Pinglocker Limited - Accounts

Pinglocker Limited - Accounts

PINGLOCKER LIMITED - Company Information

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Registered Number: 08349960
England and Wales

 

 

 

PINGLOCKER LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2019

End date: 31 December 2019

Pinglocker Limited
Contents Page
For the year ended 31 December 2019
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Pinglocker Limited for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Pinglocker Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pinglocker Limited and state those matters that we have agreed to state to the Board of Pinglocker Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pinglocker Limited and its members as a body for our work or for this report.

It is your duty to ensure that Pinglocker Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Loss of Pinglocker Limited. You consider that Pinglocker Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pinglocker Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF
09 October 2020
1
 
 		 Notes
 		 2019
£		   2018
£
Fixed assets      
Intangible fixed assets 2 21,596    32,395 
Tangible fixed assets 3 25,023    30,294 
46,619    62,689 
Current assets      
Stocks -    20,000 
Debtors 73,725    41,433 
Cash at bank and in hand 542    (7,408)
74,267    54,025 
Creditors: amount falling due within one year (302,976)   (261,415)
Net current assets (228,709)   (207,390)
 
Total assets less current liabilities (182,090)   (144,701)
Net assets (182,090)   (144,701)
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account (182,190)   (144,801)
Shareholders funds (182,090)   (144,701)
 


For the year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 09 October 2020 and were signed by:


--------------------------------
Stephen Brady
Director
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General Information
Pinglocker Limited is a private company, limited by shares, registered in England and Wales, registration number 08349960, registration address 2 Claridge Court, Lower Kings Road, Berkhamsted, Hertfordshire, HP4 2AF

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 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 in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
The company has taken advantage of the following disclosure exemptions with FRS 102 Section 1A:

-  The requirement to present a statement of cash flows and related notes

-  Financial instrument disclosures, including; 
  • Categories of financial instruments,
  • Items of income, expenses, gains or losses relating to financial instruments, and
  • Exposure to and management of financial risks.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the [sale of goods] and from the [rendering of service], the policies adopted are as follows:

Sale of goods
Sale of goods revenue is recognised at the point of sale, which is usually where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Expenditure during the research phase of a project is recognised as an expense when incurred.

Development costs are capitalised when technical feasibility studies identify that the project will develop an intangible asset that will be completed and available for use or sale, that there are adequate technical, financial and other resources to complete the development, that it will deliver future economic benefits and these benefits can be measured reliably.

Development costs have a finite life and are amortised on a straight line basis over 4 years which is the estimated economic life of the assets. 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets are initially measured at cost, after initial recognition intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Straight Line
Computer Equipment 33.33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Intangible fixed assets

Cost Research and Development   Total
  £   £
At 01 January 2019 43,193    43,193 
Additions -    - 
Disposals -    - 
At 31 December 2019 43,193    43,193 
Amortisation
At 01 January 2019 10,798    10,798 
Charge for year 10,799    10,799 
On disposals -    - 
At 31 December 2019 21,597    21,597 
Net book values
At 31 December 2019 21,596    21,596 
At 31 December 2018 32,395    32,395 


3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 January 2019 52,702    7,668    60,370 
Additions -    -    - 
Disposals -    -    - 
At 31 December 2019 52,702    7,668    60,370 
Depreciation
At 01 January 2019 22,408    7,668    30,076 
Charge for year 5,271    -    5,271 
On disposals -    -    - 
At 31 December 2019 27,679    7,668    35,347 
Net book values
Closing balance as at 31 December 2019 25,023    -    25,023 
Opening balance as at 01 January 2019 30,294    -    30,294 


3