Registered Number 06478119

FLYING PENGUIN ENTERPRISES LIMITED

Abbreviated Accounts

31 December 2012

FLYING PENGUIN ENTERPRISES LIMITED Registered Number 06478119

Abbreviated Balance Sheet as at 31 December 2012

Notes 2012 2011
£ £
Fixed assets
Intangible assets 2 32,248 37,821
Tangible assets 3 48,866 59,810
81,114 97,631
Current assets
Stocks 1,019,500 890,000
Debtors 389,754 382,231
Cash at bank and in hand 145 41,596
1,409,399 1,313,827
Creditors: amounts falling due within one year (364,882) (368,584)
Net current assets (liabilities) 1,044,517 945,243
Total assets less current liabilities 1,125,631 1,042,874
Creditors: amounts falling due after more than one year (767,400) (684,081)
Provisions for liabilities (7,038) (8,606)
Total net assets (liabilities) 351,193 350,187
Capital and reserves
Called up share capital 250,002 250,002
Profit and loss account 101,191 100,185
Shareholders' funds 351,193 350,187
  • For the year ending 31 December 2012 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 30 September 2013

And signed on their behalf by:
D Jolly, Director
N I Wilton, Director

FLYING PENGUIN ENTERPRISES LIMITED Registered Number 06478119

Notes to the Abbreviated Accounts for the period ended 31 December 2012

1Accounting 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.

2Intangible fixed assets
£
Cost
At 1 January 2012 55,725
Additions -
Disposals -
Revaluations -
Transfers -
At 31 December 2012 55,725
Amortisation
At 1 January 2012 17,904
Charge for the year 5,573
On disposals -
At 31 December 2012 23,477
Net book values
At 31 December 2012 32,248
At 31 December 2011 37,821

Goodwill
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.

3Tangible fixed assets
£
Cost
At 1 January 2012 120,950
Additions 9,000
Disposals -
Revaluations -
Transfers -
At 31 December 2012 129,950
Depreciation
At 1 January 2012 61,140
Charge for the year 19,944
On disposals -
At 31 December 2012 81,084
Net book values
At 31 December 2012 48,866
At 31 December 2011 59,810

Depreciation
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

Transactions with related parties
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.