PARTY_TIME_(LEICESTER)_LI - Accounts

PARTY TIME (LEICESTER) LIMITED - Company Information

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Company Registration No. 04862943 (England and Wales)

PARTY TIME (LEICESTER) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

PARTY TIME (LEICESTER) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PARTY TIME (LEICESTER) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

53,779

62,073

Current assets

Stocks

141,950

120,575

Debtors

2,029

2,890

Cash at bank and in hand

654

737

144,633

124,202

Creditors: amounts falling due within one year

(140,728)

(133,511)

Net current assets/(liabilities)

3,905

(9,309)

Total assets less current liabilities

57,684

52,764

Creditors: amounts falling due after more than one year

(34,448)

(44,597)

23,236

8,167

Capital and reserves

Called up share capital

100

Profit and loss account

23,136

8,067

Shareholders' funds

23,236

8,167

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

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 May 2017

Mr R P Singala

Director

Company Registration No. 04862943

PARTY TIME (LEICESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment

15% on reducing balance basis.

Motor vehicles

20% on reducing balance basis.

1.5

Stock

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

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 September 2015

102,171

Additions

2,199

At 31 August 2016

104,370

Depreciation

At 1 September 2015

40,098

Charge for the year

10,493

At 31 August 2016

50,591

Net book value

At 31 August 2016

53,779

At 31 August 2015

62,073

PARTY TIME (LEICESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £14,935 (2015 - £16,702).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £8,643 (2015 - £15,392).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100