Pastel Solutions Limited 30/11/2018 iXBRL

Pastel Solutions Limited 30/11/2018 iXBRL

PASTEL SOLUTIONS LIMITED - Company Information

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Company registration number: 08697159
Pastel Solutions Limited
Unaudited filleted financial statements
30 November 2018
Pastel Solutions Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Pastel Solutions Limited
Directors and other information
Directors Mr Mark Stephen Thorndike
Mr Patrick Anthony Brown
Mr Ross Maltby
Company number 08697159
Registered office Lymedale Business Centre
Hooters Hall Road
Newcastle under Lyme
Staffordshire
ST5 9QF
Business address Lymedale Business Centre
Hooters Hall Road
Newcastle under Lyme
Staffordshire
ST5 9QF
Accountants Jacksons
Chartered Accountants
Deansfield House
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
Pastel Solutions Limited
Statement of financial position
30 November 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 52,666 60,666
Tangible assets 6 10,667 12,704
_______ _______
63,333 73,370
Current assets
Stocks 19,750 -
Debtors 7 221,951 301,443
Cash at bank and in hand 134,401 119,274
_______ _______
376,102 420,717
Creditors: amounts falling due
within one year 8 ( 437,198) ( 491,521)
_______ _______
Net current liabilities ( 61,096) ( 70,804)
_______ _______
Total assets less current liabilities 2,237 2,566
Provisions for liabilities ( 2,027) ( 2,413)
_______ _______
Net assets 210 153
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 110 53
_______ _______
Shareholders funds 210 153
_______ _______
For the year ending 30 November 2018 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2019 , and are signed on behalf of the board by:
Mr Mark Stephen Thorndike
Director
Company registration number: 08697159
Pastel Solutions Limited
Notes to the financial statements
Year ended 30 November 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 Lymedale Business Centre, Hooters Hall Road, Newcastle under Lyme, Staffordshire, ST5 9QF.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - Straight line over 10 years
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.
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 - 25% straight line
Computer equipment - Straight line over 3 years
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. 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 stocks to their present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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: 7 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2017 and 30 November 2018 80,000 80,000
_______ _______
Amortisation
At 1 December 2017 19,334 19,334
Charge for the year 8,000 8,000
_______ _______
At 30 November 2018 27,334 27,334
_______ _______
Carrying amount
At 30 November 2018 52,666 52,666
_______ _______
At 30 November 2017 60,666 60,666
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 December 2017 5,281 26,327 31,608
Additions 2,453 2,205 4,658
_______ _______ _______
At 30 November 2018 7,734 28,532 36,266
_______ _______ _______
Depreciation
At 1 December 2017 2,061 16,843 18,904
Charge for the year 1,488 5,207 6,695
_______ _______ _______
At 30 November 2018 3,549 22,050 25,599
_______ _______ _______
Carrying amount
At 30 November 2018 4,185 6,482 10,667
_______ _______ _______
At 30 November 2017 3,220 9,484 12,704
_______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 139,790 224,045
Other debtors 82,161 77,398
_______ _______
221,951 301,443
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 338,218 373,264
Corporation tax 31,710 20,210
Social security and other taxes 55,015 86,615
Other creditors 12,255 11,432
_______ _______
437,198 491,521
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 6,769
Later than 1 year and not later than 5 years 43,181 -
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Mark Stephen Thorndike 56,499 55,556 ( 56,499) 55,556
Mr Patrick Anthony Brown ( 314) - - ( 314)
_______ _______ _______ _______
56,185 55,556 ( 56,499) 55,242
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Mark Stephen Thorndike 9,985 56,499 ( 9,985) 56,499
Mr Patrick Anthony Brown 9,893 ( 314) ( 9,893) ( 314)
_______ _______ _______ _______
19,878 56,185 ( 19,878) 56,185
_______ _______ _______ _______
11. Related party transactions
Mr Mark Stephen Thorndike is a related party by virtue of his directorship of and shareholding in the company.The company has provided Mr Mark Stephen Thorndike with an interest free loan and the balance owed to the company at the year end was £55,556 (2017 : £56,499). Mr Patrick Anthony Brown is a related party by virtue of his directorship of and shareholding in the company. Mr Patrick Anthony Brown has provided the company with an interest free loan and the balance owed by the company at the year end was £314 (2017 : £314). Mr Ross Maltby is a related party by virtue of his directorship of the company.The directors have provided personal guarantees to cover operating lease commitments and financial commitments that the company has entered into.
12. Controlling party
The company is under the control of Mr Mark Stephen Thorndike by virtue of his majority shareholding in the company.