Penguin Refrigeration Ltd Accounts






Penguin Refrigeration Ltd
	Company No. 04310267
		Abbreviated Accounts
		31 December 2015

at	31 December 2015

Company No.		04310267	Notes	2015	2014
				£	£
Fixed assets

	Tangible assets		2	40,191	51,888

				40,191	51,888
Current assets
	Stocks			210,482	158,801
	Debtors			287,634	252,619

	Cash at bank and in hand			206,923	137,013
				705,039	548,433
Creditors: Amounts falling due within one year				(733,248)	(372,908)
Net current (liabilities)/assets				(28,209)	175,525
Total assets less current liabilities				11,982	227,413

Provisions for liabilities
	Deferred taxation			(6,236)	(10,378)

Net assets				5,746	217,035

Capital and reserves
	Called up share capital		3	5,000	5,000



	Profit and loss account			746	212,035

Shareholders' funds				5,746	217,035

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ended 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
Approved by the board on 26 September 2016

And signed on its behalf by:

Z. Elliot
Director
26 September 2016

for the year ended 31 December 2015

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) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Tangible fixed assets and depreciation

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

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Furniture, fittings and equipment

25% straight line

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded in sterling using the exchange rate ruling at the date of the transaction.
Exchange differences are are taken into account in arriving at the operating profit.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

2	Fixed assets
		Intangible fixed assets	Tangible fixed assets	Total
		£	£	£
	Cost or revaluation
	At 1 January 2015	10,000	93,514	103,514
	Additions	-	10,829	10,829


	Disposals	-	(10,416)	(10,416)
	At 31 December 2015	10,000	93,927	103,927
	Amortisation
	At 1 January 2015	10,000	41,626	51,626
	Charge for the year	-	19,497	19,497


	Disposals	-	(7,387)	(7,387)
	At 31 December 2015	10,000	53,736	63,736
	Net book values
	At 31 December 2015	-	40,191	40,191
	At 31 December 2014	-	51,888	51,888

3	Share Capital
		Nominal value	2015	2015	2014
		£	Number	£	£
	Allotted, called up and fully paid:
	Ordinary	1.00	5,000	5,000	5,000




				5,000	5,000