Registered Number 06478119

FLYING PENGUIN ENTERPRISES LIMITED

Abbreviated Accounts

30 June 2016

FLYING PENGUIN ENTERPRISES LIMITED Registered Number 06478119

Abbreviated Balance Sheet as at 30 June 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 12,746 18,318
Tangible assets 3 32,690 41,150
45,436 59,468
Current assets
Stocks 1,073,000 1,073,000
Debtors 415,926 384,238
Cash at bank and in hand 2,353 1,968
1,491,279 1,459,206
Creditors: amounts falling due within one year (432,887) (414,405)
Net current assets (liabilities) 1,058,392 1,044,801
Total assets less current liabilities 1,103,828 1,104,269
Creditors: amounts falling due after more than one year (747,187) (747,671)
Provisions for liabilities (2,142) (3,834)
Total net assets (liabilities) 354,499 352,764
Capital and reserves
Called up share capital 250,002 250,002
Profit and loss account 104,497 102,762
Shareholders' funds 354,499 352,764
  • For the year ending 30 June 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 31 March 2017

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 30 June 2016

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.

Turnover policy
Turnover, which is stated net value added tax, represents amounts invoiced to third
parties. All turnover was attributable to the UK market.

Tangible assets depreciation policy
Fixed assets
All fixed assets are recorded at cost.
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

Intangible assets amortisation policy
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.

Valuation information and policy
Stocks and work in progress are valued at the lower of cost and net realisable value, after
making due allowance for obsolete and slow moving items. Cost includes all direct
expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies
Leasing and hire purchase commitments
Rentals payable under operating leases are charged to the profit and loss account on a
straight line basis over the lease term.

2Intangible fixed assets
£
Cost
At 1 July 2015 55,725
Additions -
Disposals -
Revaluations -
Transfers -
At 30 June 2016 55,725
Amortisation
At 1 July 2015 37,407
Charge for the year 5,572
On disposals -
At 30 June 2016 42,979
Net book values
At 30 June 2016 12,746
At 30 June 2015 18,318

Goodwill is being written off in equal instalments over its estimated economic life
of 10 years

3Tangible fixed assets
£
Cost
At 1 July 2015 148,300
Additions -
Disposals -
Revaluations -
Transfers -
At 30 June 2016 148,300
Depreciation
At 1 July 2015 107,150
Charge for the year 8,460
On disposals -
At 30 June 2016 115,610
Net book values
At 30 June 2016 32,690
At 30 June 2015 41,150