Registered number
P G Airconditioning Ltd
Abbreviated Accounts
31 August 2016
P G Airconditioning Ltd
Registered number: 04858124
Balance Sheet
as at 31 August 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 26,172 22,214
Current assets
Debtors 3 307,907 224,463
Cash at bank and in hand 34,663 22,199
342,570 246,662
Creditors: amounts falling due within one year 4 (232,869) (191,480)
Net current assets 109,701 55,182
Total assets less current liabilities 135,873 77,396
Creditors: amounts falling due after more than one year 5 (8,439) -
Net assets 127,434 77,396
Capital and reserves
Called up share capital 100 100
Profit and loss account 127,334 77,296
Shareholders' funds 127,434 77,396
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 Paul Goddard
Approved by the board on 2 May 2017
P G Airconditioning Ltd
Notes to the Accounts
for the year ended 31 August 2016
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 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Tangible fixed assets
Plant and machinery etc
At 1 September 2015 29,959
Additions 10,500
At 31 August 2016 40,459
At 1 September 2015 7,745
Charge for the year 6,542
At 31 August 2016 14,287
Net book value
At 31 August 2016 26,172
At 31 August 2015 22,214
3 Debtors 2016 2015
£ £
Trade debtors 296,322 193,709
Other debtors 11,585 30,754
307,907 224,463
4 Creditors: amounts falling due within one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 8,142 14,495
Trade creditors 139,864 125,317
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,500 4,500
Corporation tax 26,605 16,774
Other taxes and social security costs 2,278 -
Other creditors 51,480 30,394
232,869 191,480
5 Creditors: amounts falling due after one year 2016 2015
£ £
Other creditors 8,439 -
6 Other information
P G Airconditioning Ltd is a private company limited by shares and incorporated in England. Its registered office is:
277 Stockport Road
Guide Bridge
Ashton u Lyne
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