ACCOUNTS - Final Accounts

Registered number: 08768278

PITULIA & CO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018


PITULIA & CO LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 5


PITULIA & CO LIMITED REGISTERED NUMBER:08768278

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		2,310		1,208
Current assets
Debtors: amounts falling due within one year	5	20,427		40,781
Bank and cash balances		71,537		20,607
		91,964		61,388

Creditors: amounts falling due within one year	6	(23,495)		(17,335)
Net current assets			68,469		44,053
Total assets less current liabilities			70,779		45,261

Capital and reserves
Called up share capital	7	99	99
Profit and loss account		70,680	45,162
		70,779	45,261

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2019.

D C Pitulia

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


PITULIA & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

1.	General information

Pitulia & Co Limited is a limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activity of the company during the year was that of medical consultancy services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is measured at the fair value of amounts receivable in respect of services provided in the year, net of trade discounts. Turnover comprises of medical services, board fees and recharged travel expenses incurred.
Turnover is recognised in the period in which the service is provided.

2.3

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2


PITULIA & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.6

Financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and
other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction
price less attributable transaction costs. Trade creditors, other creditors and loans from related
parties are recognised initially at transaction price plus attributable transaction costs. Subsequently
they are measured at amortised cost using the effective interest method, less any impairment losses
in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 3).

Page 3


PITULIA & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 December 2017	3,136
	Additions	2,448
	At 30 November 2018	5,584
	Depreciation
	At 1 December 2017	1,928
	Charge for the year on owned assets	1,346
	At 30 November 2018	3,274
	Net book value
	At 30 November 2018	2,310
	At 30 November 2017	1,208

Debtors

					2018	2017
					£	£


Trade debtors	19,997	20,358
Other debtors	430	20,423
	20,427	40,781

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Taxation and social security	20,197	3,868
Other creditors	1,148	10,887
Accruals and deferred income	2,150	2,580
	23,495	17,335

Page 4


PITULIA & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

7.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

99 (2017 - 99) Ordinary shares of £1 each	99	99

Page 5