Peter Whiting Limited - Accounts to registrar (filleted) - small 18.2
Peter Whiting Limited - Accounts to registrar (filleted) - small 18.2
| PETER WHITING LIMITED |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2020 |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Contents of the Financial Statements |
| for the year ended 31 July 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PETER WHITING LIMITED |
| Company Information |
| for the year ended 31 July 2020 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| 178 Buckingham Avenue |
| Slough |
| Berkshire |
| SL1 4RD |
| Bankers: |
| 21-25 King Street |
| Hammersmith |
| London |
| W6 9HW |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Balance Sheet |
| 31 July 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 8 |
| Retained earnings | 9 |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Notes to the Financial Statements |
| for the year ended 31 July 2020 |
| 1. | Statutory information |
| Peter Whiting Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Going Concern |
| In preparing these financial statements the directors have considered the likely impact of COVID-19 and associated government measures on the company's future results and cash flows for a period of at least 12 months from the date that the financial statements are issued. Financial forecasts prepared show that the company will have sufficient profits and cash flows to meet its obligations as they fall due. In scenarios in which profits may reduce significantly, the company has planned appropriate and effective cost reduction measures. Accordingly the directors have concluded that the company is a going concern and the financial statements are prepared on this basis. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Peter Whiting Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Significant judgements and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. |
| There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
| There is also estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are monitored during the year. A line by line review of stock provisions is carried out at the year-end and slow-moving stock put forward for provision. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the ultimate realised value of stock held. |
| There are no further significant judgements or estimates. |
| Turnover |
| Turnover comprises revenue recognised on an invoiced basis by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2020 |
| 2. | Accounting policies - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. |
| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2020 |
| 4. | Tangible fixed assets |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1 August 2019 |
| Disposals | ( |
) | ( |
) |
| At 31 July 2020 |
| Depreciation |
| At 1 August 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2020 |
| Net book value |
| At 31 July 2020 |
| At 31 July 2019 |
| 5. | Fixed asset investments |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 August 2019 |
| and 31 July 2020 |
| Net book value |
| At 31 July 2020 |
| At 31 July 2019 |
| 6. | Debtors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Deferred tax asset |
| Prepayments and accrued income |
| 7. | Creditors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| PETER WHITING LIMITED (REGISTERED NUMBER: 01381190) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2020 |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 20,000 | 20,000 |
| 9% Preference | £1 | 100,000 | 100,000 |
| Preference A | £1 | 100,000 | 100,000 |
| 220,000 | 220,000 |
| 9. | Reserves |
| Retained |
| earnings |
| £ |
| At 1 August 2019 |
| Deficit for the year | ( |
) |
| At 31 July 2020 |
| 10. | Related party disclosures |
| During the year the company made purchases of £47,613 (2019: £54,558) from a related company. Additionally, cost recharges from the related company were £40,000 (2019: £70,000). The balance owed by the related company at the year end amounted to £134,289 (2019: £149,491). |
| Included within other creditors is a balance owed to a director amounting to £20,000 (2019: £20,000). |