Prickett & Ellis Residential Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03721146 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Prickett & Ellis Residential Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Ellis

REGISTERED OFFICE:

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5

4BE

REGISTERED NUMBER:

03721146 (England and Wales)

ACCOUNTANTS:

Cartwrights

Chartered Accountants and Business Advisors

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

FIXED ASSETS

Intangible assets

4

-

1,078

Tangible assets

5

-

-

Investments

6

50,000

50,000

50,000

51,078

CURRENT ASSETS

Debtors

7

143,666

125,888

Cash at bank

90,570

24,826

234,236

150,714

CREDITORS

Amounts falling due within one year

8

308,326

252,517

NET CURRENT LIABILITIES

(74,090

)

(101,803

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(24,090

)

(50,725

)

CREDITORS

Amounts falling due after more than one year

9

50,000

-

NET LIABILITIES

(74,090

)

(50,725

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(74,290

)

(50,925

)

(74,090

)

(50,725

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2021 and were signed by:

N J Ellis - Director

1.	STATUTORY INFORMATION

Prickett & Ellis Residential Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Over term of the lease

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

COVID-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

and 31 May 2020

215,500

AMORTISATION

At 1 June 2019

214,422

Charge for year

1,078

At 31 May 2020

215,500

NET BOOK VALUE

At 31 May 2020

-

At 31 May 2019

1,078

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2019

and 31 May 2020

261,362

113,088

374,450

DEPRECIATION

At 1 June 2019

and 31 May 2020

261,362

113,088

374,450

NET BOOK VALUE

At 31 May 2020

-

-

-

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2019

and 31 May 2020

50,000

NET BOOK VALUE

At 31 May 2020

50,000

At 31 May 2019

50,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Trade debtors

6,637

7,443

Other debtors

137,029

118,445

143,666

125,888

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Trade creditors

38,067

70,555

Taxation and social security

66,857

29,023

Other creditors

203,402

152,939

308,326

252,517

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/20

31/5/19

£

£

Bank loans

50,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,000

-

10.	POST BALANCE SHEET EVENTS

In preparing these financial statements the director has given due consideration as to whether the impacts upon the business of the COVID-19 pandemic represent adjusting post balance sheet events and is satisfied that they do not.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is N J Ellis.