Registered Number 06478119
FLYING PENGUIN ENTERPRISES LIMITED
Abbreviated Accounts
31 December 2012
Notes | 2012 | 2011 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
£ | |
---|---|
Cost | |
At 1 January 2012 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 December 2012 |
|
Amortisation | |
At 1 January 2012 |
|
Charge for the year |
|
On disposals |
|
At 31 December 2012 |
|
Net book values | |
At 31 December 2012 | 32,248 |
At 31 December 2011 | 37,821 |
Goodwill is the difference between the fair value of the consideration given on the acquisition of a business and the aggregate fair value of the separable net assets acquired.
Goodwill is being written off in equal instalments over its estimated economic life of 10 years.
£ | |
---|---|
Cost | |
At 1 January 2012 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 December 2012 |
|
Depreciation | |
At 1 January 2012 |
|
Charge for the year |
|
On disposals |
|
At 31 December 2012 |
|
Net book values | |
At 31 December 2012 | 48,866 |
At 31 December 2011 | 59,810 |
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment - over 4 years
Motor Vehicles - over 4 years
4Transactions with directors
During the year, rental of £nil (£18000) was charged by Laughing Walrus Ltd, a related party, by virtue of being controlled by N Wilton, director. All transactions were made on an arms length basis and normal credit terms applied. During the year interest of £nil (£8366) was charged by Mr N Wilton, on his loan to the company.
Controlling party
During the two years ended 31st December 2012, N Wilton & D Jolly, directors, controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.