Petit Five Limited - Filleted accounts

Petit Five Limited - Filleted accounts

PETIT FIVE LIMITED - Company Information

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Registered number
08111397
Petit Five Limited
Filleted Accounts
31 January 2020
Petit Five Limited
Registered number: 08111397
Balance Sheet
as at 31 January 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 617,738 624,106
Current assets
Debtors 4 126,997 121,686
Cash at bank and in hand 6,138 6,539
133,135 128,225
Creditors: amounts falling due within one year 5 (622,445) (649,016)
Net current liabilities (489,310) (520,791)
Net assets 128,428 103,315
Capital and reserves
Called up share capital 100 100
Profit and loss account 128,328 103,215
Shareholders' funds 128,428 103,315
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Lingley
Director
Approved by the board on 8 October 2020
Petit Five Limited
Notes to the Accounts
for the year ended 31 January 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Over 100 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2019 636,842
At 31 January 2020 636,842
Depreciation
At 1 February 2019 12,736
Charge for the year 6,368
At 31 January 2020 19,104
Net book value
At 31 January 2020 617,738
At 31 January 2019 624,106
The director believes that the value reflects the current market value and no revaluation is required.
4 Debtors 2020 2019
£ £
Other debtors 126,997 121,686
HSBC Bank PLC has a fixed and floating charge over all the assets of Petit Five Ltd
5 Creditors: amounts falling due within one year 2020 2019
£ £
Taxation and social security costs 1,543 2,115
Other creditors 620,902 646,901
622,445 649,016
6 Controlling party
Saint Arnold Ltd, company number 08115243 owns the shares of Petit Five Ltd and Saint Arnold Management Ltd.
7 Other information
Petit Five Limited is a private company limited by shares and incorporated in England. Its registered office is:
1-3 High Street
Dunmow
Essex
CM6 1UU
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