ACCOUNTS - Final Accounts

POOLEY SWORD LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-06-302021-06-3016The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-07-01falseNo description of principal activity18falsetrue 05649253 2020-07-01 2021-06-30 05649253 2019-07-01 2020-06-30 05649253 2021-06-30 05649253 2020-06-30 05649253 c:Director1 2020-07-01 2021-06-30 05649253 d:FurnitureFittings 2020-07-01 2021-06-30 05649253 d:FurnitureFittings 2021-06-30 05649253 d:FurnitureFittings 2020-06-30 05649253 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 05649253 d:OfficeEquipment 2020-07-01 2021-06-30 05649253 d:OfficeEquipment 2021-06-30 05649253 d:OfficeEquipment 2020-06-30 05649253 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 05649253 d:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 05649253 d:CurrentFinancialInstruments 2021-06-30 05649253 d:CurrentFinancialInstruments 2020-06-30 05649253 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 05649253 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 05649253 d:ShareCapital 2021-06-30 05649253 d:ShareCapital 2020-06-30 05649253 d:RetainedEarningsAccumulatedLosses 2021-06-30 05649253 d:RetainedEarningsAccumulatedLosses 2020-06-30 05649253 c:FRS102 2020-07-01 2021-06-30 05649253 c:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 05649253 c:FullAccounts 2020-07-01 2021-06-30 05649253 c:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 05649253 2 2020-07-01 2021-06-30 iso4217:GBP xbrli:pure

Registered number: 05649253

POOLEY SWORD LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2021

POOLEY SWORD LTD

REGISTERED NUMBER: 05649253

BALANCE SHEET

AS AT 30 JUNE 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		34,987		35,430
			34,987		35,430
Current assets
Stocks		315,044		264,056
Debtors	5	190,473		173,772
Cash at bank and in hand	6	55,266		32,367
		560,783		470,195
Creditors: amounts falling due within one year	7	(226,819)		(192,100)
Net current assets			333,964		278,095
Total assets less current liabilities			368,951		313,525

Net assets			368,951		313,525

Capital and reserves
Called up share capital	100,100	100,100
Profit and loss account	268,851	213,425
	368,951	313,525

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 June 2022.

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POOLEY SWORD LTD

REGISTERED NUMBER: 05649253

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2021

Mr Robert Pooley

Director

The notes on pages 3 to 7 form part of these financial statements.

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POOLEY SWORD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1.	General information

Pooley Sword Ltd is a private company, limited by shares, domiciled in England and Wales. Its registered office is 2 Michaels Court, Hanney Road, Southmoor, Oxon, OX13 5HR.
The company's principal place of business is 1a Highdown House,Shoreham Airport,Shoreham-by-Sea,West Sussex.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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POOLEY SWORD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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POOLEY SWORD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures & fittings	-	25%
				Office equipment	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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POOLEY SWORD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Employees

The average monthly number of employees, including directors, during the year was 16 (2020 - 18).

4.	Tangible fixed assets

	Fixtures & fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 July 2020	90,505	8,843	99,348
Additions	1,986	4,486	6,472
At 30 June 2021	92,491	13,329	105,820
Depreciation
At 1 July 2020	56,855	7,063	63,918
Charge for the year on owned assets	5,346	1,569	6,915
At 30 June 2021	62,201	8,632	70,833
Net book value
At 30 June 2021	30,290	4,697	34,987
At 30 June 2020	33,650	1,780	35,430

Debtors

					2021	2020
					£	£



Trade debtors	168,272	154,055
Other debtors	33	-
Prepayments and accrued income	22,168	19,717
	190,473	173,772

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POOLEY SWORD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	55,266	32,367
	55,266	32,367

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	74,722	60,702
Other taxation and social security	50,170	39,786
Other creditors	98,397	88,082
Accruals and deferred income	3,530	3,530
	226,819	192,100

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,697 (2020 - £8,181).

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