PENNINE_INDUSTRIAL_HOLDIN - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Pennine Industrial Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Croft House, Commercial Road, Skelmanthorpe, Huddersfield, West Yorks, United Kindgom, HD8 9DT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The directors have prepared forecasts and projections, taking account of possible changes in tradingtrue performance, which show that the Company will be able to operate within its current banking facilities for the foreseeable future.

The Covid-19 pandemic has not had a significant, immediate impact on the company’s operations but the Directors are aware that if the current situation becomes prolonged then this may change.

The company operates as a holding company for its subsidiary Pennine Industrial Equipment Limited. The Directors have advised that as the subsidiary Company provides food, drink and medicine products to the public,they are still trading to meet this demand and also deemed as a Key trade.

The Company therefore continues to adopt the going concern basis in preparing its financial

statements.

These accounts represent a reporting period of 14 months from the date of incorporation of 1 November 2018 to the period ended 31 December 2019. Therefore, future comparative reporting periods may not be entirely comparable.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the period was:

Details of the company's subsidiaries at 31 December 2019 are as follows:

Loan notes are unsecured, interest free and are not due for repayment until 2026.

The company has taken advantage of the exemption made available under FRS102 to not be required to disclose transactions between itself and its wholly owned subsidiary, Pennine Industrial Equipment Limited.

During the year Pennine Prostamp LLP, a related party by common directors/members Mr G K Hobbs and Mr C Hobbs made payments on behalf of the Company amounting to £11,234. As at 31 December 2019, the Company owed Pennine Prostamp LLP amounting totalling £11,234. This amount is included in creditors due within one year.

Dividends totalling £293,434 were paid in the period in respect of shares held by the company's directors.

During the year, the company operated loan accounts with it's directors.

As at 31 December 2019, the Company owed Mr C Hobbs amounts totalling £42,111. This amount is included within other creditors due within one year.

As at 31 December 2019, the Company owed Mrs K Hobbs amounts totalling £9,527. This amount is included within other creditors due within one year.

As at 31 December 2019, the Company owed Mr M Sykes amounts totalling £12,528. This amount is included within other creditors due within one year.

As at 31 December 2019, Mr G Womersley owed the Company amounts totalling £12,613. This amount is included within other creditors due within one year.

There are no repayment terms for these balances and no interest has been charged on them.