Registered number
06120090
Portchester Pipe Dreams Limited
Filleted Accounts
31 March 2018
Portchester Pipe Dreams Limited
Registered number: 06120090
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 1,460 2,345
Tangible assets 3 9,256 765
10,716 3,110
Current assets
Debtors 4 8,365 10,833
Cash at bank and in hand 1,956 2,675
10,321 13,508
Creditors: amounts falling due within one year 5 (5,890) (8,254)
Net current assets 4,431 5,254
Total assets less current liabilities 15,147 8,364
Creditors: amounts falling due after more than one year 6 (9,000) -
Net assets 6,147 8,364
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,047 8,264
Shareholder's funds 6,147 8,364
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A S Goldstone
Director
Approved by the board on 12 November 2018
Portchester Pipe Dreams Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% reducing balance
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 8,850
At 31 March 2018 8,850
Amortisation
At 1 April 2017 6,505
Provided during the year 885
At 31 March 2018 7,390
Net book value
At 31 March 2018 1,460
At 31 March 2017 2,345
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2017 2,431 5,295 7,726
Additions - 11,868 11,868
Disposals - (5,295) (5,295)
At 31 March 2018 2,431 11,868 14,299
Depreciation
At 1 April 2017 1,958 5,003 6,961
Charge for the year 118 2,967 3,085
On disposals - (5,003) (5,003)
At 31 March 2018 2,076 2,967 5,043
Net book value
At 31 March 2018 355 8,901 9,256
At 31 March 2017 473 292 765
4 Debtors 2018 2017
£ £
Trade debtors - 2,088
Other debtors 8,365 8,745
8,365 10,833
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 3,000 -
Taxation and social security costs 1,922 5,686
Other creditors 968 2,568
5,890 8,254
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 9,000 -
7 Controlling party
Mr A S Goldstone is the controlling party of Portchester Pipe Dreams Limited by virtue of his directorship and shareholding.
8 Other information
Portchester Pipe Dreams Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 The Kingsway
Portchester
Fareham
Hampshire
PO16 8NW
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