Phase Two Bedroom Design Ltd Small abbreviated accounts

PHASE-TWO BEDROOM DESIGN LTD - Company Information

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COMPANY REGISTRATION NUMBER 05317160

PHASE TWO BEDROOM DESIGN LTD

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 July 2016

HILL ECKERSLEY & CO. LTD

Chartered Accountants

62 Chorley New Road

Bolton

Lancashire

BL1 4BY

PHASE TWO BEDROOM DESIGN LTD

ABBREVIATED BALANCE SHEET

31 July 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Intangible assets			29,250	32,500
Tangible assets			36,469	41,583
			--------	--------
			65,719	74,083
			--------	--------

CURRENT ASSETS

Stocks	16,301		14,135
Debtors	5,608		6,747
Cash at bank and in hand	123,843		119,549
	---------		---------
	145,752		140,431
CREDITORS: Amounts falling due within one year	45,887		46,629
	---------		---------
NET CURRENT ASSETS		99,865	93,802
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		165,584	167,885

PROVISIONS FOR LIABILITIES	5,748	8,317
	---------	---------
	159,836	159,568
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	3	2	2
Profit and loss account		159,834	159,566
		---------	---------
SHAREHOLDERS' FUNDS		159,836	159,568
		---------	---------

For the year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 27 March 2017 , and are signed on their behalf by:

Mr M Dooley Director

Company Registration Number: 05317160

PHASE TWO BEDROOM DESIGN LTD

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 JULY 2016

1. ACCOUNTING POLICIES

Basis of accounting

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 represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-5% straight line

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery-15% reducing balance

Fixtures & Fittings-15% reducing balance

Motor Vehicles-25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that 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.

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. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

At 1 August 2015	65,000	94,581	159,581
Additions	–	1,583	1,583
	--------	--------	---------
At 31 July 2016	65,000	96,164	161,164
	--------	--------	---------

DEPRECIATION

At 1 August 2015	32,500	52,998	85,498
Charge for year	3,250	6,697	9,947
	--------	--------	--------
At 31 July 2016	35,750	59,695	95,445
	--------	--------	--------

NET BOOK VALUE

At 31 July 2016	29,250	36,469	65,719
	--------	--------	--------

At 31 July 2015	32,500	41,583	74,083
	--------	--------	--------

3. SHARE CAPITAL

Authorised share capital:

	2016	2015
	£	£
100 Ordinary shares of £ 1 each	100	100
	----	----

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----