Peter Onslow Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04085135 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st October 2019

for

PETER ONSLOW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Onslow

Mrs C A Harrison

SECRETARY:

Mrs C A Harrison

REGISTERED OFFICE:

450 Carr Place

Walton Summit

Bamber Bridge

Preston

Lancashire

PR5 8AU

REGISTERED NUMBER:

04085135 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

65,237

67,161

CURRENT ASSETS

Stocks

111,000

113,000

Debtors

5

158,259

75,104

Cash in hand

-

685

269,259

188,789

CREDITORS

Amounts falling due within one year

6

1,174,877

1,072,733

NET CURRENT LIABILITIES

(905,618

)

(883,944

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(840,381

)

(816,783

)

CAPITAL AND RESERVES

Called up share capital

8

20,001

20,001

Retained earnings

9

(860,382

)

(836,784

)

SHAREHOLDERS' FUNDS

(840,381

)

(816,783

)

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19th March 2020 and were signed on its behalf by:

Mr P Onslow - Director

1.	STATUTORY INFORMATION

Peter Onslow 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

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

life.

Freehold property - NIL

Plant & machinery - 15%

In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold

properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to

be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation

is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of

depreciation which might otherwise have been charged cannot be separately identified or quantified. The

directors consider that this policy results in the financial statements giving a true and fair view.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks comprise horses which are included at the lower of costs to date or net realisable value.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

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.

Cash at bank and in hand

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1st November 2018

and 31st October 2019

54,334

35,238

89,572

DEPRECIATION

At 1st November 2018

-

22,411

22,411

Charge for year

-

1,924

1,924

At 31st October 2019

-

24,335

24,335

NET BOOK VALUE

At 31st October 2019

54,334

10,903

65,237

At 31st October 2018

54,334

12,827

67,161

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

390

4,523

Directors' current accounts

96,019

-

VAT

7,108

10,079

Deferred tax asset

54,742

60,502

158,259

75,104

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts

45,912

28,292

Trade creditors

31,202

20,929

Social security and other taxes

13

4

Other creditors

1,096,550

1,022,191

Directors' current accounts

-

167

Accrued expenses

1,200

1,150

1,174,877

1,072,733

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.19

31.10.18

£

£

Bank overdrafts

45,912

28,292

The bank has a legal charge over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.19

31.10.18

value:

£

£

20,000

Ordinary

1

20,001

20,001

9.

RESERVES

Retained

earnings

£

At 1st November 2018

(836,784

)

Deficit for the year

(23,598

)

At 31st October 2019

(860,382

)

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st October 2019 and

31st October 2018:

31.10.19

31.10.18

£

£

Mr P Onslow

Balance outstanding at start of year

(168

)

25,547

Amounts advanced

175,780

169,845

Amounts repaid

(79,593

)

(195,560

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

96,019

(168

)

11.	RELATED PARTY DISCLOSURES

The amount stated in other creditors is a loan from Cortman Textiles Limited a company in which Mr Onslow is

a director and shareholder. At the 31 October 2019 the company owed £1,096,550 (2018 £1,022191) to

Cortman Textiles Limited. No interest has been charged by the company and there is no formal repayment date

for this loan.

12.	CONTROLLING PARTY

The company is controlled by Mr Onslow and Ms Harrison, directors of the company.