Peterborough Office Supplies Limited Filleted accounts for Companies House (small and micro)

PETERBOROUGH OFFICE SUPPLIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05711494

Peterborough Office Supplies Limited

Filleted Unaudited Financial Statements

for the year ended

28 February 2019

Peterborough Office Supplies Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Peterborough Office Supplies Limited

for the year ended 28th February 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peterborough Office Supplies Limited for the year ended 28th February 2019, which comprise the 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 Board of Directors of Peterborough Office Supplies Limited, as a body, in accordance with the terms of our engagement letter dated 15th March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Peterborough Office Supplies Limited and state those matters that we have agreed to state to you, as a body, 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 Peterborough Office Supplies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Peterborough Office Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peterborough Office Supplies Limited. You consider that Peterborough Office Supplies Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Peterborough Office Supplies 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 financial statements.

MOORE THOMPSON Chartered Accountants

Bank Chambers 27A Market Place Market Deeping Peterborough PE6 8EA

Dated: 6 June 2019

Peterborough Office Supplies Limited

Statement of Financial Position

as at 28 February 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Intangible assets	5	67,725	77,400
Tangible assets	6	12,453	13,018
		--------	--------
		80,178	90,418

Current assets

Stocks		23,080	16,651
Debtors	7	194,188	192,873
Cash at bank and in hand		395,224	369,360
		---------	---------
		612,492	578,884

Creditors: amounts falling due within one year	8	279,424		285,771
		---------		---------
Net current assets			333,068		293,113
			---------		---------
Total assets less current liabilities			413,246		383,531

Provisions

Taxation including deferred tax	499	379
	---------	---------
Net assets	412,747	383,152
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	412,647	383,052
	---------	---------
Shareholders funds	412,747	383,152
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 28th February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Peterborough Office Supplies Limited

Statement of Financial Position (continued)

as at 28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 4 June 2019 , and are signed on behalf of the board by:

R Olejniczak	Mrs T Olejniczak
Director	Director

Company registration number: 05711494

Peterborough Office Supplies Limited

Notes to the Financial Statements

for the year ended 28th February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank Chambers, 27a Market Place, Market Deeping, Peterborough, Cambridgeshire, PE6 8EA, England. The address of the place of business is 25 Bakewell Business Park, Culley Court, Peterborough, Cambridgeshire PE2 6WA, England.

2. Statement of compliance

These 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 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.

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.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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% on a straight line basis

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:

Plant & Machinery	-	25% on a reducing balance basis
Fixtures & Fittings	-	10% on a reducing balance basis
Motor Vehicles	-	25% on a reducing balance basis

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

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. Staff costs

The average number of persons employed by the company during the year amounted to 8 (2018: 8 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1st March 2018 and 28th February 2019	193,500
	---------
Amortisation
At 1st March 2018	116,100
Charge for the year	9,675
	---------
At 28th February 2019	125,775
	---------
Carrying amount
At 28th February 2019	67,725
	---------
At 28th February 2018	77,400
	---------

6. Tangible assets

Plant and machinery	Fixtures and fittings	Motor vehicles	Total
£	£	£	£

Cost
At 1st March 2018	2,800	18,094	17,083	37,977
Additions	–	1,650	–	1,650
	--------	--------	--------	--------
At 28th February 2019	2,800	19,744	17,083	39,627
	--------	--------	--------	--------
Depreciation
At 1st March 2018	2,410	10,116	12,433	24,959
Charge for the year	97	956	1,162	2,215
	--------	--------	--------	--------
At 28th February 2019	2,507	11,072	13,595	27,174
	--------	--------	--------	--------
Carrying amount
At 28th February 2019	293	8,672	3,488	12,453
	--------	--------	--------	--------
At 28th February 2018	390	7,978	4,650	13,018
	--------	--------	--------	--------

7. Debtors

	2019	2018
	£	£

Trade debtors	192,098	192,873
Other debtors	2,090	–
	---------	---------
	194,188	192,873
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	113,728	89,896
Accruals and deferred income	3,335	3,200
Corporation tax	17,628	20,541
Social security and other taxes	11,798	15,276
Obligations under finance leases and hire purchase contracts	–	500
Director loan accounts	132,654	156,255
Other creditors	281	103
	---------	---------
	279,424	285,771
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£

Later than 1 year and not later than 5 years	9,600	9,600
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

2019
Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
£	£	£	£

Director	( 67,146)	12,700	( 415)	( 54,861)
Director	( 89,109)	11,631	( 315)	( 77,793)
	---------	--------	--------	---------
	( 156,255)	24,331	( 730)	( 132,654)
	---------	--------	--------	---------

2018
Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
£	£	£	£

Director	( 75,178)	8,332	( 300)	( 67,146)
Director	( 96,700)	7,891	( 300)	( 89,109)
	---------	--------	--------	---------
	( 171,878)	16,223	( 600)	( 156,255)
	---------	--------	--------	---------