Pack Meadow Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08515887 (England and Wales)

PACK MEADOW LIMITED

Unaudited Financial Statements

for the Year Ended 31 May 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R J Southall

REGISTERED OFFICE:

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

REGISTERED NUMBER:

08515887 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

FIXED ASSETS

Tangible assets

4

381,239

426,511

CURRENT ASSETS

Debtors

5

4,889

11,640

Cash at bank and in hand

5,261

4,745

10,150

16,385

CREDITORS

Amounts falling due within one year

6

86,091

88,227

NET CURRENT LIABILITIES

(75,941

)

(71,842

)

TOTAL ASSETS LESS CURRENT LIABILITIES

305,298

354,669

CREDITORS

Amounts falling due after more than one year

7

475,441

482,515

NET LIABILITIES

(170,143

)

(127,846

)

CAPITAL AND RESERVES

Called up share capital

500

500

Share premium

64,975

64,975

Retained earnings

(235,618

)

(193,321

)

SHAREHOLDERS' FUNDS

(170,143

)

(127,846

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 February 2020 and were signed by:

R J Southall - Director

1.	STATUTORY INFORMATION

Pack Meadow 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.

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.

As at the balance sheet date the company is showing an insolvent position. However, included in

creditors is a loan from a shareholder amounting to £385,000 and who has confirmed that there is no

intention to seek repayment of the loan within twelve months from the date of approval of the accounts.

Accordingly the directors consider that the going concern basis of preparation is appropriate.

Significant judgements and estimates

The Director recognises that obtaining regular and sufficient bookings as well as managing cash flow

of the company are the main judgements to be exercised.

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.

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on cost

3G Pitch

-

10% on cost

Included in plant and machinery are floodlights with a cost of £35,000. This was the cost paid by the

company for the floodlights during the year and at which time a valuation was placed on them. The

directors have considered the expected useful economic life remaining on the floodlights and consider

that a 10 year straight line period of depreciation is appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2018

145,593

424,473

570,066

Additions

-

457

457

At 31 May 2019

145,593

424,930

570,523

DEPRECIATION

At 1 June 2018

13,103

130,452

143,555

Charge for year

2,912

42,817

45,729

At 31 May 2019

16,015

173,269

189,284

NET BOOK VALUE

At 31 May 2019

129,578

251,661

381,239

At 31 May 2018

132,490

294,021

426,511

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

Trade debtors

653

10,821

Other debtors

4,236

819

4,889

11,640

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

Trade creditors

33,010

42,281

Taxation and social security

10,641

13,853

Other creditors

42,440

32,093

86,091

88,227

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/19

31/5/18

£

£

Bank loans

90,441

97,515

Other creditors

385,000

385,000

475,441

482,515

31/5/19

31/5/18

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

90,441

97,515

Other loan

385,000

385,000

475,441

482,515

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/5/19

31/5/18

£

£

Bank loans

90,441

97,515

Other loans

385,000

385,000

475,441

482,515

9.	OTHER FINANCIAL COMMITMENTS

The company has commitments under operating leases amounting to £14,976 on leases expiring

within 2 years.

10.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Rock Endeavours Limited. The ultimate controlling party is considered

to be R O Bryant.