PENDARVES HOMES LTD
PENDARVES HOMES LTD
Company No:
PENDARVES HOMES LTD
Unaudited Financial Statements
For the financial period from 15 November 2020 to 30 April 2022
Pages for filing with the registrar
For the financial period from 15 November 2020 to 30 April 2022
Pages for filing with the registrar
Unaudited Financial Statements
Contents
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (continued)
Note | 30.04.2022 | |
£ | ||
Current assets | ||
Stocks | 3 |
|
Debtors | 4 |
|
Cash at bank and in hand |
|
|
150,729 | ||
Creditors | ||
Amounts falling due within one year | 5 | (
|
Net current liabilities | (2,344) | |
Total assets less current liabilities | (2,344) | |
Net liabilities | (
|
|
Capital and reserves | ||
Called-up share capital | 6 |
|
Profit and loss account | (
|
|
Total shareholders' deficit | (
|
Directors' responsibilities:
-
The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476; -
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; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.
The financial statements of Pendarves Homes Ltd (registered number:
Mr T D Doherty
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
General information and basis of accounting
Pendarves Homes Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming LLP, Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Reporting period length
The reporting length for this accounting period is between 15 November 2020 and 30 April 2022, therefore future comparatives are not entirely comparable.
Taxation
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Ordinary share capital
2. Employees
Period from 15.11.2020 to 30.04.2022 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
3. Stocks
30.04.2022 | |
£ | |
Work in progress |
|
4. Debtors
30.04.2022 | |
£ | |
Deferred tax asset |
|
Other debtors |
|
|
5. Creditors: amounts falling due within one year
30.04.2022 | |
£ | |
Amounts owed to directors |
|
Accruals |
|
|
6. Called-up share capital
30.04.2022 | |
£ | |
Allotted, called-up and fully-paid | |
|
|