Company Registration No. 03747272 (England and Wales)
PROPSHAFT TECHNOLOGY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
PROPSHAFT TECHNOLOGY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
PROPSHAFT TECHNOLOGY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
31,872
188,481
Current assets
Stocks
18,500
18,100
Debtors
161,406
119,121
Cash at bank and in hand
23,837
14,652
203,743
151,873
Creditors: amounts falling due within one year
(117,298)
(136,095)
Net current assets
86,445
15,778
Total assets less current liabilities
118,317
204,259
Creditors: amounts falling due after more than one year
-
(76,103)
Provisions for liabilities
(6,375)
(6,044)
111,942
122,112
Capital and reserves
Called up share capital
3
50
50
Revaluation reserve
-
35,000
Profit and loss account
111,892
87,062
Shareholders' funds
111,942
122,112
PROPSHAFT TECHNOLOGY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2015
30 April 2015
- 2 -
For the financial year ended 30 April 2015 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 27 November 2015
Mr C Morgan
Mrs B Morgan
Director
Director
Company Registration No. 03747272
PROPSHAFT TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 3 -
1
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 April 2008).
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 other than freehold land 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:
Land and buildings Freehold
Not Depreciated
Plant and machinery
15% - Reducing balance
Fixtures, fittings & equipment
15%/33% - Reducing balance/Straight line
Motor vehicles
25% - Reducing balance
The directors consider that, for the foreseeable future, the estimated residual value of the buildings will not be less than the book value shown in the accounts and a depreciation rate of 0% is therefore considered appropriate.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
PROPSHAFT TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2014
275,532
Additions
8,418
Disposals
(158,263)
At 30 April 2015
125,687
Depreciation
At 1 May 2014
87,051
Charge for the year
6,764
At 30 April 2015
93,815
Net book value
At 30 April 2015
31,872
At 30 April 2014
188,481
3
Share capital
2015
2014
£
£
Authorised
100 Ordinary Shares of £1 each
100
100
Allotted, called up and fully paid
50 Ordinary Shares of £1 each
50
50