PFPD Limited 31/10/2018 iXBRL

PFPD Limited 31/10/2018 iXBRL

PFPD LIMITED - Company Information

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31/10/2018 2018-10-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-11-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 07826849 2017-11-01 2018-10-31 07826849 2018-10-31 07826849 2017-10-31 07826849 2016-11-01 2017-10-31 07826849 2017-10-31 07826849 core:FurnitureFittingsToolsEquipment 2017-11-01 2018-10-31 07826849 bus:Director1 2017-11-01 2018-10-31 07826849 core:WithinOneYear 2018-10-31 07826849 core:WithinOneYear 2017-10-31 07826849 core:IntangibleAssetsOtherThanGoodwill 2018-10-31 07826849 core:FurnitureFittingsToolsEquipment 2017-10-31 07826849 core:FurnitureFittingsToolsEquipment 2018-10-31 07826849 core:DeferredTaxation 2017-11-01 2018-10-31 07826849 core:AfterOneYear 2018-10-31 07826849 core:UKTax 2017-11-01 2018-10-31 07826849 core:UKTax 2016-11-01 2017-10-31 07826849 core:ShareCapital 2018-10-31 07826849 core:ShareCapital 2017-10-31 07826849 core:RetainedEarningsAccumulatedLosses 2018-10-31 07826849 core:RetainedEarningsAccumulatedLosses 2017-10-31 07826849 core:AcceleratedTaxDepreciationDeferredTax 2018-10-31 07826849 core:AcceleratedTaxDepreciationDeferredTax 2017-10-31 07826849 core:FurnitureFittingsToolsEquipment 2017-10-31 07826849 core:DeferredTaxation 2017-10-31 07826849 core:DeferredTaxation 2018-10-31 07826849 bus:SmallEntities 2017-11-01 2018-10-31 07826849 bus:AuditExempt-NoAccountantsReport 2017-11-01 2018-10-31 07826849 bus:FullAccounts 2017-11-01 2018-10-31 07826849 bus:SmallCompaniesRegimeForAccounts 2017-11-01 2018-10-31 07826849 bus:PrivateLimitedCompanyLtd 2017-11-01 2018-10-31
PFPD Limited
Unaudited filleted financial statements
31 October 2018
Company Registration Number: 07826849 (England and Wales)
PFPD Limited
Contents
Statement of financial position
Notes to the financial statements
PFPD Limited
Statement of financial position
31 October 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 6 843,804 -
Tangible assets 7 7,802 5,107
_______ _______
851,606 5,107
Current assets
Debtors 8 881 355
Cash at bank and in hand 191,381 136,714
_______ _______
192,262 137,069
Creditors: amounts falling due
within one year 9 ( 72,620) ( 48,000)
_______ _______
Net current assets 119,642 89,069
_______ _______
Total assets less current liabilities 971,248 94,176
Creditors: amounts falling due
after more than one year 10 ( 780,475) -
Provisions for liabilities 11 ( 1,482) ( 1,021)
_______ _______
Net assets 189,291 93,155
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 189,191 93,055
_______ _______
Shareholders funds 189,291 93,155
_______ _______
For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2019 , and are signed on behalf of the board by:
Kevin Holleron
Director
Company registration number: 07826849
PFPD Limited
Notes to the financial statements
Year ended 31 October 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leopold Villa, 45 Leopold Street, Derby, DE1 2HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 10 ).
5. Tax on profit
Major components of tax expense
2018 2017
£ £
Current tax:
UK current tax expense 61,042 10,996
Deferred tax:
Origination and reversal of timing differences 461 ( 155)
_______ _______
Tax on profit 61,503 10,841
_______ _______
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 November 2017 - -
Additions 843,804 843,804
_______ _______
At 31 October 2018 843,804 843,804
_______ _______
Amortisation
At 1 November 2017 and 31 October 2018 - -
_______ _______
Carrying amount
At 31 October 2018 843,804 843,804
_______ _______
At 31 October 2017 - -
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 November 2017 10,002 10,002
Additions 3,563 3,563
_______ _______
At 31 October 2018 13,565 13,565
_______ _______
Depreciation
At 1 November 2017 4,895 4,895
Charge for the year 868 868
_______ _______
At 31 October 2018 5,763 5,763
_______ _______
Carrying amount
At 31 October 2018 7,802 7,802
_______ _______
At 31 October 2017 5,107 5,107
_______ _______
8. Debtors
2018 2017
£ £
Prepayments and accrued income 881 355
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 3,315 -
Accruals and deferred income 2,177 1,734
Corporation tax 61,042 10,996
Social security and other taxes 4,495 6,035
Director loan accounts 162 27,378
Other creditors 1,429 1,857
_______ _______
72,620 48,000
_______ _______
10. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 780,475 -
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 November 2017 1,021 1,021
Additions 461 461
_______ _______
At 31 October 2018 1,482 1,482
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in provisions (note 11) 1,482 1,021
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 1,482 1,021
_______ _______
13. Controlling party
The company is controlled by the director.