Registered Number 09265063
PAUL HAND LABOUR LIMITED
Abbreviated Accounts
31 October 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
These are the companies first set of financial statements prepared in accordance with FRS102. The date of transition was 1 November 2014. There were no changes to the reported financial position and performance of the company at the date of transition.
Financial reporting standard 102 – reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” :
. the requirements of Section 7 Statement of Cash Flows;
. the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A
Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:
Consider the recoverability of trade debtors and working progress and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.
Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.
Turnover policy
Tangible assets depreciation policy
Plant & Machinery etc.. – 25% reducing balance
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making die allowance for obsolete and slow moving items.
Other accounting policies
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets are recognised only to the extent that they are regarded as recoverable.
Hire purchase and leasing commitments
Assets obtained under hire purchase or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over there estimated useful lives. Those held under finance leases are depreciated over there estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payment is treated as a liability.
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
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Cost | |
At 1 November 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 October 2016 |
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Depreciation | |
At 1 November 2015 |
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Charge for the year |
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On disposals |
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At 31 October 2016 |
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Net book values | |
At 31 October 2016 | 14,629 |
At 31 October 2015 | 7,578 |