Pencol Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07848357 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Pencol Electrical Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Collins

R D Collins

SECRETARY:

Mrs L Collins

REGISTERED OFFICE:

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

REGISTERED NUMBER:

07848357 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

9,219

11,376

CURRENT ASSETS

Stocks

1,200

5,394

Debtors

5

97,144

82,038

Cash at bank

43,213

5,052

141,557

92,484

CREDITORS

Amounts falling due within one year

6

102,697

91,231

NET CURRENT ASSETS

38,860

1,253

TOTAL ASSETS LESS CURRENT LIABILITIES

48,079

12,629

CREDITORS

Amounts falling due after more than one year

7

(52,940

)

(6,415

)

PROVISIONS FOR LIABILITIES

(1,161

)

(1,441

)

NET (LIABILITIES)/ASSETS

(6,022

)

4,773

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

(6,024

)

4,771

SHAREHOLDERS' FUNDS

(6,022

)

4,773

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

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

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.

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 Board of Directors and authorised for issue on 10 May 2021 and were signed on its behalf by:

R D Collins - Director

Mrs L Collins - Director

1.	STATUTORY INFORMATION

Pencol Electrical 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.

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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 represents sales of invoiced services excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

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.

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the profit & loss so as to produce a constant periodic rate of charge on the net obligation outstanding in the period.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 2 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2019

7,785

2,500

14,975

4,387

29,647

Additions

275

-

-

1,658

1,933

At 31 October 2020

8,060

2,500

14,975

6,045

31,580

DEPRECIATION

At 1 November 2019

5,561

2,500

5,823

4,387

18,271

Charge for year

468

-

3,325

297

4,090

At 31 October 2020

6,029

2,500

9,148

4,684

22,361

NET BOOK VALUE

At 31 October 2020

2,031

-

5,827

1,361

9,219

At 31 October 2019

2,224

-

9,152

-

11,376

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

66,898

46,606

Other debtors

30,246

35,432

97,144

82,038

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

11,458

24,273

Hire purchase contracts (see note 8)

2,173

1,991

Trade creditors

23,842

20,670

Taxation and social security

54,581

33,518

Other creditors

10,643

10,779

102,697

91,231

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans

2,032

-

Hire purchase contracts (see note 8)

4,241

6,415

Other creditors

46,667

-

52,940

6,415

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

6,667

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.10.20

31.10.19

£

£

Gross obligations repayable:

Within one year

2,591

2,591

Between one and five years

4,534

7,125

7,125

9,716

Finance charges repayable:

Within one year

418

600

Between one and five years

293

710

711

1,310

Net obligations repayable:

Within one year

2,173

1,991

Between one and five years

4,241

6,415

6,414

8,406

Non-cancellable operating

leases

31.10.20

31.10.19

£

£

Within one year

11,584

11,320

Between one and five years

11,584

14,150

23,168

25,470

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

Mrs L Collins and R D Collins

Balance outstanding at start of year

35,433

23,558

Amounts advanced

58,722

66,323

Amounts repaid

(63,910

)

(54,448

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,245

35,433

At the year end the directors owed the company £30,245 (2019: £35,433), which was repaid by a dividend dated 4 March 202.

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.