Pecking Order Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10337975 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

PECKING ORDER LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A A Kleanthous

SECRETARY:

M Patel

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

10337975 (England and Wales)

INDEPENDENT AUDITORS:

AGK Partners

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

-

115,581

CURRENT ASSETS

Inventories

-

7,896

Debtors

5

278,776

43,408

Cash at bank and in hand

-

24,794

278,776

76,098

CREDITORS

Amounts falling due within one year

6

755,708

738,175

NET CURRENT LIABILITIES

(476,932

)

(662,077

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(476,932

)

(546,496

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(477,032

)

(546,596

)

(476,932

)

(546,496

)

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 director on 27 March 2020 and were signed by:

A A Kleanthous - Director

1.	STATUTORY INFORMATION

Pecking Order 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The director has a reasonable expectation that the Company has adequate resources to continue in operational

existence for the foreseeable future. The director regards the foreseeable future as no less than twelve months

following the publication of its annual financial statements. The director has considered the company's balance

sheet position as at the year end, its working capital forecasts, the current COVID19 crisis and projections,

taking account of reasonably possible changes in trading performance and the current state of its operating

market, and are satisfied that the company's financial position is improving and will enable the company to

remain in operational existence. In addition, the director and shareholder has agreed to provide continuing

financial support as and when required to enable the company to continue in operational existence.

Consequently, the director considers it to be appropriate to prepare the financial statements on the going

concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that period

or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or

receivable, excluding discounts, value added tax and other sales taxes.

Revenue recognised in respect of restaurant goods and services supplied by the Company during the year, and

is recognised on the delivery of these goods and services.

Property, plant and equipment

Property, plant and equipment 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.

Depreciation is provided on the following basis:

Improvements to property - 25% on cost

Plant and machinery - 25% on cost

Fixtures and fittings - 25% on cost

Assets that were not in use during the year were not depreciated.

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 profit or loss.

Inventory

Inventory are stated at the lower of cost and net realisable value, being the estimated selling price less

costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced

to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or

loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors and loans to related parties.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 3 months..

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors,are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to

be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position

when there is an 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.

Operating leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2018 - 17 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 July 2018

79,130

65,045

50,060

194,235

Disposals

(79,130

)

(65,045

)

(50,060

)

(194,235

)

At 30 June 2019

-

-

-

-

DEPRECIATION

At 1 July 2018

31,336

28,317

19,001

78,654

Charge for year

9,892

8,130

5,437

23,459

Eliminated on disposal

(41,228

)

(36,447

)

(24,438

)

(102,113

)

At 30 June 2019

-

-

-

-

NET BOOK VALUE

At 30 June 2019

-

-

-

-

At 30 June 2018

47,794

36,728

31,059

115,581

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by related undertakings

226,686

-

Other debtors

52,090

43,408

278,776

43,408

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,806

-

Trade creditors

8,348

17,819

Amounts owed to group undertakings

727,451

537,000

Amounts owed to related undertakings

-

4,400

Taxation and social security

11,899

11,899

Other creditors

6,204

167,057

755,708

738,175

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Marcus (Senior Statutory Auditor)

for and on behalf of AGK Partners

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Amounts owed to group or related undertakings are non-interest bearing and repayable on demand.

The Company has the following transactions and balances with group undertakings not wholly owned by group

and related undertakings under the control of the ultimate controlling party

As at the statement of financial position date, the company owes the balance of £226,686 (2018- £4,400 owed

to) from a related undertaking.

The company made purchase of property, plant & equipment from a related undertaking amounting to £Nil 2018

- £2,950).

Under Section 33.1A of FRS 102, related party transaction disclosures need not be given between two or more

wholly owned members of a group. The Company can use this related party exemption through virtue of a

common ultimate parent company and ultimate controlling party in the same wholly owned group.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A A Kleanthous.

The immediate parent company is Westcombe Trading Limited. The ultimate parent company is Double A group

Limited.