Pattinsons Accountancy Limited - Period Ending 2019-09-30
Pattinsons Accountancy Limited - Period Ending 2019-09-30
Registration number:
Pattinsons Accountancy Limited
for the Year Ended 30 September 2019
Pattinsons Accountancy Limited
Contents
Company Information |
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Director's Report |
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Balance Sheet |
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Notes to the Financial Statements |
Pattinsons Accountancy Limited
Company Information
Director |
Mr Nicholas Peter Russell |
Company secretary |
Mrs JL Thorneycroft |
Registered office |
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Page 1 |
Pattinsons Accountancy Limited
Director's Report for the Year Ended 30 September 2019
The director presents his report and the financial statements for the year ended 30 September 2019.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the provision of accounting services
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr Nicholas Peter Russell
Director
Page 2 |
Pattinsons Accountancy Limited
(Registration number: 03727649)
Balance Sheet as at 30 September 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Page 3 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Contract revenue recognition
Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, value added taxes and other sales taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Page 4 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
4 years straight line basis |
Leasehold improvements |
Straight line over the eriod fo the lease |
Office equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
stright line over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
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Page 7 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Disposals |
( |
( |
At 30 September 2019 |
- |
- |
Amortisation |
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At 1 October 2018 |
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Amortisation eliminated on disposals |
( |
( |
At 30 September 2019 |
- |
- |
Carrying amount |
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At 30 September 2019 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Disposals |
( |
( |
( |
( |
At 30 September 2019 |
- |
- |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
- |
- |
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Eliminated on disposal |
( |
( |
( |
( |
At 30 September 2019 |
- |
- |
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Carrying amount |
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At 30 September 2019 |
- |
- |
- |
- |
At 30 September 2018 |
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Included within the net book value of land and buildings above is £Nil (2018 - £8,416) in respect of short leasehold land and buildings.
Page 8 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
- |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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283.30 |
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283.30 |
Page 9 |
Pattinsons Accountancy Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
- |
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Page 10 |