PPR ENGINEERING & DESIGN LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
PAGES FOR FILING WITH REGISTRAR
PPR ENGINEERING & DESIGN LTD
COMPANY INFORMATION
Director
P J Prendergast
Secretary
M C Prendergast
Company number
03360060 (England and Wales)
Registered office
19 Applecross Drive
Burnley
Lancashire
BB10 4JP
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Business address
Unit 1 International House
Springhill Road
Burnley
Lancashire
BB11 2LQ
PPR ENGINEERING & DESIGN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PPR ENGINEERING & DESIGN LTD
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,511
3,238
Current assets
Debtors
4
25,053
12,480
Cash at bank and in hand
40,282
25,392
65,335
37,872
Creditors: amounts falling due within one year
5
(54,896)
(31,836)
Net current assets
10,439
6,036
Total assets less current liabilities
12,950
9,274
Provisions for liabilities
(502)
(424)
Net assets
12,448
8,850
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
12,446
8,848
Total equity
12,448
8,850
The notes on pages 3 - 6 form an integral part of these financial statements.
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
PPR ENGINEERING & DESIGN LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Director's responsibilities: • The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
-
• 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2016
P J Prendergast
Director
Company Registration No. 03360060
PPR ENGINEERING & DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
Company information
PPR Engineering & Design Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19 Applecross Drive, Burnley, Lancashire, BB10 4JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company has early adopted section 1A of FRS102.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2016
are the
first
financial statements of PPR Engineering & Design Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods supplied and services provided, net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold alterations
33% straight line basis
Plant and machinery
25% straight line basis
Computer equipment
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
PPR ENGINEERING & DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares). Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method. Amortised cost : the original transaction value, less amounts settled, less any adjustment for impairment. Effective interest method : where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's
balance sheet
when the company becomes
a
party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost
: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method
: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial instruments
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. D eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves , in which case the deferred tax is also dealt with in reserves.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
PPR ENGINEERING & DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2015 - 1).
3
Tangible fixed assets
Leasehold alterations
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2015
2,042
7,581
851
10,474
Additions
-
-
809
809
At 31 March 2016
2,042
7,581
1,660
11,283
Depreciation and impairment
At 1 April 2015
1,362
5,435
439
7,236
Depreciation charged in the year
680
625
231
1,536
At 31 March 2016
2,042
6,060
670
8,772
Carrying amount
At 31 March 2016
-
1,521
990
2,511
At 31 March 2015
680
2,146
412
3,238
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
25,053
12,480
PPR ENGINEERING & DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
3,354
847
Corporation tax
8,601
4,763
Other taxation and social security
5,418
3,534
Other creditors
35,023
20,652
Accruals and deferred income
2,500
2,040
54,896
31,836
6
Provisions for liabilities
2016
2015
£
£
Deferred tax liabilities
502
424
502
424
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2