REGISTERED NUMBER:
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Somerset Panel Centre Limited |
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Abbreviated Unaudited Accounts |
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for the Year Ended 31 March 2016 |
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REGISTERED NUMBER:
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Somerset Panel Centre Limited |
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Abbreviated Unaudited Accounts |
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for the Year Ended 31 March 2016 |
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Somerset Panel Centre Limited (Registered number: 05038576) |
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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 |
Somerset Panel Centre 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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Somerset Panel Centre Limited (Registered number: 05038576) |
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Abbreviated Balance Sheet |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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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. |
Somerset Panel Centre Limited (Registered number: 05038576) |
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Abbreviated Balance Sheet - continued |
31 March 2016 |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Somerset Panel Centre Limited (Registered number: 05038576) |
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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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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 represents net invoiced sales of goods, excluding value added tax. |
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Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance |
Sheet and amortised over its estimated useful life up to a maximum of 5 years. This length of time is |
presumed to be the maximum useful life of purchased goodwill because it is difficult to make |
projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial |
year following each acquisition and subsequently as and when necessary if circumstances emerge that |
indicate that the carrying forward value may not be recovered. |
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over |
the useful economic life of that asset as follows: |
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Goodwill - 5 years |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Hire purchase and leasing commitments |
Assets held under finance leases, which are leases where substantially all the risks and rewards of |
ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in |
the balance sheet and are depreciated over their useful lives. The capital elements of future obligations |
under the leases and hire purchase contracts are included as liabilities in the balance sheet. |
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The interest elements of the rental obligations are charged in the profit and loss account over the |
periods of the leases and hire purchase contracts and represent a constant proportion of the balance |
of capital repayments outstanding. |
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Rentals payable under operating leases are charged in the profit and loss account on a straight line |
basis over the lease term. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument |
is any contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
Somerset Panel Centre Limited (Registered number: 05038576) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 March 2016 |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
and 31 March 2016 |
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AMORTISATION |
At 1 April 2015 |
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Amortisation for year |
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At 31 March 2016 |
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NET BOOK VALUE |
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At 31 March 2016 |
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At 31 March 2015 |
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3. | TANGIBLE FIXED ASSETS |
Total |
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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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4. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Share capital 1 | 1 |
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