Registered Number 07094328

PLANET FLOORING LTD

Abbreviated Accounts

31 May 2016

PLANET FLOORING LTD Registered Number 07094328

Abbreviated Balance Sheet as at 31 May 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 13,731 1,206
13,731 1,206
Current assets
Stocks 2,490 2,490
Debtors 3 29,719 18,739
Cash at bank and in hand 7,925 610
40,134 21,839
Creditors: amounts falling due within one year 4 (40,170 ) (22,443 )
Net current assets (liabilities) (36 ) (604 )
Total assets less current liabilities 13,695 602
Creditors: amounts falling due after more than one year 4 (7,926 ) -
Provisions for liabilities (2,520 ) -
Total net assets (liabilities) 3,249 602
Capital and reserves
Called up share capital 5 2 2
Profit and loss account 3,247 600
Shareholders' funds 3,249 602

  • For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 1 November 2016

And signed on their behalf by:
S Ahmet, Director

PLANET FLOORING LTD Registered Number 07094328

Notes to the Abbreviated Accounts for the period ended 31 May 2016

1 Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance

Valuation information and policy
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

2 Tangible fixed assets
£
Cost
At 1 June 2015 4,744
Additions 17,184
Disposals (1,267 )
Revaluations -
Transfers -
At 31 May 2016 20,661
Depreciation
At 1 June 2015 3,538
Charge for the year 4,370
On disposals (978 )
At 31 May 2016 6,930
Net book values
At 31 May 2016 13,731
At 31 May 2015 1,206
3 Debtors
2016
£
2015
£
Debtors include the following amounts due after more than one year 29,719 18,739
4 Creditors
2016
£
2015
£
Secured Debts 7,926 -
5 Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
2 Ordinary shares of £1 each 2 2