltd. - Abbreviated accounts 16.3

Philip Owen Ltd. - Abbreviated accounts 16.3

PHILIP OWEN LTD. - Company Information

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REGISTERED NUMBER: SC265593 (Scotland)













ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

FOR

PHILIP OWEN LTD.

PHILIP OWEN LTD. (REGISTERED NUMBER: SC265593)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

PHILIP OWEN LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2016







DIRECTOR: Dr P Owen





SECRETARY: Mrs H Owen





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC265593 (Scotland)





ACCOUNTANTS: Henderson Loggie
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ
Page 1
PHILIP OWEN LTD. (REGISTERED NUMBER: SC265593)

ABBREVIATED BALANCE SHEET
31 MAY 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 1,286 597

CURRENT ASSETS
Debtors 5,950 1,775
Cash at bank 104,292 98,462
110,242 100,237
CREDITORS
Amounts falling due within one year 10,239 20,471
NET CURRENT ASSETS 100,003 79,766
TOTAL ASSETS LESS CURRENT
LIABILITIES
101,289
80,363

CAPITAL AND RESERVES
Called up share capital 3 12 12
Profit and loss account 101,277 80,351
SHAREHOLDERS' FUNDS 101,289 80,363

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 24 February 2017 and were signed by:





Dr P Owen - Director


The notes form part of these abbreviated accounts

Page 2
PHILIP OWEN LTD. (REGISTERED NUMBER: SC265593)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016

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 invoiced sales of services.

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

Computer equipment - 33% on a straight line basis

Deferred tax
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is
calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts
and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are
generally recognised for all temporary timing differences that have originated but not reversed by the balance
sheet date and are not recognised as permanent differences. Deferred tax assets are recognised to the extent that
it is probable that taxable profits will be available in the future. Deferred tax is calculated at the average tax
rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on
tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is
charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
equity, in which case the deferred tax is also dealt with in equity.'

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 June 2015 10,384
Additions 1,920
At 31 May 2016 12,304
DEPRECIATION
At 1 June 2015 9,787
Charge for year 1,231
At 31 May 2016 11,018
NET BOOK VALUE
At 31 May 2016 1,286
At 31 May 2015 597

Page 3 continued...
PHILIP OWEN LTD. (REGISTERED NUMBER: SC265593)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 MAY 2016

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
10 Ordinary £1 10 10
2 Ordinary A-J £1 2 2
12 12

Page 4