Petri Holdings Limited - Period Ending 2020-03-31

Petri Holdings Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Petri Holdings Limited

Company Information

Directors

Mr A C D Petri Mrs H E Petri

Registered office

Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Petri Holdings Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	-	1,500
Investments	5	180,113	180,113
		180,113	181,613
Current assets
Debtors	6	18,191	38,935
Cash at bank and in hand		328	706
		18,519	39,641
Creditors: Amounts falling due within one year	7	(192,354)	(215,031)
Net current liabilities		(173,835)	(175,390)
Net assets		6,278	6,223
Capital and reserves
Called up share capital		100	100
Profit and loss account		6,178	6,123
Total equity		6,278	6,223

Petri Holdings Limited

Balance Sheet

31 March 2020

For the financial year 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 December 2020 and signed on its behalf by:
 

......................................... Mr A C D Petri Director

Company Registration Number: 07260955

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
Unit 1 Broadgauge Business Park
Bishops Lydeard
Somerset
TA4 3RU

These financial statements were authorised for issue by the Board on 21 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The directors, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, are satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts.

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Key sources of estimation uncertainty

The directors are satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the directors have taken account (from the date of approval of these financial statements) of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

Revenue recognition

Turnover represents management charges in respect of services provided.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33.33% straight line
Office	10% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Office equipment  £	Office  £	Total £
Cost or valuation
At 1 April 2019	297	15,000	15,297
At 31 March 2020	297	15,000	15,297
Depreciation
At 1 April 2019	297	13,500	13,797
Charge for the year	-	1,500	1,500
At 31 March 2020	297	15,000	15,297
Carrying amount
At 31 March 2020	-	-	-
At 31 March 2019	-	1,500	1,500

5	Investments

	2020 £	2019 £
Investments in subsidiaries	180,113	180,113

Subsidiaries	£
Cost or valuation
At 1 April 2019	180,113
Provision
Carrying amount
At 31 March 2020	180,113
At 31 March 2019	180,113

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Glover Bros Limited		Ordinary	100%	100%
	England & Wales
Discover Upholstery Ltd		Ordinary	100%	100%
	England & Wales

The principal activity of Glover Bros Limited is wholesale distribution of upholstery and soft furnishing components.

The principal activity of Discover Upholstery Ltd is dormant.

The loss for the financial period of Glover Bros Limited was £13,131 and the aggregate amount of capital and reserves at the end of the period was £159,496.

6

Debtors

	Note	2020 £	2019 £
Amounts due from group undertakings		18,191	38,935
		18,191	38,935

Petri Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	2020  £	2019  £
Due within one year
Social security and other taxes	610	287
Other creditors	191,744	214,384
Corporation tax	-	360
	192,354	215,031

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100