Pennine Window Cleaning Limited Filleted accounts for Companies House (small and micro)

Pennine Window Cleaning Limited Filleted accounts for Companies House (small and micro)

PENNINE WINDOW CLEANING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07390068
Pennine Window Cleaning Limited
Filleted Unaudited Financial Statements
31 March 2020
Pennine Window Cleaning Limited
Financial Statements
Period from 1 October 2018 to 31 March 2020
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Pennine Window Cleaning Limited
Officers and Professional Advisers
The board of directors
Mr P J R Cheetham
Mrs A C Cheetham
Registered office
C/O Saint & Co
4 Mason Court, Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR
Accountants
Saint and Co
Chartered accountants
4 Mason Court
Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR
Pennine Window Cleaning Limited
Statement of Financial Position
31 March 2020
31 Mar 20
30 Sep 18
Note
£
£
Fixed assets
Intangible assets
5
3,087
3,575
Tangible assets
6
2,334
3,358
-------
-------
5,421
6,933
Current assets
Debtors
7
800
800
Cash at bank and in hand
1,429
334
-------
-------
2,229
1,134
Creditors: amounts falling due within one year
8
( 10,579)
( 14,887)
--------
--------
Net current liabilities
( 8,350)
( 13,753)
-------
--------
Total assets less current liabilities
( 2,929)
( 6,820)
-------
-------
Net liabilities
( 2,929)
( 6,820)
-------
-------
Capital and reserves
Called up share capital
30
30
Profit and loss account
( 2,959)
( 6,850)
-------
-------
Shareholders deficit
( 2,929)
( 6,820)
-------
-------
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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pennine Window Cleaning Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 7 December 2020 , and are signed on behalf of the board by:
Mr P J R Cheetham
Director
Company registration number: 07390068
Pennine Window Cleaning Limited
Notes to the Financial Statements
Period from 1 October 2018 to 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Mason Court, Gillan Way, Penrith 40 Business Park, Penrith, Cumbria. CA11 9GR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The balance sheet indicates a net deficit of £2,929. However, the accounts have been prepared on a going concern basis on the grounds that the directors will continue to meet the day to day expenses of the company and as the largest creditor of the company they have continued to provide these funds to the company since the year end.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
19 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2018: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2018 and 31 March 2020
6,175
-------
Amortisation
At 1 October 2018
2,600
Charge for the period
488
-------
At 31 March 2020
3,088
-------
Carrying amount
At 31 March 2020
3,087
-------
At 30 September 2018
3,575
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2018 and 31 March 2020
3,155
5,200
8,355
-------
-------
-------
Depreciation
At 1 October 2018
1,853
3,144
4,997
Charge for the period
253
771
1,024
-------
-------
-------
At 31 March 2020
2,106
3,915
6,021
-------
-------
-------
Carrying amount
At 31 March 2020
1,049
1,285
2,334
-------
-------
-------
At 30 September 2018
1,302
2,056
3,358
-------
-------
-------
7. Debtors
31 Mar 20
30 Sep 18
£
£
Trade debtors
800
800
----
----
8. Creditors: amounts falling due within one year
31 Mar 20
30 Sep 18
£
£
Corporation tax
492
–
Other creditors
10,087
14,887
--------
--------
10,579
14,887
--------
--------