Petes Bakery Limited Filleted accounts for Companies House (small and micro)

Petes Bakery Limited Filleted accounts for Companies House (small and micro)

PETES BAKERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05661460
Petes Bakery Limited
Filleted Unaudited Abridged Financial Statements
31 August 2018
Petes Bakery Limited
Abridged Financial Statements
Period from 1 March 2017 to 31 August 2018
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Petes Bakery Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Petes Bakery Limited
Period from 1 March 2017 to 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Petes Bakery Limited for the period ended 31 August 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Petes Bakery Limited in accordance with the terms of our engagement letter dated 1 February 2019. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Petes Bakery Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Petes Bakery Limited and its director for our work or for this report.
It is your duty to ensure that Petes Bakery Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Petes Bakery Limited. You consider that Petes Bakery Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the abridged financial statements of Petes Bakery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CAS Chartered accountant
151 Askew Road London W12 9AU
Petes Bakery Limited
Abridged Statement of Financial Position
31 August 2018
31 Aug 18
28 Feb 17
Note
£
£
£
Fixed assets
Intangible assets
5
16,000
18,000
Tangible assets
6
6,754
7,979
--------
--------
22,754
25,979
Current assets
Stocks
–
2,170
Debtors
961
980
Cash at bank and in hand
13,649
48,141
--------
--------
14,610
51,291
Creditors: amounts falling due within one year
58,740
58,308
--------
--------
Net current liabilities
44,130
7,017
--------
--------
Total assets less current liabilities
( 21,376)
18,962
--------
--------
Net (liabilities)/assets
( 21,376)
18,962
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 21,377)
18,961
--------
--------
Shareholders (deficit)/funds
( 21,376)
18,962
--------
--------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the period ending 31 August 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 abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Petes Bakery Limited
Abridged Statement of Financial Position (continued)
31 August 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 25 February 2019 , and are signed on behalf of the board by:
Mrs Mary Ellen Morley
Director
Company registration number: 05661460
Petes Bakery Limited
Notes to the Abridged Financial Statements
Period from 1 March 2017 to 31 August 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 24 Stapleton Road, Orpington, BR6 9TN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
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:
Goodwill
-
5% straight line
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures & Fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 period amounted to 10 (2017: 10 ).
5. Intangible assets
£
Cost
At 1 March 2017 and 31 August 2018
40,000
--------
Amortisation
At 1 March 2017
22,000
Charge for the period
2,000
--------
At 31 August 2018
24,000
--------
Carrying amount
At 31 August 2018
16,000
--------
At 28 February 2017
18,000
--------
6. Tangible assets
£
Cost
At 1 March 2017
33,581
Additions
1,027
--------
At 31 August 2018
34,608
--------
Depreciation
At 1 March 2017
25,602
Charge for the period
2,252
--------
At 31 August 2018
27,854
--------
Carrying amount
At 31 August 2018
6,754
--------
At 28 February 2017
7,979
--------
7. Financial instruments at fair value
Enter your own text here for additional disclosures relating to financial instruments. For example, terms and conditions of long-term debt, the extent and nature of derivative instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows, and also the amount of any impairment loss for each class of financial asset.
8. Director's advances, credits and guarantees
At the year end the company owed the Mrs M E Morley £54,109.00 (2017: £54,169.00).
9. Related party transactions
No dividends were paid to the directors during the year.