Pelicancorp (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06597822 (England and Wales)

PELICANCORP (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M B Edwards

Mr D E Rodgers

SECRETARY:

EBS Corporate Services Ltd

REGISTERED OFFICE:

Innovation Centre

Gallows Hill

Warwick

CV34 6UW

REGISTERED NUMBER:

06597822 (England and Wales)

AUDITORS:

Murphy Salisbury Limited

Chartered Accountants and Statutory Auditors

15 Warwick Road

Stratford upon Avon

Warwickshire

CV37 6YW

FIXED ASSETS

Tangible assets

4

981

814

Investments

5

10

10

991

824

CURRENT ASSETS

Debtors

6

86,381

72,491

Cash at bank

133,167

181,912

219,548

254,403

CREDITORS

Amounts falling due within one year

7

424,272

478,377

NET CURRENT LIABILITIES

(204,724

)

(223,974

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(203,733

)

(223,150

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(203,734

)

(223,151

)

SHAREHOLDERS' FUNDS

(203,733

)

(223,150

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 8 April 2020 and were signed on its behalf by:

Mr D E Rodgers - Director

1.	STATUTORY INFORMATION

Pelicancorp (UK) 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.

The accounts have been prepared on a going concern basis, which assumes that the company will continue to

trade. As at 30 June 2019 the company had net liabilities of £203,733 (2018: £223,150). The directors consider

this basis to be appropriate as the holding company, Pelicancorp PTY Ltd will continue to provide sufficient

funds and support to allow the company to meet its liabilities as they fall due. The other group companies have

undertaken not to demand repayment of their loan for the foreseeable future.

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.

Short leasehold

-

25% straight line basis

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% straight line basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2018

280

2,695

5,181

8,156

Additions

-

519

-

519

Disposals

-

-

(242

)

(242

)

At 30 June 2019

280

3,214

4,939

8,433

DEPRECIATION

At 1 July 2018

280

2,162

4,900

7,342

Charge for year

-

263

89

352

Eliminated on disposal

-

-

(242

)

(242

)

At 30 June 2019

280

2,425

4,747

7,452

NET BOOK VALUE

At 30 June 2019

-

789

192

981

At 30 June 2018

-

533

281

814

5.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 July 2018

and 30 June 2019

10

NET BOOK VALUE

At 30 June 2019

10

At 30 June 2018

10

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by participating interests

47,748

41,357

Other debtors

38,633

31,134

86,381

72,491

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

5,533

988

Amounts owed to group undertakings

319,101

386,099

Taxation and social security

36,959

30,324

Other creditors

62,679

60,966

424,272

478,377

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

The Report of the Auditors was unqualified.

In forming our opinion, which is not qualified, we have considered the adequacy of the disclosure made in note 2

of the financial statements concerning the company's ability to continue as a going concern. As at 30 June 2019

the company had net liabilities of £203,733 (2018: £223,150). These conditions along with the other matters

explained in note 2 to the financial statements indicate the existence of material uncertainty which may cast

significant doubt about the company's ability to continue as a going concern. The financial statements do not

include adjustments that would result if the company was unable to continue as a going concern.

Mark Bullock FCA (Senior Statutory Auditor)

for and on behalf of Murphy Salisbury Limited

9.	RELATED PARTY DISCLOSURES

The company has a joint venture with LSBUD. During the year the company made sales of £376,222 to LSBUD.

As at 30 June 2019, the amount due from LSBUD was £47,748.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pelicancorp PTY Limited, a company registered in Australia.