Peter Baxter Associates Limited - Accounts to registrar (filleted) - small 18.2
Peter Baxter Associates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Peter Baxter Associates Limited |
| Unaudited Financial Statements for the Year Ended 31 March 2021 |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Peter Baxter Associates Limited |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 5 London Road |
| Rainham |
| Gillingham |
| Kent |
| ME8 7RG |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Statement of Financial Position |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Statement of Financial Position - continued |
| 31 March 2021 |
| 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 |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Peter Baxter Associates Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Income recognition |
| Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains right to consideration and is recognised when the company becomes entitled to it, usually on the rendering of an invoice. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Where land and buildings are revalued, the revaluation gains are included in Other Comprehensive Income and recognised in the revaluation reserve. Depreciation is not provided where the residual value exceeds the carrying amount of the property. |
| Financial instruments |
| The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. Basic financial instruments are recognised at amortised 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The financial statements have been prepared on a going concern basis. While the impact of the COVID-19 virus has been assessed by the directors so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response/financial support and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. |
| During the year the company took advantage of the grants and support offered by the government due to the COVID-19 pandemic to aid payroll costs,claiming business rates relief and secure a business interruption loan. |
| Government grants |
| Government grants in relation to COVID-19 are recognised on the accruals basis and credited to the Income Statement and any related expenditure is charged to the Income Statement. During the year the company was in receipt of government aid of the job retention scheme and business interruption loan. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| The long leasehold property was valued by the director on a fair value basis at the balance sheet date. |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 1,333 | - |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Factor | 5,048 | 18,645 |
| Bank loans | - | 5,962 |
| The bank holds a legal mortgage over the leasehold property and a debenture containing a fixed and floating charge over all property and assets of the company. |
| The factor holds a debenture containing a fixed charge and a floating charge over all property or undertaking of the company. |
| Peter Baxter Associates Limited (Registered number: 03028997) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 9. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 6,475 | 3,418 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Provided during year |
| Balance at 31 March 2021 |