Registered Number 07957070
PROSPECS EYEWEAR LIMITED
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
|
( |
|
Accruals and deferred income |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller
Entities (effective January 2015).
Turnover policy
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to
customers.
Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off
the cost of fixed assets, less their estimated residual value, over their expected usefule lives on the following
basis:
Asset class Depreciation method and rate
Fixtures and fittings 15% per annum on cost
Computer equipment 25% per annum on cost
Intangible assets amortisation policy
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are
amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value,
over their expected useful economic life as follows:
Asset class Amortisation method and rate
Goodwill 20% per annum on cost
Other accounting policies
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving
stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of
certain items for taxation and accounting purposeds which have arisen but not reversed by the balance sheet
date, except as required by the FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are
expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as 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. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.
£ | |
---|---|
Cost | |
At 1 April 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 March 2016 |
|
Amortisation | |
At 1 April 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 March 2016 |
|
Net book values | |
At 31 March 2016 | 12,000 |
At 31 March 2015 | 24,000 |
£ | |
---|---|
Cost | |
At 1 April 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 March 2016 |
|
Depreciation | |
At 1 April 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 March 2016 |
|
Net book values | |
At 31 March 2016 | 90 |
At 31 March 2015 | 181 |