Pendragon Wales Limited Filleted accounts for Companies House (small and micro)

Pendragon Wales Limited Filleted accounts for Companies House (small and micro)

PENDRAGON WALES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04114554
Pendragon Wales Limited
Filleted Unaudited Financial Statements
30 April 2019
Pendragon Wales Limited
Statement of Financial Position
30 April 2019
2019
2018
Note
£
£
£
Fixed assets
Intangible assets
5
2
2
Tangible assets
6
7,878
7,892
-------
-------
7,880
7,894
Current assets
Stocks
419,610
482,012
Debtors
7
301,801
359,617
Cash at bank and in hand
436,776
250,546
------------
------------
1,158,187
1,092,175
Creditors: amounts falling due within one year
8
160,764
211,922
------------
------------
Net current assets
997,423
880,253
------------
---------
Total assets less current liabilities
1,005,303
888,147
Creditors: amounts falling due after more than one year
9
248,167
314,933
------------
---------
Net assets
757,136
573,214
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
757,036
573,114
---------
---------
Shareholders funds
757,136
573,214
---------
---------
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 30 April 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 .
Pendragon Wales Limited
Statement of Financial Position (continued)
30 April 2019
These financial statements were approved by the board of directors and authorised for issue on 7 November 2019 , and are signed on behalf of the board by:
Mr. P R Saunders
Director
Company registration number: 04114554
Pendragon Wales Limited
Notes to the Financial Statements
Year ended 30 April 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 1st Floor Tudor House, 16 Cathedral Road, Cardiff, CF11 9LJ, Wales.
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
The turnover shown in the profit and loss account comprises income derived from the principal activities of the company, exclusive of value added tax, and is recognised at the point of sale, irrespective of the timing of the payment.
Income tax
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.
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
-
10% 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.
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% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Government grants
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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 year amounted to 10 (2018: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
85,000
--------
Amortisation
At 1 May 2018 and 30 April 2019
84,998
--------
Carrying amount
At 30 April 2019
2
--------
At 30 April 2018
2
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2018
64,931
26,772
34,204
125,907
Additions
–
6,995
–
6,995
Disposals
–
( 10,395)
–
( 10,395)
--------
--------
--------
---------
At 30 April 2019
64,931
23,372
34,204
122,507
--------
--------
--------
---------
Depreciation
At 1 May 2018
62,123
21,695
34,197
118,015
Charge for the year
702
1,922
–
2,624
Disposals
–
( 6,010)
–
( 6,010)
--------
--------
--------
---------
At 30 April 2019
62,825
17,607
34,197
114,629
--------
--------
--------
---------
Carrying amount
At 30 April 2019
2,106
5,765
7
7,878
--------
--------
--------
---------
At 30 April 2018
2,808
5,077
7
7,892
--------
--------
--------
---------
7. Debtors
2019
2018
£
£
Trade debtors
277,610
341,735
Other debtors
24,191
17,882
---------
---------
301,801
359,617
---------
---------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
49,699
93,627
Corporation tax
43,119
52,206
Social security and other taxes
52,815
44,083
Other creditors
15,131
22,006
---------
---------
160,764
211,922
---------
---------
9. Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
248,167
314,933
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Later than 5 years
–
64,076
----
--------
11. Directors' advances, credits and guarantees
Included in other creditors, amounts falling due after more than one year is £313,132 (2017 £371,824) due to the directors which is unsecured, interest free and repayable at the discretion of the board.
12. Related party transactions
The company was under the control of the directors shown in the directors' report throughout the current and previous year. The directors own the entire issued share capital of the company. Included in administrative expenses is rent paid to its Small Self Administered Pension Scheme of £72,277 (2018 £64,076) excluding VAT. The company paid aggregate dividends of £4,000 (2018 £10,000) to its directors in their capacity as shareholders.