Peter Onslow Limited - Accounts to registrar (filleted) - small 18.2
Peter Onslow Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st October 2020 |
| for |
| PETER ONSLOW LIMITED |
| PETER ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Contents of the Financial Statements |
| for the Year Ended 31st October 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PETER ONSLOW LIMITED |
| Company Information |
| for the Year Ended 31st October 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 41 St Thomas's Road |
| Chorley |
| Lancashire |
| PR7 1JE |
| PETER ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Balance Sheet |
| 31st October 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| 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 ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Notes to the Financial Statements |
| for the Year Ended 31st October 2020 |
| 1. | STATUTORY INFORMATION |
| Peter Onslow Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property - NIL |
| Plant & machinery - 15% |
| In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks comprise horses which are included at the lower of costs to date or net realisable value. |
| PETER ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 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. |
| Cash at bank and in hand |
| Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PETER ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1st November 2019 |
| and 31st October 2020 |
| DEPRECIATION |
| At 1st November 2019 |
| Charge for year |
| At 31st October 2020 |
| NET BOOK VALUE |
| At 31st October 2020 |
| At 31st October 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 69,098 | 96,019 |
| VAT |
| Deferred tax asset |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank overdrafts |
| The bank has a legal charge over the assets of the company. |
| PETER ONSLOW LIMITED (REGISTERED NUMBER: 04085135) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2020 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
| value: | £ | £ |
| Ordinary | 1 | 20,001 | 20,001 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1st November 2019 | ( |
) |
| Deficit for the year | ( |
) |
| At 31st October 2020 | ( |
) |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st October 2020 and 31st October 2019: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | RELATED PARTY DISCLOSURES |
| The amount stated in other creditors is a loan from Cortman Textiles Limited a company in which Mr Onslow is a director and shareholder. At the 31 October 2020 the company owed £1,224,568 (2019 £1,096,550) to Cortman Textiles Limited. No interest has been charged by the company and there is no formal repayment date for this loan. |
| 12. | CONTROLLING PARTY |
| The company is controlled by Mr Onslow and Ms Harrison, directors of the company. |