Prudence Cuming Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00908367 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

PRUDENCE CUMING ASSOCIATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H M Pierce

S D Trood

REGISTERED OFFICE:

3rd Floor

126-134 Baker Street

London

W1U 6UE

REGISTERED NUMBER:

00908367 (England and Wales)

AUDITORS:

Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Tangible assets

4

664,824

509,062

CURRENT ASSETS

Debtors

5

246,380

186,855

Cash at bank and in hand

55,727

111,320

302,107

298,175

CREDITORS

Amounts falling due within one year

6

695,382

355,046

NET CURRENT LIABILITIES

(393,275

)

(56,871

)

TOTAL ASSETS LESS CURRENT LIABILITIES

271,549

452,191

PROVISIONS FOR LIABILITIES

8

26,971

23,693

NET ASSETS

244,578

428,498

CAPITAL AND RESERVES

Called up share capital

28,000

28,000

Capital redemption reserve

9

5,000

5,000

Retained earnings

9

211,578

395,498

SHAREHOLDERS' FUNDS

244,578

428,498

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors on 11 September 2019 and were signed on its behalf by:

S D Trood - Director

1.	STATUTORY INFORMATION

Prudence Cuming Associates Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

During the year, the company made a loss before tax of £180,642 ( 2017: £24,250 profit) and at the balance sheet

date, the net current liabilities exceeded the net current assets by £393,275 (2017: £56,871).

Included in creditors falling due within one year is an amount due to the company's parent undertaking, Pierce

Protocols Limited, of £560,914 (2017: £115,223). The directors have received confirmation from Pierce

Protocols Limited that it will not seek repayment of this loan until such time when the company is in a position to

repay it. The financial statements have therefore been prepared on a going concern basis by the directors.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make significant judgements and estimates.

These estimates and judgements are continually reviewed and are based on experience and other factors

including expectations of future events that are believed to be reasonable under the circumstances.

The areas of judgement and estimates applied by the directors are not considered sufficiently significant to

require disclosure in these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

straight line over the life of the lease

Plant and machinery

-

33.33% on cost

Fixtures and fittings

-

33.33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.33% on cost

Tangible fixed assets are initially measured at cost, and subsequently measured at cost or valuation net of

accumulated depreciation and impairment losses.

From 1 January 2018, the company changed its method of depreciation in respect of the following assets:

Asset Type

Previous method

New method

Leasehold improvement

straight line over 10 years

straight line over the life of the lease

Plant and machinery

10-25% per annum on reducing balance

33.33% per annum on cost

Fixture and fittings

10-25% per annum on reducing balance

33.33% per annum on cost

Motor Vehicles

10-25% per annum on reducing balance

25% per annum on cost

The effect of the above change in the method of depreciating has been an increase in current year's depreciation

charge by £57,454.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instruments 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. Financial 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 January 2018

499,550

471,572

109,275

Additions

203,181

90,181

3,705

Disposals

-

(80,000

)

-

At 31 December 2018

702,731

481,753

112,980

DEPRECIATION

At 1 January 2018

120,519

357,114

104,422

Charge for year

59,343

101,682

5,406

Eliminated on disposal

-

(80,000

)

-

At 31 December 2018

179,862

378,796

109,828

NET BOOK VALUE

At 31 December 2018

522,869

102,957

3,152

At 31 December 2017

379,031

114,458

4,853

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

23,803

202,138

1,306,338

Additions

-

39,243

336,310

Disposals

-

-

(80,000

)

At 31 December 2018

23,803

241,381

1,562,648

DEPRECIATION

At 1 January 2018

20,586

194,635

797,276

Charge for year

3,217

10,900

180,548

Eliminated on disposal

-

-

(80,000

)

At 31 December 2018

23,803

205,535

897,824

NET BOOK VALUE

At 31 December 2018

-

35,846

664,824

At 31 December 2017

3,217

7,503

509,062

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

(Unaudited)

£

£

Trade debtors

99,463

90,003

Other debtors

146,917

96,852

246,380

186,855

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

(Unaudited)

£

£

Trade creditors

6,595

222,013

Amounts owed to group undertakings

560,914

115,223

Taxation and social security

36,521

8,859

Other creditors

91,352

8,951

695,382

355,046

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

(Unaudited)

£

£

Within one year

111,824

107,000

Between one and five years

441,265

428,000

In more than five years

352,281

459,281

905,370

994,281

8.	PROVISIONS FOR LIABILITIES

2018

2017

(Unaudited)

£

£

Deferred tax

Accelerated capital allowances

26,971

23,693

Deferred

tax

£

Balance at 1 January 2018

23,693

Charge to Income Statement during year

3,278

Balance at 31 December 2018

26,971

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2018

395,498

5,000

400,498

Deficit for the year

(183,920

)

-

(183,920

)

At 31 December 2018

211,578

5,000

216,578

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Rajesh Patel (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Heni Holdings Limited, a company registered in England and Wales. The

company's registered address is 3rd Floor, 126-134 Baker Street, London, W1U 6UE.

The immediate parent undertaking is Pierce Protocols Limited, a company registered in England and Wales.

Heni Holdings Limited prepares group financial statements, which are the largest and the smallest group financial

statements within which the results of the company are included, and which are publicly available from

Companies House.