REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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FOR |
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J. PREEDY & SONS LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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FOR |
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J. PREEDY & SONS LIMITED |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
J. PREEDY & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Registered Auditors |
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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ABBREVIATED BALANCE SHEET |
31 MARCH 2016 |
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2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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PENSION LIABILITY | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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ABBREVIATED BALANCE SHEET - continued |
31 MARCH 2016 |
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The financial statements were approved and authorised for issue by the Board of Directors on
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J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
Going Concern |
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The financial statements have been prepared on the going concern basis. The Directors consider that |
the use of the going concern basis is appropriate because there are no material uncertainties related to |
events or conditions that may cast significant doubt about the ability of the Company to continue as a |
going concern. In making this assessment the Directors have reviewed the current cash and financial |
position of the business and forecasts for the period ahead. They have considered the longer term |
plans for the Company and how it will develop its various business lines in future years, and which |
products and services it will pursue. They have considered whether the Company is exposed to any |
contingent liabilities, and have concluded that is not. |
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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). |
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Turnover |
Turnover comprises revenue recognised by the Company in respect of goods and services supplied |
during the year, exclusive of Value Added Tax and trade discounts. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks and work in progress |
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 stocks. Cost includes all direct costs and an appropriate |
proportion of fixed and variable overheads. |
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Deferred tax |
Full provision is made for deferred tax assets and liabilities arising from all timing differences between |
the recognition of gains and losses in the financial statements and recognition in the tax computation. |
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will |
be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. |
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Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time |
the timing differences are expected to reverse. |
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Deferred tax assets and liabilities are not discounted. |
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Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of |
exchange ruling at the balance sheet date. |
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Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the |
transaction. |
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Exchange gains and losses are recognised in the profit and loss account. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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1. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed |
assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their |
useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases |
are those where substantially all of the benefits and risks of ownership are assumed by the Company. |
Obligations under such agreements are included in creditors net of the finance charge allocated to |
future periods. The finance element of the rental payment is charged to the profit and loss account so |
as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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Pensions |
The company operates a defined benefit pension scheme and the pension charge is based on a full |
actuarial valuation dated 5 April 2016. |
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(a) Staff |
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The Company operates a defined benefits pension scheme that has been closed to new entrants. With |
effect from 30 September 2006, the trustees froze the benefits accruing in the scheme. The Company |
is taking steps to ensure that the scheme will be fully funded up to that date. The assets of the scheme |
are held separately from those of the Company in an independently administered fund. Independent |
actuaries complete a valuation every three years. In accordance with their recommendations, |
contributions are paid to the scheme so as to secure the benefits set out in the rules. The pension |
charge is based on a full actuarial valuation as at 5 April 2016. |
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The company has adopted the FRSSE requirements in relation to accounting for Retirement Benefits |
in there Financial Statements. Current service costs and any curtailment gains are recognised in |
arriving at operating profit. The interest cost net of the expected return on scheme assets is included in |
the net finance costs. Actuarial gains and losses are recognised immediately in the Statement of Total |
Recognised Gains and Losses. |
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(b) Staff |
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The Company has made a defined contribution group personal pension plan available to all new |
employees. The funds of the scheme are administered by Trustees and are separate from the |
Company. The pension charge represents contributions payable by the Company for the year. The |
Company's liability is limited to the amount of the contributions. |
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(c) Directors |
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The Company contributes to a self invested pension plan for certain Directors. The funds of the |
scheme are administered by Trustees and are separate from the Company. The pension charge |
represents contributions payable by the Company for the year. The Company's liability is limited to the |
amount of the contributions. |
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Operating leases |
Rental charges applicable to operating leases where substantially all of the benefits and risks of |
ownership remain with the lessor are charged to the profit and loss account on an accruals basis. |
J. PREEDY & SONS LIMITED (REGISTERED NUMBER: 00372371) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | 1 |
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