Company Registration No. 03198223 (England and Wales)
JAMES PARK ASSOCIATES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
JAMES PARK ASSOCIATES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
JAMES PARK ASSOCIATES LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
69,308
-
Current assets
Stocks
11,206
14,595
Debtors
1,515,628
1,974,366
Cash at bank and in hand
500,519
470,828
2,027,353
2,459,789
Creditors: amounts falling due within one year
(271,506)
(673,491)
Net current assets
1,755,847
1,786,298
Total assets less current liabilities
1,825,155
1,786,298
Provisions for liabilities
(11,137)
-
1,814,018
1,786,298
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
1,814,016
1,786,296
Shareholder's funds
1,814,018
1,786,298
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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 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 February 2017
Mr J W Park
Director
Company Registration No. 03198223
JAMES PARK ASSOCIATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
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 January 2015).
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.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT .
.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
20% straight line
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
JAMES PARK ASSOCIATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
-
Additions
75,609
At 31 May 2016
75,609
Depreciation
At 1 June 2015
-
Charge for the year
6,301
At 31 May 2016
6,301
Net book value
At 31 May 2016
69,308
At 31 May 2015
-
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2